317 Adams St SE - Apartments FOR SALE


Albuquerque, NM 87108
$2,661,159 USD
505-440-8633
317 Adams St SE, Albuquerque, NM for Sale
$2,661,159 USD
Apartments - FOR SALE
1/6
null | 6.38% Cap Rate

317 Adams St SE
Albuquerque, NM 87108


OVERVIEW

ABQ: 26 units in heart of Nob-Hill – proforma 8.03% cap rate On behalf of the owners, NM Apartment Advisors and Deacon Property Services are thrilled to bring this unique 26 Unit Nob Hill Apartment complex to market. Recently updated inside and out, this compact two story apartment building features a secure but very inviting communal common space, 2 large parking areas, and covered parking options. 17 studio apartments offer smart and efficient 450 sf floor plans with separate sleeping areas, walk-in closets, and very spacious open living areas. The 9 one-bedroom apartments are 600 SF and offer separate, larger kitchen areas and bigger bedroom spaces. All apartments feature a very private patio / yard space or a balcony with a bonus exterior storage closet. They’re also uniquely updated and offer contemporary finishes and mini split HVAC systems. Residents love the Nob Hill / Ridgecrest location and the quality shared laundry room onsite. Each unit is separately metered for electric service. Landlord provides Water / Sewer / Garbage and Hot Water services. Seize a rare opportunity to own a quality, well-performing mid-sized complex in Nob Hill that still has plenty of room for rent increases, RUBs implementations, and plenty of other value add options. This is a core asset with stabilized cash flows that could also be a value-add opportunity if an investment was made in upgraded finishes for the balance of the units. CORE Asset Measures of investment performance at the ask price of $2,661,159 and current average rents of $792 a month are a GRM of 10.77, a 6.62% cap rate, $102,352 per unit, $204/sf, and an after tax internal rate of return is 13.20% And Value Add The property is currently 24% below market rents and that does not take into account the double digit annual rent growth the market is enjoying. If the rents are raised to the market of $1,023, the metrics of investment performance improve to a cap rate of 8.03% and a cash on cash of 8.98%. The 18 page marketing flyer can be viewed at http://www.nmapartment.com/apt/NMAA-Adams317SE.pdf Qualified investors can register for additional confidential information on the property/portfolio at http://www.nmapartment.com/317adamsSE This is an amazing opportunity to buy into a rental market that is experiencing 15% to 20% annual rent growth due to all of the new Amazon, Facebook, Intel, and Netflix jobs. Thanks, Todd Clarke CCIM CIPs CEO NM Apartment Advisors, Inc. (505) 440-TODD and Kyle Deacon Deacon Property Services (505) 878-0100 KyleD@deaconnm.com

FOR SALE DETAILS

PRICE

$2,661,159 USD

PRICE/SF

$201 USD /SF

# OF UNITS

26

PRICE/UNIT

$102,352

CAP RATE

6.38%

% LEASED

81%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Applewood Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1985

PARKING SPACES

28

LAND DETAILS

LAND ACRES

0.54 AC

LAND SF

23,392 SF

ZONING

MX-T

APN/PARCEL ID

1-017-057-291077-4-08-05

ASK ABOUT THIS PROPERTY

Todd ClarkeNM Apartment Advisors IncMore Info
505-440-8633

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Todd ClarkeNM Apartment Advisors IncMore Info
505-440-8633

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.