Catylist ID: #30746258
Downtown Triplex with mixed use zoning – 8.63% cap rate
Multi-Family for Sale
|Catylist Listing ID:||30746258|
|Number of Units:||3 Units|
|Building Size (RSF):||3,075 SF|
|Gross Land Area:||0.16 Acres|
|Unit Price:||$90,666.67 Per Unit|
|In Opportunity Zone?||Yes|
|Property Use Type:||Investment|
|Usable Size (USF):||3,075 SF|
|Sale Terms:||Cash to Seller|
|Gross Rent Multiplier:||10.94|
Overview / Comments
On behalf of the owner, NM Apartment Advisors is excited to bring to market this downtown triplex. The property is located at 12th/Lomas and walking distance to the downtown core as well as the old downtown square and their combined over 100+ restaurants and retail opportunities.
Located at 524 12th NW, 1114 and 1118 Lomas NW, this property contains a medium sized one bedroom one bath, a vacant ready for owner-occupant large one bedroom one bath with basement, as well as a leased two-bedroom one bath unit.
20 page flyer at http://www.nmapartment.com/apt/NMAA-12th524NW.pdf
Measures of investment performance at ask price of $272,000 with a current average rent of $967 are a GRM of 8.23, a 8.90% cap rate before reserves, 8.63% cap rate after reserves, 22.90% after tax IRR, $90,667 per unit, and a price per sf of $88.46.
If all of the unit rents are raised to the market of $1,100, the measures of investment performance improve to a cap rate of 10.53%, and a cash on cash of 25.34%.
The property is being marketed using the BID process – one date for tour and a fixed deadline for offers. In the event of multiple offers, the listing brokers will conduct a best and final round, inviting only those buyers who are in the top 50% of all offers.
Property tour is scheduled for noon, Wednesday, September 8th – qualified buyers must RSVP at www.nmapartment.com/12th524
There are not other tour dates/times available.
Offer deadline is noon, Friday, September 10th.
Downtown investments are hard to find – do not wait on this one!
Todd Clarke CCIM CIPs
NM Apartment Advisors Inc.
Attachments & Media
|Taxing Authority:||Bernalillo County|
|Zoning:||MX-L - Mixed-use: Low Intensity|
|Total Number of Buildings:||2|
|Number of Stories:||1|
|Proximity:||1 mile||3 miles||5 miles|
Todd ClarkeNM Apartment Advisors, Inc. CARNM CIE Member
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