Catylist ID: #30724672
Recently renovated Rio Rancho fourplex
Multi-Family for Sale
|Catylist Listing ID:||30724672|
|Number of Units:||4 Units|
|Building Size (RSF):||3,152 SF|
|Gross Land Area:||0.16 Acres|
|Unit Price:||$93,750 Per Unit|
|Property Use Type:||Investment|
|Usable Size (USF):||3,152 SF|
|Sale Terms:||Cash to Seller|
Overview / Comments
Subject: Recently renovated Rio Rancho in Fourplex
On behalf of the owner, NM Apartment Advisors is excited to bring to market this Rio Rancho fourplex. Located near the 528/Southern intersection the property is close both to the rural side of Corrales and the retail/restaurant district of Rio Rancho.
Two bedroom, one bath apartment homes, with large eat-in kitchens, room for a stackable w/d, fireplaces, and a walk-in closet these are easy to lease. The downstairs apartments have large yards, and the upstairs apartments have private patios street side.
The owner has done an amazing job renovating 3 of the 4 units –This property has been recently renovated with new hot water heaters and heaters, flooring, cabinets, counter tops and sinks, and some drywall replacement. Exterior improvements include a new roof and new evaporative coolers.
18 page flyer at http://www.nmapartment.com/apt/NMAA-1040MeadowlarkRR.pdf
Measures of investment performance at ask price of $375,000 with a current average rent of $769 are a GRM of 10.16, a 5.89% cap rate before reserves, 5.65% cap rate after reserves, 16.00% after tax IRR, $93,750 per unit, and a price per sf of $118.97.
If all of the unit rents are raised to the market of $850, the measure of investment performance improve to a cap rate of 6.70%, and a cash on cash of 10.18%.
Do not wait – fourplex inventory in the Albuquerque Area is at historic lows, and in Rio Rancho, a for sale fourplex is virtually non-existent.
Todd Clarke CCIM CIPs
NM Apartment Advisors Inc.
PS: Curious about how our market is going to experience double digit rent growth in 2021? Register for the Forecast 2021 at www.nmapartment/forecast2021
Attachments & Media
|Taxing Authority:||Sandoval County|
|Proximity:||1 mile||3 miles||5 miles|
Todd ClarkeNM Apartment Advisors, Inc. CARNM CIE Member
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