Eight recently renovated townhouse style apartments in NE Heights

Multi-Family for Sale
Catylist Listing ID: 30454886
Property Subtypes: Low-Rise/Garden
Number of Units: 8 Units
Building Size (RSF): 8,632 SF
Gross Land Area: 0.40 Acres
Sale Price: $820,000
Unit Price: $102,500 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 5.59%
Average Occupancy Rate: 100
Gross Rent Multiplier: 11.08
Last Updated: 9/14/2019

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.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: North I-25
Taxing Authority: Bernalillo County Assessor
Tax ID/APN: 101606042122940807
Zoning: MX-L - Mixed-use: Low Intensity

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,326 126,245 355,428
Median Age: 33.87 38.19 37.94
Households: 5,848 56,816 153,293


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