8.47% cap, 25 units, International District

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30507779
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 25 Units
Building Size (RSF): 15,325 SF
Gross Land Area: 1 Acre
Sale Price: $994,610
Unit Price: $39,784.40 Per Unit
Property Use Type: Investment
Building Name: Zuni Princess
Usable Size (USF): 15,325 SF
Sale Terms: Cash to Seller
Cap Rate: 8.35%
Average Occupancy Rate: 100
Gross Rent Multiplier: 6.17
Last Updated: 6/5/2020

Overview / Comments

NOTE*** Seller has accepted an offer, but purchase and sale agreement allows Seller to continue to receive offers in a backup position.

NM Apartment Advisors and PS Properties are excited to bring 25 unit courtyard style community to market. The property, located at 8600 Zuni SE, contains 24 one bedroom units and one two bedroom unit + an abundance of extra storage all on a 0.997 acre lot.

Although recent renovations have been done, this investment is a value add opportunity.

The 14 page flyer and APOD at http://www.nmapartment.com/apt/NMAA-Zuni8600SE.pdf

Measures of investment performance at ask price of $939,963 and current average rent of $508 are a GRM of 5.84, a 9.06% cap rate, $37,599 per unit, $61.34/sf and a before tax IRR of 26.40% and an after tax IRR of 20.40%.

If rents are raised to submarket average of $660, measures of investment performance increase to a GRM of 4.75, a 12.30% cap rate and a 27.82% cash on cash.

Please do not disturb residents.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Taxing Authority: Bernalillo
Tax ID/APN: 101905645152311926
Zoning: R-T - Residential: Townhouse
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1960

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 25,743 138,335 262,042
Median Age: 29.77 37.15 37.4
Households: 9,280 60,299 116,049


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