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 $350,000 with a current average rent of $550 are a GRM of 18.61, a 3.00% cap rate before reserves, 2.81% cap rate after reserves, 8.80% after tax IRR, $116,667 per unit, and a price per sf of $378.79..If all of the unit rents are raised to the market of $795, the measure of investment performance improve to a cap rate of 4.58%, and that still leaves a large undeveloped downtown lot that might be used for parking or to develop additional units (please check with the City of ABQ for permissible uses).Disclosure: Co-listing broker Paul Chavez and owner are related.
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1BEDS
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0.16ACRES
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0BATHS
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01/2 BATHS
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924SQFT
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$325$/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 $350,000 with a current average rent of $550 are a GRM of 18.61, a 3.00% cap rate before reserves, 2.81% cap rate after reserves, 8.80% after tax IRR, $116,667 per unit, and a price per sf of $378.79..If all of the unit rents are raised to the market of $795, the measure of investment performance improve to a cap rate of 4.58%, and that still leaves a large undeveloped downtown lot that might be used for parking or to develop additional units (please check with the City of ABQ for permissible uses).Disclosure: Co-listing broker Paul Chavez and owner are related.
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: 2022-05-20T16:05:14.053.
Listing courtesy of Nm Apartment Advisors, Inc.. © 2022 Southwest Multiple Listing Service, Inc.