East downtown renovation - amazing property - 11 units $1,766,000

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30770476
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 11 Units
Building Size (RSF): 9,252 SF
Gross Land Area: 0.57 Acres
Sale Price: $1,766,000
Unit Price: $160,545.45 Per Unit
Property Use Type: Investment
Usable Size (USF): 9,252 SF
Sale Terms: Cash to Seller
Cap Rate: 5.07%
Average Occupancy Rate: 100
Gross Rent Multiplier: 12.63
Last Updated: 5/10/2022

Overview / Comments

Rising rents raises all ships. As you may know, ABQ experienced year over year rent growth of 18% and many of our owners are raising rents as units come up for renewal or become vacant.

Recently renovated 117-121 High SE has experienced rent growth as well – with current average rents at $1,059. Although this is a core-asset, renovated, with a high occupancy and rents, the Seller(s) have left some meat on this bone with about 1,000 square feet of garden level space that could be put to use as an amenity or in enhancing rents. This space consists of two spaces, one that is 400 sf, and the second that is 600 sf.

Additionally, the owner has added high speed internet to the property as well as security cameras that the residents, manager and owner can all view day or night. As leases are renewing, they are also implement a RUBS (resident utility billback system) program that currently adds an additional 4% in income.

Across the street, the Imperial Inn Mixed use project is under construction and will add even more amenities to the existing infrastructure of the Hotel Parq, the Grove restaurant, Artichoke Café, The Range cafe, Farina Pizzerio/Wine bar, the A.R.T., ABQ’s original library and so much more.

If one of your investment goals matches mine – to own in an area where someone else is investing more than you every could, in addition to the Imperial Inn, two new hotels have opened up (Hilton Garden and Homewood Suites) as well as all of the fabulous work in the Innovation District, not to mention the recently announced plans for rail ale trail.

Property overview and history
Dating back over 100 years, the evolution of this amazing property includes stewardship by the Kinney family (who owned it in the 1920s while Bartley Kinney started the famous Kinney Brick Company in the South Valley). Through the years a vast range of owners have collaborated to repurpose this property into the amazing compound that it is today. These 11 unique apartments offer a range of floorplans from 400 square foot studios to a monster 2,100 square foot crows nest apartment on the top floor. Each unit is complimented by historical features, well-preserved vintage finishes, and the most pragmatic, modern updates. Residents love the gleaming hardwood floors, built-ins, enormous windows, & casework as much as the state-of-the-art HVAC systems, and totally renovated kitchens & bathrooms. Meanwhile, the extensive private grounds provide them with delightful outdoor living and entertaining opportunities along with plenty of private off-street parking.

The owners of this property have spent over $327,000 lovingly restoring both properties to their original grace, condition and style. Complete list of repairs is available in the document center which is available to qualified investors who complete the online confidentially agreement at www.nmapartment.com/121high

At the ask price $1,766,000 and with an average rent of $1,059 the measure of investment performance include a GRM of 12.63, before reserves cap rate of 5.07%, and an after reserves cap rate of 4.91% as well as an after tax IRR of 10.9%. If rents are raised to the market of $1,173, the metrics improve to an before reserves cap rate of 6.03% .

Virtual tours at www.nmapartment.com/highlofts3d1, www.nmapartment.com/highlofts3d2 and www.nmapartment.com/highlofts3db

The property’s next owner will have the rarest opportunity to enjoy the fruits of its recent modernization, while helping it realize its fullest and highest potential amidst EDO’s revitalization. As amazing as it’s become in the last 100 years, this property still has space for your vision and lots of prospects for increasing income even further through simple management-related and value-add opportunities.

Attachments & Media

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Downtown
Taxing Authority: Bernalillo County
Tax ID/APN: 101405751640012305
Zoning: R-ML - Residential: Multi-family Low Density
Percent Occupied: 100%
Total Number of Buildings: 3
Property Condition: Excellent
Number of Stories: 2
Year Built: 1901
Roof Type: Gable
Construction/Siding: Stucco

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,767 117,206 295,207
Median Age: 33.89 35.43 35.51
Households: 6,039 50,523 122,032
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