Lofty 1317 South Solano Dr

8 Unit Mixed-use property with 7 residential units and 1 retail unit in Las Cruces, New Mexico

Offering Details

• Arrio Granum, with Polvadera Properties LLC, transferred his property's deed to a new LLC and is selling a portion of the LLC on the Lofty Marketplace. This property is the only asset owned by the LLC.
• Tokens represent direct ownership in the LLC that owns the property. Arrio will maintain at least 10% ownership in the LLC indefinitely.
• View proof of Arrio's ownership before the title transfer here. View proof of title transfer to the LLC here. View the LLC documents here.

Property Details

• Fully renovated 8 unit mixed-use property featuring over 3,800 square feet of space and sits on a 0.44-acre lot. View renovations here.
• View Drone Footage
• Arrio provided the following information about the purchase of the property:
  • I purchased the buildings when they were in ruins, with shattered windows, no fixtures, and frequented by the homeless. The entire corner was an eyesore. Over the course of a year, I transformed the area by collaborating with the police and neighborhood organizations. This effort fostered a sense of community, inspiring neighbors to improve their properties. Three other large commercial buildings adjacent to this property completely modernized and updated their vacant businesses revitalizing a once dead corner of a main downtown corridor. The result, led by efforts on this property, was a significant triumph for the community: the corner now boasts a strong residential anchor with a thriving small business. Neighbors, especially the daycare staff behind my building who previously had to contend with discarded needles, expressed immense gratitude for the positive change.
• This property, reminiscent of a 1950s Route 66-style motel, offers a prime location in the College Subdivision, with proximity to Conlee Elementary, Lynn Middle, and Centennial High School.
• It is zoned C-2, allowing for various residential and commercial uses. The property has a walk score of 75, making it very walkable, and a bike score of 70, indicating it is very bikeable.
• The surrounding area offers a variety of attractions and amenities. Outdoor enthusiasts can explore the Organ Mountains-Desert Peaks National Monument and White Sands National Park. The vibrant local culture includes the Las Cruces Farmers & Crafts Market, historic Mesilla, and the Chile Pepper Institute at New Mexico State University. La Llorona Park and the Zuhl Museum provide opportunities for relaxation and educational experiences
• Arrio will be providing a credit for the electric bill of $679/month until the solar panels are fully installed. At this point, the $679 will be split amongst all owners, but the cost will be offset by the solar panels. El Paso Electric purchases back unused power and since these systems were installed at over 400% offset the $679 and the entire cost of electrical will actually be net positive cash back to investors.

Property Management and Insurance

• Managed by PMI of New Mexico
• Property Management Agreement
• Insurance Policy from Farmers Insurance

Property Leverage

• This property has a loan of $589,250. View the loan documents here.
• As the seller, Arrio Granum, pays down 100% of the loan payments, his equity percentage in the property will increase and the levered rental yield of investors will decrease over time. Investors have the ability to change this structure via a governance vote.
• Arrio plans to use a portion of the proceeds from selling equity to pay down his loan faster.

Occupancy Status

• Billboard
  • $1,500/year in revenue
• Unit 1 (Retail Unit)
  • Month-to-month lease
  • $905/month
  • Tenant was previously on a 1 year lease (01/01/2024 - 12/31/2024)
  • $875 Security Deposit
  • Lease Agreement
• Unit 2
  • 1 year lease (06/14/2024 - 05/31/2025)
  • $800/month
  • $800 Security Deposit
  • Lease Agreement
• Unit 3
  • 1 year lease (05/01/2024 - 11/31/2024)
  • $920/month
  • $895 Security Deposit
  • Lease Agreement
• Unit 4
  • 1 year lease (01/01/2024 - 12/31/2024)
  • $820/month
  • $795 Security Deposit
  • Lease Agreement
• Unit 5
  • Vacant
  • Tenant just moved out and will continue paying rent until the unit is re-rented
  • Listed for rent at $825
  • Rental Listing
• Unit 6
  • 1 year lease (07/10/2024 - 06/30/2025)
  • $825/month
  • $825 Security Deposit
  • Lease Agreement
• Unit 7
  • Vacant
  • Arrio is providing a credit until this unit is leased
  • The PM is completing the turn the week of August 5th, and advised the repairs are minimal.
• Unit 8
  • Month-to-month lease
  • $800/month
  • $800 Security Deposit
  • Tenant was previously on a 1 year lease (11/06/2023 - 03/31/2024)
  • Lease Agreement

Location Data

• "B" Rating for Zip Code on Niche
• The surrounding area offers a variety of attractions and amenities. Outdoor enthusiasts can explore the Organ Mountains-Desert Peaks National Monument and White Sands National Park. The vibrant local culture includes the Las Cruces Farmers & Crafts Market, historic Mesilla, and the Chile Pepper Institute at New Mexico State University. La Llorona Park and the Zuhl Museum provide opportunities for relaxation and educational experiences

Due Diligence Documents

• QuitClaim Deed
• Title Report
• Appraisal
• Inspection Report
• Operating Agreement
• View All Documents