Property Type:
Residential Income
Square Footage:
9,400
Lot Size (sq. ft.):
17,424
Status:
Closed
Current Price:
$1,100,000
List Date:
3/21/2023
Last Modified:
2/09/2024
Overview
Description
The property is located near Kirtland Air Force Base, The Albuquerque International Sunport, and the new MAX Q @ Kirtland mixed used development. The location is easily accessed from Interstate Highway 25 via Gibson Boulevard., or Interstate 40 via San Mateo or Louisiana Boulevards. The property is near restaurants, shopping, healthcare, and recreation. The Gibson Gate to Kirtland Air Force Base, with a 26,000-person workforce, is a two-minute drive from the property.
The property features eight one bedroom, one-bathroom units and four two-bedroom, two-bathroom units. Under the current ownership ten of the units have been updated by the current owner with new flooring, new kitchen cabinets, paint and bathroom vanities.
Supplements:
The two story building features four one bedroom units in the center of each floor, and two bedroom units at the north and south ends of each floor. Units feature central forced air heating and refrigerated air-conditioning. The property is master metered for gas and electricity. In addition to a 5% rent increase, a new owner could easily add a
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The two story building features four one bedroom units in the center of each floor, and two bedroom units at the north and south ends of each floor. Units feature central forced air heating and refrigerated air-conditioning. The property is master metered for gas and electricity. In addition to a 5% rent increase, a new owner could easily add a utility surcharge to each tenant resulting in greater NOI.
The property is currently 92% occupied and generates approximately $77,455.00 in Net Operating Income. Current occupancy and expenses result in a 5.9 CAP Rate and 11.1 GRM. 100% Occupancy yields $82,873.14 NOI and a 6.3 CAP rate and a 10.2 GRM. Current below market rents, if increased by 5%, would yield a 6.8 CAP RATE. If the rents were raised to market rate (which includes utilities) of $1000.00 per month for one bedrooms and $1200.00 per month for two bedrooms, the CAP rate improves to 8.4 and All tenants are on month-to-month leases. The vacant one-bedroom unit is currently offered for lease and is expected to be occupied by March 31. The property is currently self-managed, thus there are no property management expenses.
Proforma rent increase of 5% results in a before tax IRR of 15.3% and an effective tax rate of 18%.
Owner provided data. Purchaser to conduct their own due diligence.
Last Updated: February - 09 - 2024
Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.
