Description
The property contains a large two bedroom home, 5 two bedroom units, 5 one bedroom units and a studio apartment all in a private courtyard setting facing each other. Current rents are 30% below market.Measures of investment performance with an average rent of $703 and an ask price of $850,000 include $70,833 per unit , $113/sf, 6.51% cap rate, and an after tax IRR of 10.6%.If rents are moved closer to the market average of $975, the measures of investment performance improve to a 10.57% cap rate.Recent comparable sales indicate a value of $1,077,488 and the owner has priced these deals under market comparable sales to ensure an expedited closing.
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0BEDS
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0.46ACRES
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1BATHS
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01/2 BATHS
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7,500SQFT
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$113$/SQFT
School Ratings & Info
Description
The property contains a large two bedroom home, 5 two bedroom units, 5 one bedroom units and a studio apartment all in a private courtyard setting facing each other. Current rents are 30% below market.Measures of investment performance with an average rent of $703 and an ask price of $850,000 include $70,833 per unit , $113/sf, 6.51% cap rate, and an after tax IRR of 10.6%.If rents are moved closer to the market average of $975, the measures of investment performance improve to a 10.57% cap rate.Recent comparable sales indicate a value of $1,077,488 and the owner has priced these deals under market comparable sales to ensure an expedited closing.
IDX information © 2023 The Southwest Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or NM Homies | Realty One of New Mexico. Data last updated: 2023-12-01T08:05:09.22.
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Listing courtesy of Nm Apartment Advisors, Inc.: (505) 440-8633. © 2023 Southwest Multiple Listing Service, Inc.