Property Type:
Residential Income
Square Footage:
7,700
Lot Size (sq. ft.):
13,939
Status:
Closed
Current Price:
$1,251,139
List Date:
4/11/2022
Last Modified:
6/15/2022
Overview
Description
Rising rents raises all ships. As you may know, ABQ experienced year over year rent growth of 18% and many of our owners are raising rents as units come up for renewal or become vacant.
This charming courtyard style property has secure gated access. With wood floors these cute apartment homes are easy to lease. This community is one short block from Robinson park and the growers market.
At the ask price $1,251,139 and with an average rent of $718 the measure of investment performance include a price per unit of $104,262, price per square foot of $162.49, a GRM of 12.11, before reserves cap rate of 5.49%, and an after reserves cap rate of 5.25% as well as before tax IRR of 11.30%. If rents are raised to the market of $954, the metrics improve to a before reserves cap rate of 6.89% .
Last Updated: June - 15 - 2022
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