Cool, hip, modern triplex

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30758076
Property Subtypes: Duplex/Fourplex
Status: Pending
Number of Units: 3 Units
Building Size (RSF): 3,242 SF
Gross Land Area: 0.27 Acres
Sale Price: $486,573
Unit Price: $162,191 Per Unit
Property Use Type: Investment
Usable Size (USF): 3,242 SF
Sale Terms: Cash to Seller, Other
Cap Rate: 5.03%
Average Occupancy Rate: 100
Gross Rent Multiplier: 11.98
Last Updated: 9/17/2021

Overview / Comments

This is among the finest owner occupant ready triplexes we’ve ever seen - located near the foothills at 12201 Menaul NE.

Unit A is a spacious and beautiful 3 bedroom / 2 bathroom with great natural light and high-end modern updates throughout. Wide open living area and kitchen with sleek solid surface flooring, vaulted ceilings, gas fireplace, and modern fixtures and accents. Gourmet kitchen offers custom, quiet close cabinets and a top end stainless appliance package Wolf ovens, microwave, and cooktop. Large and bright master suite offers a double vanity and step in shower with access to a gorgeous, enormous backyard oasis, which includes multiple outdoor living spaces, drive thru gates for RV Parking, and gorgeous, well-maintained gardens. You’ll also love the entertainer’s covered patio space and the 2 car attached garage with automatic opener and private driveway.
Virtual tour of this amazing apartment is at www.nmapartment.com/menaul3d

Unit B is a recently updated 1 bedroom with new vinyl plank flooring throughout, and updated bathroom, and an open kitchen with pass-thru bar area and all appliances included. Tenants love the bonus utility closet with washer / dryer and the very private courtyard entry.

Unit C is totally under-rented to a very long term tenant. A similarly updated 2 bedroom 1 bath unit with private courtyard entry and a large private backyard space to boot. Prepare to add value here!

Located in a very quiet and serene NE Heights neighborhood close to foothills trails and shopping.

At the ask price of $486,573, the measures of investment performance (with a management fee in place) and at the average rents of $1,128 include a price per unit of $162,191, a price per square foot of $150.08, GRM of 11.98, a cap rate before reserves of 5.03% (after is 4.89%), and an after tax IRR of 14.40%.

If rents are raised to market average of $1,300 measure of investment performance improve to a cap rate of 5.95% and a 7.58% cash on cash.

19 page flyer at http://www.nmapartment.com/apt/NMAA-Menaul12201NE.pdf

This totally cool, retro style triplex is located in an area of that has had major announcements of new employment. Couple that with the impact of the citywide expansion of Netflix, Facebook, Intel and Amazon and this property is well positioned to enjoy the forthcoming wave of appreciation and rent growth.

Do not wait, an owner occupant unit with high end finishes comes along very rarely!

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Northeast
Tax ID/APN: 102205938130810622
Zoning: R-T - Residential: Townhouse
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 1
Year Built: 1977
Roof Type: Gable

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,130 131,046 257,253
Median Age: 41.42 40.15 40.13
Households: 8,959 57,527 113,705

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