9 or More Units - Albuquerque, NM
Originally built in 1960, many of the one bedroom one bathroom units have the original 60's decor and offer an abundance of storage and natural lighting. Possible interior upgrades include adding dishwashers, garbage disposals and updating surfaces. Possible exterior upgrades include moving to refrigerated package hvac units, solar carports, community gardens, and bike facilities.Based on the ask price of $3,250,000 and an average rent of $608 ($0.99/sf), the property offers a 6.96% Cap rate, 10.76% cash con cash, 18.9% before tax IRR, and a 14.3% after tax IRR. Based on proforma rents of $739, the property could be a 8.95% CAP rate, 20.69% cash on cash, and astronomical IRR.Adjoins recently renovated property that is current collecting rents between $775 to $1,075.
Would you like more information regarding this property?
Please call (505) 440-8633.
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