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:||$96,375 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:||11.31|
Overview / Comments
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 (88), bike (71), and transit (57) scores.
Located at 715 Fruit NW, and offered at the same price, but with an enhanced return due to increasing rents from $710, today they are at $761, representing a 7.18% increase in 4 months.
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).
At the ask price of $385,500 and an average rent of $761 the measure of investment performance include a GRM of 10.55, a CAP rate of 5.76%, a price per unit of $96,375, a price per square foot of $150.29 a before tax IRR of 12.40%.
If rents were raised to market of $833, the measure of investment performance improve to a cap rate of 6.59%.
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.
Clients and their brokers can view the online virtual tours at http://www.nmapartment.com/715fruit3d
26 page property flyer with APOD, rents, expenses, floorplans, photos and more at http://www.nmapartment.com/apt/NMAA-Fruit715NW.pdf
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
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