Recently renovated Rio Rancho fourplex

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30724672
Property Subtypes: Duplex/Fourplex
Status: Pending
Number of Units: 4 Units
Building Size (RSF): 3,152 SF
Gross Land Area: 0.16 Acres
Sale Price: $375,000
Unit Price: $93,750 Per Unit
Property Use Type: Investment
Usable Size (USF): 3,152 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/23/2021

Overview / Comments

Subject: Recently renovated Rio Rancho in Fourplex

Good afternoon!

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.

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

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

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Additional Details

Nearest MSA: Albuquerque
County: Sandoval
Submarket/Township: Rio Rancho
Taxing Authority: Sandoval County
Tax ID/APN: R108394

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,807 73,584 151,199
Median Age: 48.41 39.91 38.07
Households: 5,816 28,856 57,714

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