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$4,099,999
Est. payment /mo
64 Beds
32 Baths
30,952 SqFt
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment Complex
Listing Status Active
Purchase Type For Sale
Square Footage 30,952 sqft
Price per Sqft $132
Subdivision Aspen Park
MLS Listing ID 2602162
Bedrooms 64
Year Built 1983
Lot Size 1.320 Acres
Acres 1.32
Lot Dimensions 1.01 to 1.5 AC
Property Sub-Type Apartment Complex
Source lascruces
Property Description
Freedom Flats is a 32-unit multifamily investment located at 1301, 1309, 1317, & 1325 Fillmore Avenue in Alamogordo, New Mexico. The property features four 2-story buildings with 8 units each, built in 1983 on 1.32 acres total. All 32 units are 2 bed 1 bath units with 967 sf per unit. The property has undergone over $1,200,000 in interior and exterior upgrades and is fully renovated as of 2024.Stabilized and cash-flowing, this investment offers a 7.21% current cap rate at 100% occupancy with a clean rent roll. The property is priced at $128,125 per unit and is priced below replacement cost. Current rents trail the comp set by $100-$155, and leases roll through 2026-2027, meaning rent growth is built in and requires no additional investment.
Location
State NM
County Otero
Interior
Heating Forced Air
Cooling Evaporative Cooling
Fireplace N
Appliance Range, Refrigerator, Dishwasher
Exterior
Parking Features Paved Area
Roof Type Asphalt,Pitched
Building
Foundation Heavy Duty, Vinyl
Sewer Public Sewer
Water Public
Structure Type Frame,Stucco,Slump Block
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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©2026 The Las Cruces Association of REALTORS®, Inc. All rights reserved.
Listed by Deacon Property Services, LLC
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