Sale, JV, or Partner Buy-In Considered.
TL;DR: The seller guarantees three months of profit, roughly $35,000 a month, plus a free management transition. Forty units on 5.5 acres with an adjacent 3.5-acre parcel, around 80% occupied and recovering toward its historical 100%, NOI about $372,000 at a 6.8% cap.
This is a rare opportunity to acquire a 40-unit apartment complex situated on 5.5 acres of mountain-view land in Ruidoso, New Mexico, in the Sierra Blanca area, at roughly 6,500 feet elevation with the local ski mountain rising to 12,000 feet nearby. The property sits above the floodplain and is zoned C-1 Commercial, surrounded by upscale single-family homes and old-growth ponderosa pine forest. The offering includes an adjacent 3.5-acre panoramic-view parcel, giving a buyer significant additional land and flexibility beyond the existing operating units.
The complex offers 28,456 square feet of leasable space across a mix of efficiency, studio, one-, two-, and three-bedroom units, currently around 80% occupied and the large majority under long-term leases with security deposits on file. Occupancy has historically run near 100% (with waitlists in strong years) and is recovering toward those levels. Current net operating income runs approximately $372,000 annually (as of 3/31/2026), equating to an implied cap rate of approximately 6.8% at the asking price, with pro forma potential of approximately $418,000 NOI (approximately 7.7% cap rate) at market rents and full ancillary income capture. All buildings have newer metal roofs, and interior unit renovations are ongoing. The property 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. Excess flat, buildable land on the site is suitable for adding approximately 20 more units, offering a clear path to scale the asset without acquiring additional acreage.
Beyond the real estate itself, the sale includes established websites and domains with existing traffic, plus additional signage throughout the property, including a high-visibility, electrified billboard location at a major area intersection that could be converted into a multi-sided or digital display, creating an additional income stream.
Ruidoso is a mountain resort community in south-central New Mexico 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. About two-thirds of homes in town are second homes for Texas residents, and the property benefits from strong visibility along a well-traveled area corridor. The current owner has generated cash flow from the operating units to date while retaining significant untapped upside, including potential expansion, conversion of some or all units to townhouses, remodeling for senior living use (an underserved niche locally), or conversion to nightly/short-term rentals to capture the area's tourism demand.
Current annual property taxes are approximately $8,000, held through a single-purpose ownership LLC. A buyer who acquires the LLC entity, rather than purchasing the real estate directly, may be able to preserve this favorable tax basis rather than triggering a reassessment to full market value; buyers should confirm the mechanics with their own tax and legal counsel.
The seller will consider multiple deal structures: a 100% sale of the real estate, a sale of the ownership entity, a joint venture, or the seller remaining involved as a passive partner. The seller will assist a buyer with a 1031 exchange. Seller financing may be available to a qualified buyer with sufficient down payment, and the seller has offered to help transition property management to support a smooth handover.
Ad#:2533539
