300 La Veta Dr
Albuquerque, NM 87108
Nob Hill Square · Multifamily Property For Sale · 12 Units

Nob Hill Square apartments a gated community over $115,000 in upgrades - 6.56% cap rate NM Apartment Advisors Inc and Deacon Property Services are excited to bring to an amazing CORE and Value add asset to market at an above market cap rate of 6.56%. Known as Nob Hill Square, and located at 300 La Veta NE this community is on the north east corner of Zia and La Veta and just a couple of blocks or so from Dion’s Pizza, Loyola’s Restaurant, the National Dance Institute, New Mexico Music School, Media Arts Charter School, Antique Mall Row, and a short bike ride to the heart of Nob-Hill and UNM/CNM. The owners have remodeled the property inside and have made over $115,000 in upgrades and improvements. These upgrades include a new roof, parking lot and gating the community. Although the property is 100% occupied, the owners have advanced the rents to market on 25% of the units (now $605 net of utilities) leaving the remaining 75% of the units to be brought to market, doing so increases the cap rate to 7.83%. The property contains 12 x one bedroom units, a large storage room and laundry facility. Value add opportunities include: -weaning the residents off of having gas and electric paid for them -implementing a RUBs system for water, sewer, and trash -adding high speed internet/wifi and appealing to a different demographic 17 page flyer at http://www.nmapartment.com/apt/NMAA-300LaVetaNE.pdf Measures of investment performance at ask price of $898,300 with a current average rent of $647 are a GRM of 9.65, a 6.56% cap rate before reserves, 6.26% cap rate after reserves, 20.60% after tax IRR, $74,858 per unit, and a price per sf of $148.53. If rents are raised to the submarket average of $725, measure of investment performance improve to a cap rate of 7.83%. Do not wait - out of state investors are moving into our market in droves! 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