Four Fruit

Multi-Family for Sale
Catylist Listing ID: 30348097
Property Subtypes: Duplex/Fourplex
Number of Units: 4 Units
Building Size (RSF): 2,565 SF
Gross Land Area: 0.18 Acres
Sale Price: $399,000
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
Cap Rate: 6.35%
Average Occupancy Rate: 100
Gross Rent Multiplier: 9.29
Last Updated: 11/12/2020

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

http://www.nmapartment.com/715fruit3d2

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.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Downtown
Taxing Authority: Bernalillo
Tax ID/APN: 101405807412032804
Zoning: R-ML - Residential: Multi-family Low Density
Percent Occupied: 100%
Property Condition: Good
Number of Stories: 1
Year Built: 1916
Roof Type: Gable
Total Parking Spaces: 4

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,802 115,195 294,808
Median Age: 38.65 34.49 34.89
Households: 6,797 47,360 118,968

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