FABULOUS DEVELOPMENT OPPORTUNITY FOR 18 UNIT STUDENT APARTMENT NEXT TO NEW MEXICO TECH. Tech students will love new, modern apartments next to Tech. ASSUME: 18 units X $645 rent x 12 months, minus 5% vacancy = $132,300 annualized rent. Assume 18 units at 400 square feet (7,200 sq. ft.); $100 per sq. build cost= $720,000 cost of construction. 20% down = 39% ROI with appreciation, 37% ROI w/o Appreciation 37%, 4% financing, $37,300 costs of operation, 48% CAP, 25% cash on cash debt coverage ratio 2.0+. Developers, builder-operators, and buy and hold investors will want this property. This is the LAST LOT on Leroy Place with New Mexico Tech and its students need of housing. Documents on request. PROPOSED CONSTRUCTION OF NEW UNIT.
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