Property Type:
Residential Income
Square Footage:
18,312
Lot Size (sq. ft.):
33,977
Status:
Closed
Current Price:
$1,360,000
List Date:
6/29/2023
Last Modified:
1/18/2024
Overview
Description
Located halfway between UNM and Uptown at 5900 Marble NE, this 24 unit offers the rare opportunity to acquire an investment property that is 36% under market rents.
The property has spacious unit floorplans with unique architectural details including kiva fireplaces and a unit mix containing one studio apartment, 22 one bedroom /one bathroom units and a large 2 bedroom / 1 bathroom casita.
At the current average rents of $704, and an ask price of $1,360,00 the measures of investment performance include a price per unit of $56,667, price per square foot of $74.32, a GRM of 6.71, an after reserves cap rate of 6.32%, and an after-tax IRR of 19.59%.
If rents are raised to the market average of $1,051 and RUBS is implemented, the measures of investment performance improve cap 15.74%
Last Updated: January - 18 - 2024
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