Amazing owner occupant triplex

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30741705
Property Subtypes: Duplex/Fourplex
Status: Pending
Number of Units: 3 Units
Building Size (RSF): 2,510 SF
Gross Land Area: 0.14 Acres
Sale Price: $295,000
Unit Price: $98,333.33 Per Unit
Property Use Type: Investment
Usable Size (USF): 2,510 SF
Sale Terms: Cash to Seller
Cap Rate: 5.29%
Average Occupancy Rate: 100
Last Updated: 9/21/2021

Overview / Comments

This recently renovated triplex has a stunning unit (B) with new flooring, colors that pop, new cabinets, a farm sink that is embedded in new quartz counter tops, USB charging ports, a drop center (for your purse, wallet, keys, backpack, etc.), washer/dryer hookups, private synthetic grass covered back yard, storage space and update finishes throughout this amazing apartment. Please view the virtual tour at www.nmapartment.com/1117louis3d . This unit is vacant on lockbox and can be showed in person.

The owner has adjusted the expenses, adding in a management fee, and made the price attractive to an investor – with a new price of $295,000 (from the owner occupant price of $346,027). At the new price, and the current average rent of $768, the measures of investment performance include GRM of 11.23, cap rate before reserves of 5.43%, cap rate after reserves of 5.20% and an after tax IRR of 15.90%. If rents are moved to the market rate of $1,000, the measure of investment performance improve to a cap rate of 7.55% and a cash on cash of 14.09%.

The major amenity in this area is to be located across the street from the entrance of NM Veteran’s Park with its walking trails, reflective areas, out door amphitheater and rose gardens. The property is located just north of the Gibson entrance to Kirtland Air Force Base and Sandia National laboratories.

21 page flyer at http://www.nmapartment.com/apt/NMAA-Louis1117SE.pdf

This totally cool, retro style triplex is located in an area of that has had major announcements of new employment. Couple that with the impact of the citywide expansion of Netflix, Facebook, Intel and Amazon and this property is well positioned to enjoy the forthcoming wave of appreciation and rent growth.

Do not wait, an owner occupant unit with high end finishes comes along very rarely!

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Taxing Authority: Bernalillo County
Tax ID/APN: 101805651404340815
Percent Occupied: 100%
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 1
Year Built: 1978

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,769 107,239 241,224
Median Age: 33.01 35.35 37.11
Households: 7,627 46,472 104,988

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