Downtown Dozen

Multi-Family for Sale
Catylist Listing ID: 30356541
Property Subtypes: Low-Rise/Garden
Number of Units: 12 Units
Building Size (RSF): 8,640 SF
Gross Land Area: 0.45 SF
Sale Price: $732,707
Unit Price: $61,058.92 Per Unit
Property Use Type: Investment
Building Name: Downtown Dozen
Usable Size (USF): 8,640 SF
Sale Terms: Cash to Seller
Cap Rate: 6.25%
Average Occupancy Rate: 100
Gross Rent Multiplier: 8.59
Last Updated: 3/18/2019

Overview / Comments

NM Apartment Advisors is very excited to bring to market twelve-plex at 1515 8th NW, located in Downtown Albuquerque, this property has a high walk (65), bike (76), and transit (57) scores.

The property’s is walking distance Albuquerque’s museum corridor, Tiguex Park and Old town and biking distance to the central business district.

At the ask price of $732,707 and an average rent of $593, the measure of investment performance include a GRM of 8.59, a CAP rate of 6.25%, a price per unit of $61,059 a price per square foot of $84.80 a before tax IRR of 23.40% and an after tax IRR of 19.50%.

If rents were raised to market of $643, the measure of investment performance improve to a cap rate of 7.40%.

Clients and their brokers can view the property info, APOD and flyer at
http://www.nmapartment.com/apt/NMAA_8th1515NW.pdf

These townhouse style units are all two bedrooms and one bathroom that includes washer/dryer hookups.

The property’s ideal location, sandwiched between Old Town and Downtown, combined with the unit floorplans and potential private outdoor spaces, makes this an ideal candidate for conversion to full time vacation rentals or condominiums.

Attachments & Media

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Downtown
Taxing Authority: Bernalillo
Tax ID/APN: 101405806646022408
Number of Stories: 2
Year Built: 1973

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,012 118,826 305,918
Median Age: 37.24 35.33 35.17
Households: 5,347 49,274 124,111

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