Rare 30 unit, westside of ABQ apartments offered by original developer

Multi-Family for Sale
Catylist Listing ID: 30396812
Property Subtypes: Low-Rise/Garden
Number of Units: 30 Units
Building Size (RSF): 26,954 SF
Gross Land Area: 1.84 Acres
Sale Price: $2,272,500
Unit Price: $75,750 Per Unit
Property Use Type: Investment
Building Name: Russword Apartment
Usable Size (USF): 26,954 SF
Sale Terms: Cash to Seller
Cap Rate: 6.83%
Average Occupancy Rate: 100
Gross Rent Multiplier: 8.96
Last Updated: 3/28/2019

Overview / Comments

NM Apartment Advisors is excited to bring to market a hard to find combo - new(er) construction, midsize and located on Albuquerque's growing westside. Located within walking distance of the prestigious St. Pius high school, the property is also very close to new employment and retail opportunities (Starbucks, Panera, T-mobile and more).

Built in 2003-2006, this 30 unit community contains 29 x 2/1 with washer/dryer hookups, 32 rent free storage spaces, and a large owners/managers’ unit – 3/2 + 2 car garage as well as a small onsite management office.

Based on the current average rents of $705 per month, the property’s measures of investment performance include a 8.96 GRM, 6.83% cap rate before reserves, before tax IRR of 21.7% and an after tax IRR of 17.7%.

If rents were raised to the submarket average of $759, the measures of investment performance improve to a 7.91% cap rate, and 11% cash on cash.

The property consists of 3 lots – Lot 4 contains 4113 Atrisco NW Units A-F (6), Tract X contains 4201 Atrisco Units A-R (16), and Lot 7 contains 4209 Atruisco NW Buildings A & B (8) for a total of 30 units.

Value add potential by adding 3rd party management to oversee light interior renovations and enhancing already in place billboard income with income from the onsite storage units (located to the rear of each building).

On site owner family is firm about not disturbing residents, and encourages offers subject to inspections.

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Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: West Mesa
Taxing Authority: Bernalillo
Tax ID/APN: 101106006552320506
Zoning: MX-L - Mixed-use: Low Intensity
Number of Stories: 1
Year Built: 2003
Roof Type: Gable
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,960 85,086 219,459
Median Age: 35.82 37.29 35.03
Households: 5,123 34,000 84,389

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