Albuquerque, NM 87108
Recent reports have indicated 18% year over year rent growth in Albuquerque – and as we enter the fifth housing shortage in our city's history, this trend is likely to continue for many years to come. Located at 321-3 Arizona SE and directly north of the iconic castle apartment community these 6 units are well positioned to take advantage of the forthcoming rent growth in the market. At the ask price of $425,000 and an average rent of $649 the measure of investment performance include a GRM of 9.09, a CAP rate of 6.42% (before reserves), a price per unit of $70,833 price per square foot of $99.14 an after tax IRR of 24.10%. At the ask price of $428,358 and an average rent of $708the measure of investment performance include a GRM of 8.41, a CAP rate of 7.57%.
Listing Office: NM Apartment Advisors, Inc.
Last Updated: June - 11 - 2022
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