40-Unit Multifamily in Ruidoso, NM

This is a value-add opportunity to acquire a 40-unit apartment complex in a well-known New Mexico mountain resort market, priced against a temporary, explainable dip in performance rather than a structural problem with the asset.

The complex sits on 5.5 acres of mountain-view land in the Sierra Blanca area of Ruidoso, New Mexico, at roughly 6,500 feet elevation with the local ski mountain rising to 12,000 feet nearby, well above the local floodplain. Built in 1960 and zoned C-1 Commercial within an otherwise upscale R-1 residential neighborhood, the property offers 28,456 square feet of leasable space across a mix of efficiency, studio, one-, two-, and three-bedroom units.

Occupancy today runs approximately 80%, down from a historical near-100% (the property carried a waitlist of roughly 20 prospective tenants during peak years). The dip traces to regional flooding that damaged the area's horse racetrack, leading to two canceled summer racing seasons and pulling a meaningful share of seasonal workers and visitors out of town. The racetrack is being rebuilt, with local hope for a return as soon as next summer, and occupancy is already recovering toward historical levels.

To further reduce transition risk, the seller is willing to guarantee pro forma-level profit (approximately $35,000 per month) for the first three months of new ownership, and will provide management transition support at no charge during that same period. This gives a new buyer time to bring in their own management and advertising team and ramp up their business without revenue risk in the interim.

Recent capital improvements include newer metal roofs across all buildings, with interior unit renovations ongoing; all units are currently rentable as-is, with no known deferred or urgently required capital expenditures. The site also includes a roughly 2,236 square-foot lobby/office, an approximately 2,400 square-foot enclosed storage building (formerly an in-ground pool), and an on-site coin-operated laundry room.

The sale includes an adjacent 3.5-acre panoramic-view parcel, established websites and domains with existing traffic, and additional signage throughout the property, including a prime, electrified billboard location at a major area intersection. Ruidoso is a mountain resort community known for skiing, casinos, golf, and year-round tourism, with a moderate climate and summer monsoon rains that keep daily highs in the 70s and 80s; roughly two-thirds of homes in town are second homes for Texas residents, and the property benefits from strong visibility along a well-traveled corridor.

The leasing office is open daily from 10:00 AM to 5:00 PM. The property includes an on-site coin-operated laundry room for residents. All buildings have newer metal roofs, and interior unit renovations are ongoing. Units are currently rentable as-is, with no known deferred or urgently required capital expenditures. The seller has offered to help transition property management after closing to support a smooth handover for a new owner.

The property sits on 5.5 acres of C-1 Commercial-zoned land surrounded by upscale R-1 single-family homes and old-growth ponderosa pine forest, with a prime, electrified billboard location at a major area intersection plus additional on-site signage. The sale also includes an adjacent 3.5-acre panoramic-view parcel zoned R-1, offering further flexibility as an estate homesite, additional development, or separate resale. The site sits above the local floodplain, at roughly 6,500 feet elevation.