Chico 16

Multi-Family for Sale
Catylist Listing ID: 30656397
Property Subtypes: Low-Rise/Garden
Number of Units: 16 Units
Building Size (RSF): 9,768 SF
Gross Land Area: 0.31 Acres
Sale Price: $995,000
Unit Price: $62,187.50 Per Unit
Property Use Type: Investment
Usable Size (USF): 9,768 SF
Sale Terms: Cash to Seller
Cap Rate: 7.89%
Average Occupancy Rate: 100
Gross Rent Multiplier: 7.75
Last Updated: 10/6/2020

Overview / Comments

Ancient apartment proverb – invest in an area where someone is spending more money than you every could in improving the area.

If you have high rate of return investor who has an eye for large artwork installations then this is the deal for them – 7615 Chico NE - 16 units in a secure, nestled and gated community. The property’s biggest amenity is the new library and community that it is in its front yard. Under construction with an investment of $15M from the City of Albuquerque.

The owners have underpriced this asset to get it moved in Q4-2020 to allow her to conduct a 1031 exchange for an already identified property.

Located on one block north of the historic Route 66, and along the $130M investment in Albuquerque future of mass transit – the A.R.T. (Albuquerque Rapid Transit). This community is walking distance to retail, restaurants and two different A.R.T. transit stops, the NM Expo and dozens of restaurants.

The list price is $995,000, with an average rent of $699, measures of investment performance include a GRM of 7.75, a before reserves cap rate of 7.89% and an after tax Internal Rate of Return (IRR) of 23.70%. . If rents are raised to the market average of $738, measure of investment performance improve to a cap rate of 9.41% and a cash on cash of 1702%.

12 page flyer can be found at http://www.nmapartment.com/apt/NMAA-chico7615NE.pdf

The gated community has 8 one bedroom units and four two bedroom 1 bathroom units. All units are separately metered and have been updated with new windows, appliances and laminate flooring.

An enormous mural, Los Mismos Jugandos/The Same Games (2013) by the internationally noted Baja California artist Fernando Mendez Corona graces the entire east side of the building.

Value add opportunities like this often go quick, so do not wait to register for additional info at http://www.nmapartment.com/chico

Priced to move with one of the highest apartment cap rates in the market – do not wait to make an offer on this deal.

Thanks,
Todd Clarke CCIM CIPS
CEO
NM Apartment Advisors Inc.
(505) 404-TODD

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Taxing Authority: Bernalillo County
Tax ID/APN: 101905718914331702
Zoning: MH - Residential Zone

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,821 139,036 282,899
Median Age: 32.16 37.51 37.53
Households: 9,319 61,314 124,469

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