New Triplex UNM/CNM area

Multi-Family for Sale
Catylist Listing ID: 30659293
Property Subtypes: Duplex/Fourplex
Number of Units: 3 Units
Building Size (RSF): 2,225 SF
Gross Land Area: 0.15 Acres
Sale Price: $399,000
Unit Price: $133,000 Per Unit
Property Use Type: Investment
Usable Size (USF): 2,225 SF
Sale Terms: Cash to Seller
Cap Rate: 5.21%
Average Occupancy Rate: 100
Gross Rent Multiplier: 12.96
Last Updated: 10/18/2020

Overview / Comments

NM Apartment Advisors is honored to list this newer construction apartment community located just east of UNM, north of Nob-Hill and within walking distance of the Sprouts supermarket and short hop to Los Cuates and its world famous sweet and hot salsa!

Tucked in a high appreciation, neighborhood of mostly single family homes built in 1940-50’s. The property, located at 610 Jefferson NE, includes front hour and a rear duplex that was built in 2017.

A core deal with a stable base of income, there is also a value add opportunity in bringing the rent levels to market, or above market rates given how highly sought after the area is by many residents.

Measurements of investment performance based on actual average rents of $900 per unit, 5.21% CAP rate, 18.50% before tax IRR, and 14.90% after tax IRR.

Based on a market rent of $1,007 per unit the measure of investment performance improves to a 5.97% Cap (before reserves), and a 8.08% cash on cash.

The location has a high walk (78), Bike (83), and transit (40) score and speaks of its excellent location between UNM and Uptown.

Properties like this, in this area, have been moving fast – do not wait!

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: University
Taxing Authority: Bernalillo County
Tax ID/APN: 101705834103340317
Zoning: R-ML - Residential: Multi-family Low Density
Property Condition: Excellent

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,930 140,477 308,526
Median Age: 40.85 35.67 37.64
Households: 10,104 62,227 135,375

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