Currently 72 units:
• 24- 1 Bed, 1ne Bath 730 SqFt
• 42- 2 Bed, 1.5 Bath 1,035 SqFt
• 6- 3 Bed, 2 Bath 1,299 SqFt
Managers unit also on premises is in addition to 72 units
Built 1964
10 Buildings
75,162 SqFt Total
Sits on 4.26 acre corner of main artery in Roswell, NM.

City Cooperation for Renovation of Property
-Housing shortage for this tenant demographic
-City officials looking for good PR on this project
-City willing to add 25% or more density, add additional buildings.
-Expedited approvals with planning dept. over the counter
-95% discount for permits after the first permit
-Developer incentives offered by city
-City willing to donate airplane hangar for renovation storage security

Major value add apartment complex or condo conversion opportunity.

Vacant since February 2019 due to previous owner & city conflict

Clean title insurance and zero liens on the property

Condition Score of Units (1 is poor, 10 is excellent) Most units are 6/10. Some units are 8/10. Less than 8 units are 3/10. Put contractors in livable units. Fix and fill in phases.

Each unit is highly secured to prevent further vandalism

Needs full renovation: roof, upgraded utilities, landscaping, pool deck refurbish or fill in, paint, flooring, doors, windows, fixtures, appliances, HVAC, water heater.

Additional Documents

Town Plaza Structural Engineering Report
Plat Map
SqFt Each Bldg
Sewer Map

Asbestos Report
Building Codes
Estimated Construction Costs
Local Rents
Article on Former Owner/City Conflict
Article on Former Owner/City Conflict

Property sold 2009 for $5.9M

2023 As-Is Appraisal: $2.3M
Annual revenue: $775K-$864K
Repairs: $3.3M-$4.2M
ARV $9.3M
Asking: $925,000

Seller Financing Available
• 20% down
• 7% interest
• Payments are interest only
• 12 month balloon (24 month option at 8%)

Additional questions? Call, text or email and we’ll be happy to help you.
303-478-7895
amccraken@joehomebuyer.com