Catylist Listing ID: 30601802
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden
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: 11/11/2020

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.

18 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 $678 are a GRM of 10.75, a 5.30% cap rate, 10.30% after tax IRR, $90,625 per unit, and a price per of $104. If rents are raised to the market average of $763, measure of investment performance improve to a cap rate of 6.20%.

Do not wait - out of state investors are moving into our market in droves!

Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD

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

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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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