Catylist ID:
#30601802
| Catylist Listing ID: | 30601802 |
| Property Subtypes: | Duplex/Fourplex, Low-Rise/Garden |
| Status: | Pending |
| Number of Units: | 8 Units |
| Building Size (RSF): | 6,720 SF |
| Gross Land Area: | 0.25 Acres |
| Sale Price: | $700,000 |
| Unit Price: | $87,500 Per Unit |
| Property Use Type: | Investment |
| Usable Size (USF): | 6,720 SF |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 5.0% |
| Average Occupancy Rate: | 100 |
| Gross Rent Multiplier: | 11.40 |
| Last Updated: | 2/21/2021 |
Overview / Comments
|
NM Apartment Advisors is excited to bring to market two side by side fourplexes in the NE heights of Albuquerque. Located at 1812 & 1816 Mary Ellen NE, which is north of Indian School and east of Eubank, these fourplexes sit side by side facing each other across a nicely landscaped courtyard. Each fourplex is on its own deeded lot and can be financed separately, although the Seller prefers to sell in one transaction to one buyer. Recent improvements in 2019 include a new roof on 1812, two new water heaters, three units received new vinyl tile and five units new carpet. The A units have private backyards, and B units private side yards. All units have storage units available. Off‐street parking lot is well lit. These two bedroom, one bath apartment homes have great layouts and are easy to rent. The property contains spacious 8 x two bedroom units. 19 page flyer at http://www.nmapartment.com/apt/NMAA-MaryEllen18126.pdf Please do not disturb residents – virtual tours available: Unit A – www.nmapartment.com/12ame3d Unit C – www.nmapartment.com/12cme3d Measures of investment performance at new price of $700,000 with a current average rent of $706 are a GRM of 10.32, a 5.70% cap rate, 19.90% after tax IRR, $90,625 per unit, and a price per of $104. If rents are raised to the market average of $825, measure of investment performance improve to a cap rate of 7.00%. Do not wait – We have had surge of investor interest from out of state investors has surged 325% since the beginning of the pandemic! |
Attachments & Media
Additional Details
| Nearest MSA: | Albuquerque |
| County: | Bernalillo |
| Submarket/Township: | Northeast |
| Taxing Authority: | Bernalillo County |
| Tax ID/APN: | 102105904505630213 |
| Percent Occupied: | 100% |
| Total Number of Buildings: | 2 |
| Number of Stories: | 2 |
| Year Built: | 1971 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 23,329 | 185,649 | 295,569 |
| Median Age: | 39.16 | 38.52 | 39.31 |
| Households: | 9,974 | 82,038 | 131,917 |
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