Renovated Side by side fourplexes – 7.14% proforma cap

Multi-Family for Sale
Catylist Listing ID: 30766862
Property Subtypes: Duplex/Fourplex
Number of Units: 8 Units
Building Size (RSF): 5,128 SF
Gross Land Area: 0.31 Acres
Sale Price: $597,998
Unit Price: $74,749.75 Per Unit
Property Use Type: Investment
Usable Size (USF): 5,128 SF
Sale Terms: Cash to Seller
Cap Rate: 5.72%
Average Occupancy Rate: 100
Gross Rent Multiplier: 9.83
Last Updated: 11/11/2021

Overview / Comments

Did you know that the average fourplex sales price of $314,948 reflects an appreciation of 38% between 2020 to 2021? Or that 25% of the fourplex market is in product that sold for more than $400,000?

NM Apartment Advisors is excited to have listed these recently renovated side by side fourplexes at 618 & 620 Chama SE. New roof, deck/stair balusters, LED floodlights, electrical panels and complete interior renovations. 7 of the 8 units have new hot water heaters and furnaces as well.

Each fourplex sits on its own parcel of land and can be acquired for $298,999.99. Owner would prefer to sell as a package and at the ask price of $597,997.98 and an average rent of $634 the measure of investment performance include a GRM of 9.83, a CAP rate of 5.72% (before reserves), a price per unit of $74,750a price per square foot of $116.61 an after tax IRR of 16.10%.

If rents were to be raised to market of $750, the measures of investment performance improve to a GRM of 8.31, and a cap rate of 7.14% (before reserves).

Each fourplex is priced aggressively – coming in at $10,000 under recent comparable sales, even though those sales have an average rent that is $87 lower than the subject property.

The 23 page property flyer with APOD, rents, expenses, floorplans, photos and more at
http://www.nmapartment.com/apt/NMAA-Chama618SE.pdf

Additional information available to those buyers who complete the online confidentiality agreement at www.nmapartment.com/western304

Do not wait – fourplexes that prices are at a historic high and on a blazing path of appreciation due to the new Amazon, Netflix, Facebook and Intel employment announcements.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Taxing Authority: Bernalillo County
Tax ID/APN: 101905607337020321
Zoning: R-ML - Residential: Multi-family Low Density

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 28,139 112,073 265,480
Median Age: 31.94 36.6 37.28
Households: 11,514 49,911 116,249

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