Description
The property has a street address of 609 5th SW and is on a corner lot with about 15 extra parking spaces.Measures of investment performance at ask price of $284,999 with a current average rent of $717 (a 30% increase over the former $550 rents) are a GRM of 11.63, a 5.47% cap rate before reserves, 5.23% cap rate after reserves, 17.50% before tax IRR, $95,000 per unit, and a price per sf of $308.44.If all of the unit rents are raised to the market of $875, the measure of investment performance improve to a cap rate of 6.68%, if the extra parking is leased at $50 a space a month, the cap rate increases to well over 10%! Buyer to confirm parking lot and/or extra unit potential with the City of ABQ for permissible uses.
-
1BEDS
-
0.16ACRES
-
1BATHS
-
01/2 BATHS
-
924SQFT
-
$308$/SQFT
School Ratings & Info
Description
The property has a street address of 609 5th SW and is on a corner lot with about 15 extra parking spaces.Measures of investment performance at ask price of $284,999 with a current average rent of $717 (a 30% increase over the former $550 rents) are a GRM of 11.63, a 5.47% cap rate before reserves, 5.23% cap rate after reserves, 17.50% before tax IRR, $95,000 per unit, and a price per sf of $308.44.If all of the unit rents are raised to the market of $875, the measure of investment performance improve to a cap rate of 6.68%, if the extra parking is leased at $50 a space a month, the cap rate increases to well over 10%! Buyer to confirm parking lot and/or extra unit potential with the City of ABQ for permissible uses.
IDX information © 2022 The Southwest Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or Carson & Carson | Keller Williams Santa Fe. Data last updated: 2022-09-29T10:05:00.15.
![Southwest MLS] logo](https://static.boomtownroi.com/content/photos/swmls/idx/idx-large.gif)
Listing courtesy of Nm Apartment Advisors, Inc.: (505) 440-8633. © 2022 Southwest Multiple Listing Service, Inc.