806 W 16th Street, Portales, NM 88130

Valencia Apartments is a stabilized, 17-unit multifamily asset locatedjust two blocks from Eastern New Mexico University. The 12,865square foot property is currently operating at 88% occupancy andproducing a Net Operating Income (NOI) of $95,780, equating to a7.42% cap rate based on actuals.Value-Add/Upside: Current rents are below market. Adjusting rents tomarket levels positions the asset to achieve a projected 9.21% caprate. Other improvements include fenced yard space, online presenceand upgraded driveways.The property was completey renovated 4 years ago. Renovationsinclude new roofs, flooring, mini split HVAC systems, In-Unit washerand dryers, Bathroom vanities and lighting thoughout. A PropertyManagement company is in place to continue oversight.Historically, the property has demonstrated strong tenant demand andlow turnover. Proximity to ENMU supports consitent leasingperformance.