Price Reduction New Construction Apartments 615 Iron Ave SW 6 Unit Apartment Building $1,600,000 ($266,667/Unit) 6.75% Cap Rate Albuquerque, NM 87102
INVESTMENT HIGHLIGHTS
- Newly constructed 3-story multi-family units with luxurious amenities and designs.
- Located just under 10 miles away from the Albuquerque International Sunport Airport.
- Close proximity to many retailers, Lovelace Medical Center, The University of New Mexico, and attractions such as ABQ BioPark Zoo.
- Sound investment opportunity with a strong 7.5% cap rate and low maintenance fees.
EXECUTIVE SUMMARY
With a cap rate of 6.15%, this is a sound investment opportunity! The property is 2 years old, Owner Builder and a 3-story multi-family units with luxurious amenities and designs. There are 6 units total with 2 bedrooms and 2 baths, Balconies and All units are 3 stories. constructed by an experienced company, Sierra Hacienda Builders.
FINANCIAL SUMMARY (PRO FORMA - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | $1,600,000 |
| Price Per Unit | $266,667 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 6,148 SF |
| No. Stories | 3 |
| Year Built | 2023 |
| Parking Ratio | 0.98/1,000 SF |
| Zoning | R-MH - Multifamily-High Density |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Disposal
- Washer/Dryer Hookup
- Heating
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Views
- Double Pane Windows
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 6 | $2,000 | 965 - 1,027 |
1 of 1
Walk Score®
Very Walkable (84)
Bike Score®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 1-014-057-058274-2-02-04 | Total Assessment | $337,699 |
| Land Assessment | $6,099 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $331,600 | Tax Year | 2024 |
