Catylist ID: #30454886
Eight recently renovated townhouse style apartments in NE Heights
Multi-Family for Sale
|Catylist Listing ID:||30454886|
|Number of Units:||8 Units|
|Building Size (RSF):||8,632 SF|
|Gross Land Area:||0.40 Acres|
|Unit Price:||$102,500 Per Unit|
|In Opportunity Zone?||Yes|
|Property Use Type:||Investment|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||100|
|Gross Rent Multiplier:||11.08|
Overview / Comments
NM Apartment Advisors is excited to bring to this top notch property to market.
Built in 1980 and completely renovated in the last couple of years, these all two bedroom large (1,079 sf) two story, town house style apartments are owner occupant quality with numerous upgrades and improvements.
Located at 3617 & 3621 Wellesley NE, near Albuquerque’s Brewery District and within a 5 mile radius of over 75,000 jobs, this property is well positioned to be close to everything – Downtown, UNM, Uptown and North I-25 corridor.
Measures of investment performance at ask price of $820,000 and current average rents of $771 are a GRM of 11.08, a 5.59% cap rate, before tax IRR Of 14.90% and an after tax IRR of 11.70%, $102,500 per unit, and $95/sf.
If rents were increased to the market average (for large units) of $973, measure of investment performance improve to a cap rate of 7.47% and a cash on cash of 9.57%.
22 page flyer at http://www.nmapartment.com/apt/NMAA-202QuincyNE.pdf
Virtual tours of the interiors can be found at:
Unit 3621 A – www.nmapartment.com/well3621a
Unit 3621 C – www.nmapartment.com/well3621c
Don’t miss out on this opportunity to own condo quality units in the NE Heights.
Attachments & Media
|Taxing Authority:||Bernalillo County Assessor|
|Zoning:||MX-L - Mixed-use: Low Intensity|
|Proximity:||1 mile||3 miles||5 miles|
Todd ClarkeNM Apartment Advisors, Inc. CARNM CIE Member
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