Property Type:
Residential Income
Square Footage:
65,072
Lot Size (sq. ft.):
31,363
Status:
Closed
Current Price:
$6,995,000
List Date:
9/20/2019
Last Modified:
1/16/2021
Description
Located in the heart of the north valley along Albuquerque's original Route 66 and at 3308 Fourth NW, this brand-new construction apartment community offers an amazing chance to own an investment property in an underserved sub-market.
The property offers two full floors of covered parking, elevator service, common trash chutes, community library area, and units with w/d hookups, granite counter tops, plank flooring, walk-in closets and upgraded unit finishes.
I also have additional good news – the property has outperformed its original proforma and is obtaining rents of $1,052 per unit – which improves the cap rate to 6.21% before reserves, 6.04% after. Recent financing quote obtained indicates a 13.19% cash on cash is possible in year 1!
Listing Office: NM Apartment Advisors, Inc.
Last Updated: January - 16 - 2021
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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