About 806 W 16th Street
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.
Features of 806 W 16th Street
| MLS® # | 202502339 |
|---|---|
| Price | $1,290,000 |
| Bathrooms | 0.00 |
| Square Footage | 12,865 |
| Acres | 1.62 |
| Year Built | 1971 |
| Type | Residential Income |
| Sub-Type | Multi Family |
| Style | One Story |
| Status | Active |
Community Information
| Address | 806 W 16th Street |
|---|---|
| Area | 85-Roosevelt County |
| City | Portales |
| County | Roosevelt |
| State | NM |
| Zip Code | 88130 |
Amenities
| Utilities | Separate Meters |
|---|---|
| Is Waterfront | No |
| Has Pool | No |
Interior
| Interior Features | No Interior Steps |
|---|---|
| Heating | Heat Pump |
| Cooling | Ductless, Refrigerated |
| Fireplace | No |
| Has Basement | No |
School Information
| Elementary | Unknown |
|---|---|
| Middle | Unknown |
| High | Unknown |
Additional Information
| Date Listed | May 27th, 2025 |
|---|---|
| Days on Market | 20 |
| Zoning | R-1, 2, 3, 4, 5, 6 |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Agent | Jacob Rocker |
|---|---|
| Office | Real Estate Advisors, LLC |