Catylist ID: #30507779
8.47% cap, 25 units, International District
Multi-Family for Sale
|Catylist Listing ID:||30507779|
|Number of Units:||25 Units|
|Building Size (RSF):||15,325 SF|
|Gross Land Area:||1 Acre|
|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|
|Average Occupancy Rate:||100|
|Gross Rent Multiplier:||6.17|
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.
Attachments & Media
|Zoning:||R-T - Residential: Townhouse|
|Total Number of Buildings:||1|
|Number of Stories:||2|
|Proximity:||1 mile||3 miles||5 miles|
Todd ClarkeNM Apartment Advisors, Inc. CARNM CIE Member
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