Hot multifamily market - increasing rents and prices - 44 unit portfolio - 7.24% cap rate only $2M
The NM Apartment market is on fire – recent increases in rents, compression of cap rates has led to increasing prices – including this property – now offered at $2,000,000.
NM Apartment Advisors and the Ron Nelson Company is excited to bring to back to market this amazing 1960s & 70s vintage Albuquerque apartments 1116-1132 & 1200-8 Ortiz SE. A core asset with stabilized cash flow and recent renovations, it is also a value add deal with rents that are a bit below market.
Detailed 40 page flyer and over at http://www.nmapartment.com/apt/NMAA-Ortiz1200SE.pdf
The property has been well maintained, consists of 44 units in 8 buildings with 5 laundry rooms, 45 onsite parking spaces and 2 carports for the managers Unit. The unit mix is 40 one bedrooms (tour here – (www.nmapartment.com/patios3d1) and 4 two bedrooms tour – here ( www.nmapartment.com/patios3d3) including the managers unit w/carports - ( www.nmapartment.com/patios3d2).
Measures of investment performance at ask price of $2,000,000 and current average rent of $591 are a GRM of 6.41, a 7.24% cap rate, cash on cash of 9.19% (before interest only component), $45,455 per unit, and $78/sf.
If rents were raised to market average of $710, measures of investment performance increase to a GRM of 5.33, and a 8.43% cap rate.
Recent neighborhood rent survey on pages 10-11.
Numerous property upgrades listed in the flyer and pay special attention to all of the new development in the area, including the planned City of Albuquerque Command center and park directly west of the property.
Please do not disturb residents - virtual tours at :
www.nmapartment.com/patios3d1
www.nmapartment.com/patios3d2
www.nmapartment.com/patios3d3
Register for additional confidential information at www.nmapartment.com/patios
Don’t miss out before the next round of prices increases!
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
And
Ron Nelson
CEO
The Ron Nelson Company
(505) 883-9662
