Coal Avenue Apartment Portfolio

Multi-Family for Sale
Catylist Listing ID: 30335416
Property Subtypes: Low-Rise/Garden
Number of Units: 49 Units
Building Size (RSF): 25,140 SF
Gross Land Area: 1.23 Acres
Sale Price: $3,399,865
Unit Price: $69,385 Per Unit
Property Use Type: Investment
Building Name: Coal Avenue Apartment Portfolio
Sale Terms: Cash to Seller
Cap Rate: 5.5%
Average Occupancy Rate: 100
Last Updated: 11/1/2018

Overview / Comments

Amazing portfolio of 1980s vintage downtown Albuquerque apartments.

Three communities totaling 49 units with a management office.

Measures of investment performance at ask price of $3,399,865 and current average rent of $545 are a GRM of 10.62, a 5.50% cap rate, $69,385 per unit, $135/sf.

If rents are raised to market of $862, measures of investment performance increase to a GRM of 6.69, and a 11.04% cap rate.

Financials

Finance Data Year 2019
Gross Operating Income $508,512 (Annual)
Net Operating Income $375,406 (Annual)
Actual or Proforma Year Proforma
Finance Data Year 2017
Potential Rental Income $508,512 (Annual)
Gross Operating Income $320,216 (Annual)
Net Operating Income $187,110 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Downtown
Taxing Authority: Bernalillo
Tax ID/APN: Multiple UPCs
Zoning: SU-2 - Special Neighborhood Zone
Percent Occupied: 100%
Total Number of Buildings: 6
Property Condition: Good
Number of Stories: 2
Year Built: 1986
Roof Type: Flat

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,204 109,876 282,968
Median Age: 36.77 34.05 34
Households: 6,192 44,154 111,983

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