1301 Fillmore Avenue

About this property

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.

Details

Property type

Apartment Complex

Cooling

Evaporative Cooling

Heating

Forced Air

Roof

Asphalt, Pitched

Construction

Frame, Stucco, Slump Block

Water

Public

Sewer

Public Sewer

New or resale

Resale

HOA

None

Subdivision

Aspen Park

MLS area

845 - Alamogordo

County

Otero

On the market

Listed

July 2, 2026

Days on market

5

Original list price

$4,099,999

Current list price

$4,099,999