The Austin

Multi-Family for Sale
Catylist Listing ID: 30614171
Property Subtypes: Low-Rise/Garden
Number of Units: 36 Units
Building Size (RSF): 26,322 SF
Gross Land Area: 1.06 Acres
Sale Price: $3,697,880
Unit Price: $102,718.89 Per Unit
Property Use Type: Investment
Building Name: The Austin
Usable Size (USF): 26,322 SF
Sale Terms: Cash to Seller
Cap Rate: 5.74%
Average Occupancy Rate: 100
Gross Rent Multiplier: 11.50
Last Updated: 9/14/2020

Overview / Comments

New Mexico Apartment Advisors is honored to bring to market the Austin Apartments, 36 well located units in the NE heights of Albuquerque, NM at 2713 Wyoming NE.

Located walking distance to Sandia High School, and a short drive to all the retail experiences that Uptown offers.

This is a core asset with stabilized cash flow, attractive renovations, with a solid platform provided for the next owner to enhance their income position.

CORE Asset
Measures of investment performance at a price of $3,697,880 and current average rent of $744/month are a GRM of 11.50, a 5.75% cap rate, $102,719 per unit, $141/sf, and a cash on cash return of 10.26%. The after tax internal rate of return is 14.10%

And Value Add
If the remaining 25% of the units are renovated, the potential annual rent for the coming year increases by $10,980 which at a 5.75% cap rate adds $190,956 in value. If all rents are raised to the property’s market rate, the Cap rate improves to 6.20% and the cash on cash to 11.85%.

Please do not visit the property or disturb residents, but visit our Virtual Tours at
www.nmapartment.com/austin3d

Qualified buyers can access the confidential documents by completing the online confidentiality agreement at www.nmapartment.com/theaustin .
Brokers, please make sure your buyer identifies you as their broker.

2% buyers broker fee is part of this fabulous offering. Do not miss out on this rare opportunity to own one of the nicest apartments in the north east heights.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Northeast
Taxing Authority: Bernalillo County
Tax ID/APN: 101906051604040216
Zoning: MX-L - Mixed-use: Low Intensity
Total Number of Buildings: 6
Property Condition: Good
Number of Stories: 2
Year Built: 1961
Year Renovated: 2019
Roof Type: Gable
Construction/Siding: Brick, Stucco
Laundry: Shared

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,514 181,028 326,666
Median Age: 42.97 39.72 38.92
Households: 8,803 81,948 144,414

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