5 units + large home – 6.78% cap rate next to iconic building

Multi-Family for Sale
Catylist Listing ID: 30767090
Property Subtypes: Low-Rise/Garden
Number of Units: 6 Units
Building Size (RSF): 4,287 SF
Gross Land Area: 0.33 Acres
Sale Price: $425,000
Unit Price: $70,833.33 Per Unit
Property Use Type: Investment
Usable Size (USF): 4,287 SF
Sale Terms: Cash to Seller
Cap Rate: 6.78%
Average Occupancy Rate: 100
Gross Rent Multiplier: 9.09
Last Updated: 11/11/2021

Overview / Comments

On behalf of the owner, NM Apartment Advisors and T & C Management are excited to bring to market this unique family style compound with 5 rental units and a 1,530 square foot single family home.

Located at 321-3 Arizona SE and directly north of the iconic castle apartment community these 6 units are well positioned to take advantage of the forthcoming rent growth in the market.

At the ask price of $425,000 and an average rent of $649 the measure of investment performance include a GRM of 9.09, a CAP rate of 6.42% (before reserves), a price per unit of $70,833 price per square foot of $99.14 an after tax IRR of 24.10%.

If rents were to be raised to market of $729, the measures of investment performance improve to a GRM of 8.10, and a cap rate of 7.76% (before reserves).

The 16 page property flyer with APOD, rents, expenses, photos and more at http://www.nmapartment.com/apt/NMAA-Arizona321SE.pdf

Full inspections have been performed and are available to qualified investors who complete the online confidentially agreement at www.nmapartment.com/arizona

Do not wait – apartment investments are undergoing phenomenal appreciation and are on blazing path of rent growth due to the new Amazon, Netflix, Facebook and Intel employment announcements.

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

and

Chuck Sheldon CCIM, CPM
CEO
T&C Management
csheldon@tandcmanagement.com
(505) 268-1181

PS: are you tracking the housing market and the double digit single family home appreciation as well as the forthcoming double digit rent growth? We have been and are glad to share at our Forecast 2021 – www.nmapartment.com/zoomforecast2021

Attachments & Media

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Tax ID/APN: 101805729004140109
Zoning: NR-C - Non-residential: Commercial

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 27,473 120,409 290,370
Median Age: 35.58 36.31 37.14
Households: 12,367 53,218 127,639

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