Catylist ID: #30798963
17 units surrounded in North America’s largest bosque forest
Multi-Family for Sale
|Catylist Listing ID:||30798963|
|Number of Units:||17 Units|
|Building Size (RSF):||14,520 SF|
|Gross Land Area:||0.60 Acres|
|Unit Price:||$196,286.24 Per Unit|
|Property Use Type:||Investment|
|Building Name:||Candelaria Apartments|
|Usable Size (USF):||14,520 SF|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||100|
|Gross Rent Multiplier:||13.50|
Overview / Comments
On behalf of the owners, Todd Clarke and NM Apartment Advisors are pleased to bring to market the Candelaria Apartments. The community is located at 2531 Candelaria NW and where Candelaria Boulevard dead ends into the Rio Grande River and adjacent to the Rio Grande Nature Center. Embedded in the lush greenery of Albuquerque’s agricultural based north valley, this 17 unit property offers a quiet, relaxing neighborhood with easy access to shopping, dining, and some of ABQ's best hiking and biking.
The property is within walking distance to trailhead for Albuquerque’s hundreds of miles of nature trails along North America’s largest bosque forest which straddles either side of the Rio Grand River. Residents can explore the Rio Grande Nature Center State Park, or meet up with friends in historic charming Old Town. If you believe your residents dream morning consists of sipping tea / coffee while they listen to the geese and cranes honk as they pass over head along their migration patterns then this place is for you and them!
Many of the units offer spacious kitchens, updated appliances, modern conveniences, washer / dryer, hardwood floors, and private yard spaces. Property wide amenities include high speed internet/Wi-Fi and free off street parking.
The immediate neighborhood is full of single family housing with an average sales price of $486,056 and some recent sales as high as $770,000.
Do not miss out on this once in a generation opportunity to own a stunning asset in a high barrier to entry market that is experiencing double digit rent growth related to all of the new Netflix, Intel, Facebook and Amazon jobs.
This portion of the North Valley area has a historically high barrier to entry for new construction and is underserved for rental product
22 page flyer at http://www.nmapartment.com/apt/NMAA-Candelaria2531NW.pdf
Qualified investors can register for additional info by completing the online confidentially agreement at http://www.nmapartment.com/candelaria
With an average rent of $1,212 and an ask price of $3,336,866 the measure of investment performance for this property are a GRM of 13.50, cap rate before reserves of 4.86%, price per unit of $196,286, a price per sf of $231,73 and an after tax internal rate of return of 10.40.
If rents are raised to market rate of $1,490, the measure of investment performance improve to a cap rate of 5.38% and a cash on cash of 10.32
There is a 1.75% buyer brokerage fee on this. As our office has a policy against dual agency, if you are a sophisticated investor and this is not your first rodeo, you can represent yourself and take credit for the buyer’s brokerage fee.
Do not miss out on this opportunity to invest in one of America’s most sought-after markets and receive a rare positive cash flow.
Attachments & Media
|Taxing Authority:||Bernalillo County|
|Zoning:||R-ML - Residential: Multi-family Low Density|
|Number of Stories:||3|
|Proximity:||1 mile||3 miles||5 miles|
Todd ClarkeNM Apartment Advisors, Inc. CARNM CIE Member
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