Catylist ID: #30348097
Multi-Family for Sale
|Catylist Listing ID:||30348097|
|Number of Units:||4 Units|
|Building Size (RSF):||2,565 SF|
|Gross Land Area:||0.18 Acres|
|Unit Price:||$99,750 Per Unit|
|In Opportunity Zone?||Yes|
|Property Use Type:||Investment|
|Building Name:||Increasing rents and improved cap rate for gem of a downtown 103|
|Usable Size (USF):||2,565 SF|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||100|
|Gross Rent Multiplier:||9.29|
Overview / Comments
Super cute fourplex with white picket fence, yard areas, off street parking and in close proximity to downtown Albuquerque’s 25,000 jobs, and 100+ restaurants, brew pubs, pizza shops and specialty coffee shops.
Located at 715 Fruit NW, and offered with average rents of $785, this property has experienced double digit rent growth since the previous year. It demonstrates that the underlying fundamentals for apartment investments continue to improve, as evidenced by the recent rent increases in this owner occupant style fourplex in Downtown Albuquerque with a high walk (77), bike (85), and transit (56) scores.
At the ask price of $399,000 and an average rent of $785 the measure of investment performance include a GRM of 10.59, a CAP rate of 5.57%, a price per unit of $99,750, a price per square foot of $150.00 and a before tax IRR of 19.30%. If rents were raised to market of $1,015, the measure of investment performance improve to a cap rate of 7.58%.
The market comparable sales indicate a value of $430,660.
The 26 page property flyer with APOD, rents, expenses, floorplans, photos and more at http://www.nmapartment.com/apt/NMAA-Fruit715NW.pdf
Clients and their brokers can view the online virtual tours at http://www.nmapartment.com/715fruit3d
The property’s is walking distance to the central business district and biking distance to Downtown, Old town and a couple dozen brew pubs, and specialty coffee shows. (Think of it as the epicenter for the three B’s – bikes, brews, and beer). As a nearby neighbor to this property, I can tell you that our family loves living in this area, walking to local restaurants, walking to the Saturday growers market, biking to Old Town, or just slipping out to the Pizza Hut that is only a dozen feet from this property.
Attachments & Media
|Zoning:||R-ML - Residential: Multi-family Low Density|
|Number of Stories:||1|
|Total Parking Spaces:||4|
|Proximity:||1 mile||3 miles||5 miles|
Todd ClarkeNM Apartment Advisors, Inc. CARNM CIE Member
|© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Commercial Association of REALTORS® - New Mexico nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.|