EDO 11 incredible renovation embedded in area of major redevelopment

Multi-Family for Sale
Catylist Listing ID: 30770476
Property Subtypes: Low-Rise/Garden
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: 4.78%
Average Occupancy Rate: 100
Gross Rent Multiplier: 12.77
Last Updated: 11/9/2021

Overview / Comments

On behalf of the owners, NM Apartment Advisors and Deacon Property Services are excited to bring to market this recently renovated historic apartment community located in the center of East Downtown (EDO) and across the street from the Imperial Mixed-Use Redevelopment Project. This address for this property is 117-121 High NE and it is on a corner lot that is just a block from the beloved Grove Cafe & Market.

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 $1,047 the measure of investment performance include a GRM of 12.77, before reserves cap rate of 4.93%, and an after reserves cap rate of 4.78% as well as an after tax IRR of 12.0%. If rents are raised to the market of $1,207, the metrics improve to an after reserves cap rate of 5.66% and a cash on cash of 6.48%.

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. Located just blocks away from the new Highlands ABQ Development, I-25, Hotel Parq Central, and community favorites like the Grove and Artichoke Café with easy access to an ART Stop to get to UNM, Nob Hill, or Downtown in less than 3 minutes

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

And

Kyle Deacon
Qualifying Broker
Deacon Property Services, LLC
(505) 878-0100 Ext. 204
kdeacon24@swcp.com

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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