Downtown Dozen in Sawmill District

Multi-Family for Sale
Catylist Listing ID: 30589397
Property Subtypes: Low-Rise/Garden
Number of Units: 12 Units
Building Size (RSF): 6,512 SF
Sale Price: $722,500
Unit Price: $60,208.33 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Usable Size (USF): 6,512 SF
Sale Terms: Cash to Seller
Cap Rate: 6.12%
Average Occupancy Rate: 100
Gross Rent Multiplier: 9.65
Last Updated: 11/16/2020

Overview / Comments

NM Apartment Advisors is very excited to bring to market twelve-plex at 810 Bellamah NW, located in Downtown Albuquerque, this property has a high walk (56), bike (80), and transit (42) scores.

Embedded in the historic Sawmill District, the property’s is walking distance Albuquerque’s museum corridor, Tiguex Park and Old town and biking distance to the central business district.

At the ask price of $722,500 and an average rent of $520, the measure of investment performance include a GRM of 9.65, a CAP rate of 6.12%, a price per unit of $60,208 a price per square foot of $110.95 a before tax IRR of 16.60% and an after tax IRR of 13.50%.

If rents were raised to market of $610, the measure of investment performance improve to a cap rate of 7.22%.

These townhouse style units are all one bedroom and one bathroom.

In 2019, virtually every downtown/old town investment property flew off the shelves (33 deals totaling 185 units at an average price of $81,180/unit) – do not wait for this one to sell as well.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Downtown
Taxing Authority: Bernalillo County
Tax ID/APN: 101405805247022409
Percent Occupied: 100%
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1978

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,012 118,826 304,950
Median Age: 37.24 35.33 35.16
Households: 5,347 49,274 123,535

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