10.52% proforma cap rate

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30745515
Property Subtypes: Duplex/Fourplex
Status: Pending
Number of Units: 20 Units
Building Size (RSF): 15,000 SF
Gross Land Area: 1.01 Acres
Sale Price: $1,349,000
Unit Price: $67,450 Per Unit
Property Use Type: Investment
Usable Size (USF): 15,000 SF
Sale Terms: Cash to Seller
Cap Rate: 6.85%
Gross Rent Multiplier: 9.17
Last Updated: 9/15/2021

Overview / Comments

Good afternoon!

On behalf of the owner, NM Apartment Advisors and Excalibur Realty and Investments are excited to bring to the market this opportunity to acquire a 20-unit apartment building in Belen, NM. Located at 815 Picard, the property is within walking distance of the central business district, Walgreens, McDonald's, and a dozen different employment opportunities.

New Mexico's 30,000 available and affordable home shortage coupled with the arrival of Netflix, Facebook, Intel, and Amazon is driving double digit growth in single-family home prices and rent increases, making
these 20-units an excellent investment opportunity.
26 page flyer at http://www.nmapartment.com/apt/NMAA-Picard815BL.pdf
Full inspection reports for the property are available to those who complete the online confidentially agreement at www.nmapartment.com/picard
Amazing financing available from the Ventana Fund (disclosure, Listing broker volunteers on the board of directors) possible 80% loan to value for the acquisition and 80% of the renovation costs at below market interest rates.

Measure of investment performance at the current rent of $613 include a GRM of 9.17, before reserves cap rate of 6.85%, and after tax IRR of 11.30%. If rents are raised to market average of $875, measure of investment performance improve to proforma cap rate of 10.52%, and an amazing cash on cash of 21.74%.

A value-add investor who commits to modest renovations and good management can reposition the property and potentially realize 20% upside.

Do not miss out on this rare opportunity to own a Belen apartment asset.
Todd Clarke CCIM CIPs
NM Apartment Advisors Inc.
(505) 440-TODD


Michael J Skolnick
Excalibur Realty and Investments Inc

PS: Learn from industry experts why ABQ is undergoing double digit rent and value growth by reviewing the NMAA 2012 Forecast at http://www.nmapartment.com/zoomforecast2021

Attachments & Media

Additional Details

Nearest MSA: Albuquerque
County: Valencia
Taxing Authority: Valencia County
Tax ID/APN: R169586
Property Condition: Good
Number of Stories: 1
Year Built: 1992
Laundry: Shared

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,286 11,809 19,804
Median Age: 39.21 40.14 40.46
Households: 1,779 4,679 7,707


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