Property Type:
Residential Income
Lot Size (sq. ft.):
8,712
Status:
Closed
Current Price:
$820,000
List Date:
7/08/2019
Last Modified:
11/13/2019
Overview
Description
Built in 1980 and completely renovated in the last couple of years, these all two bedroom large (1,079 sf) two story, town house style apartments are owner occupant quality with numerous upgrades and improvements.
Located at 3617 & 3621 Wellesley NE, near Albuquerque's Brewery District and within a 5 mile radius of over 75,000 jobs, this property is well positioned to be close to everything Downtown, UNM, Uptown and North I-25 corridor.
Measures of investment performance at ask price of $820,000 and current average rents of $771 are a GRM of 11.08, a 5.59% cap rate, before tax IRR Of 14.90% and an after tax IRR of 11.70%, $102,500 per unit, and $95/sf.
If rents were increased to the market average (for large units) of $973, measure of investment performance improve to a cap rate o
Last Updated: November - 13 - 2019
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