Downtown 29 units, 9.49% proforma Cap with 6 garages

Multi-Family for Sale
Catylist Listing ID: 30364974
Property Subtypes: Low-Rise/Garden
Number of Units: 29 Units
Building Size (RSF): 17,700 SF
Gross Building Area: 20,468 SF
Gross Land Area: 0.66 Acres
Sale Price: $2,120,000
Unit Price: $73,103.45 Per Unit
Property Use Type: Investment
Building Name: Coal 29
Usable Size (USF): 17,700 SF
Sale Terms: Cash to Seller
Cap Rate: 5.64%
Average Occupancy Rate: 100
Gross Rent Multiplier: 11
Last Updated: 6/26/2019

Overview / Comments

NM Apartment Advisors is excited to bring to back to market this amazing 1980s vintage downtown Albuquerque apartments 1021 Coal SW

35 page flyer at http://www.nmapartment.com/apt/NMAA-Coal1021SW.pdf

Gated community with 29 units, two downtown parking lots, laundry facility and three x 2 car garages plus a management office.

Measures of investment performance at ask price of $2,120,000 and current average rent of $554 are a GRM of 11.00 a 5.64% cap rate, $73,103 per unit, $120/sf.

If rents are raised to market average of $830, measures of investment performance increase to a GRM of 7.34, and a 9.49% cap rate.

Don’t miss out – this was part of a larger portfolio that just sold and provides two recent comparable sales on the same street – all cash investors range between 5.6% to 5.9% cap rates.

Sellers have lined up their next exchange and is ready to get this moved and have authorized me to offer two prices - current appraisal at $2,120,000 for a buyer who needs financing, and $2,050,000 for an all cash buyer who can close quickly.

Please do not disturb residents - virtual tours at :
www.nmapartment.com/1021coal3d

Register for additional confidential information at www.nmapartment.com/coal3

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Downtown
Taxing Authority: Bernalillo
Tax ID/APN: 101305743833611701
Zoning: MX-L - Mixed-use: Low Intensity
Percent Occupied: 100%
Property Condition: Good
Roof Type: Flat
Construction/Siding: Stucco, Wood Frame
Laundry: Shared

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,204 109,957 293,848
Median Age: 36.77 34.54 34.23
Households: 6,192 44,887 117,044

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