1301-1325 Fillmore Avenue

About this property

Freedom Flats is a 32-unit multifamily investment located at 1301 - 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 totaling 967 sf. 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 comparables by $100-$155, and leases roll through 2026-2027, meaning rent growth is built in and requires no additional investment.