Catylist Listing ID: 30421399
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden
Number of Units: 7 Units
Building Size (RSF): 5,650 SF
Sale Price: $448,000
Unit Price: $64,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: Undisclosed
Last Updated: 12/6/2019

Overview / Comments

Portfolio of apartments/homes with seller financing – EDO & International district
Seven units, three locations - $448,000, 7.27% cap rate, seller financing and lots of upside.

Downtown EDO location - 621 Edith downtown duplex with new unfinished residence out front (owner says it needs just a few thousand dollars to be finished) – 1,650 sf, built in 1926, 0.16 acre lot.

International District locations
348 Dallas SE / 345 Pennsylvania SE – 2 back to back three bedroom residences on one 0.18 acre lot – built in 1980
and
324 Pennsylvania SE – two houses on one 0.15 acre lot- located across the street from 348 Dallas SE / 345 Pennsylvania SE Penn above.

Based on ask price of $500,338, and an average rent of $664, the measures of investment performance include a GRM of 8.97, a before reserve cap rate of 6.51% and a before tax IRR of 15.9% and after tax IRR of 12.9%.

Seller is open to financing - 25% down, 7.50% interest rate, 5 year balloon.

Flyer at http://www.nmapartment.com/apt/NMAA-Edith621SE.pdf

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Taxing Authority: Bernalillo County
Tax ID/APN: 101905626547322702

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 28,420 134,015 263,863
Median Age: 30.49 37.43 37.39
Households: 10,446 58,837 116,480

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