Back on the market, with recent rent increases and improved CAP rate – now 6.97%.
On behalf of the owner, NM Apartment Advisors Inc., and PS Properties are pleased to present this opportunity to acquire ten architecturally unique two-bedroom units in the centrally located Alta Monte neighborhood. The building was designed by the legendary Albuquerque-based architect Bart Prince, one of the foremost international practitioners of organic architecture. Gated and fenced, the building offers secure resident parking. A central courtyard provides a gathering place. Recent improvements during the last two years include seven new gas furnaces, a partial roof replacement, re-stuccoing, exterior paint and a laundry room upgrade. Excellent rental history with further upside potential.
Built in 1979 and recently renovated in the last couple of years, these all two bedroom units reflect Mr. Prince’s well known love for quirky angles and non-standard out of the box thinking.
Located at 3409 Tulane 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 $825,000 and current average rents of $739 are a GRM of 9.31, a 6.97% cap rate, before tax IRR of 22.60% and an after tax IRR of 18.60%, $82,500 per unit, and $95.49/sf.
If rents were increased to the market average (for large units) of $793, measure of investment performance improve to a cap rate of 7.31% and a cash on cash of 977%.
27 page flyer at http://www.nmapartment.com/apt/NMAA-Tulane3409NE.pdf
Virtual tours are now live –
Unit 2: www.nmapartment.com/tulanes3d2
Unit 6: www.nmapartment.com/tulanes3d6
Don’t miss out on this opportunity to own a rare architectural gem of Albuquerque’s history.
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
