Alvarado owners style triplex

Multi-Family for Sale
Catylist Listing ID: 30277955
Property Subtypes: Duplex/Fourplex
Number of Units: 3 Units
Building Size (RSF): 2,940 SF
Gross Land Area: 0.19 Acres
Sale Price: $256,000
Unit Price: $85,333.33 Per Unit
Property Use Type: Investment
Building Name: Alvarado
Usable Size (USF): 2,940 SF
Sale Terms: Cash to Seller
Cap Rate: 7.2%
Average Occupancy Rate: 100
Gross Rent Multiplier: 9.63
Last Updated: 5/14/2018

Overview / Comments

Amazing owner occupant (or investor) triplex - first time on the market - and offered original developer's family who has held title and occupied the property for 40+ years.

The developer, Mr. Carl Williams was a rancher, developer and former executive director of the City of Albuquerque Parks and Recreation department.
In 1963, he acquired this lot and designed his dream triplex, with plans (see page 16) to live there the rest of his life.

Currently the property is owned and occupied by Carl’s granddaughter Deb and her husband Bob who live in Unit A. They have kept unit B vacant and furnished for when their out of state daughter visits and Unit C occupied by their son.

The property is being marketed with the bid process and an ask price of $256,000. Market comparable indicate that the final price is closer to $301,151.

Current measure of investment performance as the ask price of $256,000 are a GRM of 6.93, a after reserves cap rate of 7.20%, a 11.50% cash on cash, and a after tax IRR of 19.40%. The comparable sales support a price of $301,151 which makes the GRM 11.32, after reserves cap rate of 6.10%, a 7.20% cash on cash, and an after tax IRR of 12.10%.

The property tour is scheduled for noon on June 6th, 2018 - you can register at www.nmapartment.com/alva941

Offer deadline for this property is 5pm, on June 12th, 2018.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Taxing Authority: Bernalillo
Tax ID/APN: 101805612120732302
Zoning: R-3 - Residential Zone
Percent Occupied: 100%
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 1
Year Built: 1964
Roof Type: Gable
Construction/Siding: Wood Frame
Laundry: In Each Unit

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,213 104,522 263,838
Median Age: 36.54 35.25 37
Households: 9,245 46,801 115,650

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