Amazing foothills fourplex units with private patio home layouts

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30404680
Property Subtypes: Duplex/Fourplex
Status: Pending
Number of Units: 4 Units
Building Size (RSF): 3,976 SF
Gross Land Area: 0.51 Acres
Sale Price: $465,000
Unit Price: $116,250 Per Unit
Property Use Type: Investment
Usable Size (USF): 3,976 SF
Sale Terms: Cash to Seller
Cap Rate: 5.89%
Average Occupancy Rate: 100
Gross Rent Multiplier: 11.92
Last Updated: 5/20/2019

Overview / Comments

NM Apartment Advisors is excited to bring to market a unique, patio home layout fourplex with close proximity to our world-famous Sandia Aerial Tramway.

Located at 781 Tramway Place NE, and on intersection of Live Oak Road NE, Tramway Place NE and with frontage on the Tramway hiking/biking trail, this property has amazing views of the majestic Sandia Mountains. Please note the property is located just outside of the city limits in the unincorporated part of Bernalillo County and is part of a community water system.

Built in 1978, this four-unit community contains large (almost 1,000 sf) two bedroom, two bathroom units with washer/dyers washer/dryer hookups.

Priced at $465,000 or $117/sf or $116,250 per unit, the ask price is a bit less than the comparable sales of $483,908.

Based on the current average rents of $813 per month, the property’s measures of investment performance include a 11.92 GRM, 5.89% cap rate before reserves, before tax IRR of 16.90% and an after tax IRR of 13.70%.

If rents were raised to the highest rent in the community ($925), the measures of investment performance improve to a 6.93% cap rate, and 8.03% cash on cash.

Flyer, APOD, and property info at http://www.nmapartment.com/apt/NMAA-Tramway781NE.pdf

Virtual tour of unit B can be found at www.nmapartment.com/tram781

Property is 100% occupied and the owner suggest making offers subject to inspection.

Attachments & Media

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Far Northeast
Taxing Authority: Bernalillo County
Tax ID/APN: 102306407315130646
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 1
Year Built: 1978

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,301 51,283 143,201
Median Age: 48.05 45.68 43.11
Households: 1,258 22,160 63,804

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