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:||$87,500 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
Back on the market – do not miss out on this amazing downtown fourplex!
The seller has decided to offer the property using the BID process with a start price of $350,000
Located at 715 Fruit NW, and offered with an enhanced return due to increasing rents from $710, today they are at $785, representing a 10.56% increase. 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.
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.
Register for the confidential information and hold your seat for the Zoom meeting – deadline to register at www.nmapartment.com/715fruit is 10am on Tuesday, October 6th, 2020
Attend the zoom meeting at noon on Tuesday, October 6th, and learn about the property from the property manager, market overview from the listing brokers, and financing update.
Tour the property online.
Review the financials.
Learn the latest from capital markets.
Make an offer – offer deadline is noon Thursday, October 8th, 2020.
At the ask price of $350,000 and an average rent of $785 the measure of investment performance include a GRM of 9.29, a CAP rate of 6.35%, a price per unit of $87,500, a price per square foot of $131.58 and a before tax IRR of 19.70%. If rents were raised to market of $974, the measure of investment performance improve to a cap rate of 8.78%.
The market comparable sales indicate a value of $430,660.
The 27 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
Fourplexes are moving fast, do not wait to jump on this on this one!
Todd Clarke CCIM CIPs
NM Apartment Advisors Inc.
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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