Freedom Flats
Fully Renovated 32 Unit Gem Being Sold at a Stabilized 7.21 Cap Rate in a Community on the Rise
Marketing 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.
Freedom Flats presents a very unique opportunity to own a clean and versatile asset that delivers value to a broad range of investment profiles. Whether the priority is immediate yield, tax efficiency, portfolio stability, or long-term appreciation, this property presents a clear and executable opportunity in a unique American Community on the Rise.
Investment highlights
- Fully Renovated — No Capital Required. Over $1.2M invested. HVAC, flooring, appliances, plumbing, and exterior work are complete. The buyer collects income from day one.
- Priced Below Replacement Cost. $128,125 per unit. No new product can be built in this market at a comparable basis.
- Rent Growth Is Built In, Not Projected. Current rents trail the comp set by $100–$155. Leases roll through 2026–2027. Upside requires no additional investment.
- Military Demand Is Structural, Not Cyclical. Holloman AFB's 21,000 personnel need housing. BAH covers rent. On-base housing has a waitlist. That demand does not fluctuate with GDP.
- New Mexico Is Repricing. Project Jupiter, Pacific Fusion, and $1.8B in state VC commitments represent capital arriving at a scale this state has not seen. This asset is priced before that rerating is complete.
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