Lofty 1190 Ridgetop Ave

Fully Occupied Duplex located 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

• Renovated and fully-occupied Duplex with 5 bedrooms and 3 bathrooms.
• Arrio provided a background and description of the property, which can be viewed below:
• Welcome to 1190 Ridgetop Avenue—a home with a story as unique as its transformation. When I first acquired this property, I affectionately called it "The Pigeon House," because a flock of pigeons had taken up residence in what would eventually be "the casita". Little did I know, this discovery would be the first of many surprises that would shape the future of this home.
• As we prepared to demo the old building, we uncovered the original plumbing leading to what I thought was a glorified shed. Needless to say scope definitely creeped and we decided to convert the property into a two-unit with a large main home and a casita. What began as a modest 2-bedroom, 2-bath house-- with the master bathroom separated by a literal sheet hung like a shower curtain separating the toilet from the rest of the house--has since been transformed into a spacious 5-bedroom, 3-bath residence with, not one, but now two master suites!
• This transformation was no small feat. From busting through concrete to replace plumbing all the way to the curb, to installing a brand-new roof and integrating solar power. For now, I will retain ownership of the panels and will be providing an electrical credit to token holders each month for as long as the solar power/panels remain with me and on my account.
• 1190 Ridgetop Avenue isn't just a house—it was a process for me and now I'm excited to bring this New Mexico Two Unit w/ Casita to Lofty!
• The property is being listed at $293,000. This is $7,000 below the appraised value of $300,000.
• Arrio advised the following regarding the Inspection Report:
  • If you note the inspection report it says the roof is terrible... well they are replacing it as we speak! Should be complete soon! It has new plumbing from the curb to the concrete so shouldn't be any large CAPEX expenses for quite some time. I'll make sure the final roof invoice and after photos are uploaded when its done.

Property Management and Insurance

• Managed by PMI of New Mexico
• Insurance Policy from Hadron Specialty Insurance Company.

Property Leverage

• This property has a loan of $189,500. 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

• Unit 1 (Main)
  • 1 year lease (03/13/2024 - 02/28/2025)
  • $1,500/month
  • $1,500 Security Deposit
  • Lease Agreement
• Unit 2 (Casita)
  • 1 year lease (03/22/2024 - 02/28/2025)
  • $850/month (includes $50/month pet fee)
  • $800 Security Deposit
  • 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