Recently renovated 7-unit compound with 7.03% proforma cap rate

Multi-Family for Sale
Catylist Listing ID: 30769256
Property Subtypes: Low-Rise/Garden
Number of Units: 7 Units
Building Size (RSF): 5,220 SF
Gross Land Area: 0.26 Acres
Sale Price: $708,022
Unit Price: $101,146 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/1/2021

Overview / Comments

On behalf of the owner, NM Apartment Advisors and Deacon Property Services is excited to bring to market this compound setting recently renovated seven-unit community.

The owner has made major improvements to the property and with the assistance of the management company repositioned it for the next investors to take advantage of upcoming rent increases and utility billback.

The property contains a fourplex and triplex building. The triplex building contains a 2nd level residence – that is an incredible large and elegant single family residence of 1,300 sf.

Gleaming hardwood floors, new mini-split HVAC systems, upgraded windows, and overhaul of the landscaping is just a small indication of the over $121,000 of work this owner has performed.

The property is located just west of the Gibson entrance and northeast of the Truman gate to Kirtland Air Force Base and Sandia National laboratories and in area of amazing employment growth.

With an average rent of $816, and at the list price of $708,022 the measures of investment performance include $101,146 per unit, $135.64 per square foot, a before reserves cap rates of 5.99%, and an after tax IRR of 18.00%.

If rents are moved to market of $914, measure of investment performance improve to a cap rate of 7.03% and a cash on cash of 8.71%

The 28 page flyer at http://www.nmapartment.com/apt/NMAA-1340SanMateoSE.pdf

Do not miss out on this rare opportunity to own a high-quality investment asset in an area surrounded by new employment and development opportunities.

Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD

and

Kyle Deacon
Deacon Property Services
(505) 878-0100
kdeacon24@swcp.com

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Taxing Authority: Bernalillo County
Tax ID/APN: 101805601108330822
Percent Occupied: 100%
Total Number of Buildings: 2
Property Condition: Excellent
Number of Stories: 2
Year Built: 1957
Year Renovated: 2021
Roof Type: Gable

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,411 99,167 250,686
Median Age: 37.77 34.73 36.57
Households: 7,315 44,095 108,684

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