806 W 16th Street, Portales, NM 88130

Valencia Apartments is a stabilized, 17-unit multifamily asset located
just two blocks from Eastern New Mexico University. The 12,865
square foot property is currently operating at 88% occupancy and
producing a Net Operating Income (NOI) of $95,780, equating to a
7.42% cap rate based on actuals.
Value-Add/Upside: Current rents are below market. Adjusting rents to
market levels positions the asset to achieve a projected 9.21% cap
rate. Other improvements include fenced yard space, online presence
and upgraded driveways.
The property was completey renovated 4 years ago. Renovations
include new roofs, flooring, mini split HVAC systems, In-Unit washer
and dryers, Bathroom vanities and lighting thoughout. A Property
Management company is in place to continue oversight.
Historically, the property has demonstrated strong tenant demand and
low turnover. Proximity to ENMU supports consitent leasing
performance.