0.29 Acres Lot
0.29 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 202501295
Style Multi-Level
HOA Y/N No
Year Built 1980
Annual Tax Amount $4,514
Tax Year 2024
Lot Size 0.290 Acres
Acres 0.29
Property Sub-Type Multi Family
Property Description
The property contains a total of 6 units in 3 buildings built in the 1979.
Historically a high barrier to entry market for new construction, the areas is identified as being short some thoursand of rental housing units. The community has partnered to bring more multifamily units on line than the Albuquerque area, but its not enough to satiate the resident demand. This has translated to high rent growth and the new construction is establishing a new ceiling on market rents ranging from $2,505 to $6,446 per month (you read that correct – there are a half dozen communities that the high end of their rent is between $2,505 to $6,446 per month!)
This high barrier to entry market has some of the most expensive single-family housing in the country with an average price over $700,000.
The property is both a value add asset at an ask price of $854,627 and rents that are 24% below market.
At the ask price and with average rents at $1,204 the measures of investment performance include a 9.86 GRM, 6.16% Cap rate, an after tax IRR of 14.5%, a price per unit of $142,438 and a price per square foot of $215.81.
If rents are raised to the an average of $1,561 the cap rate improves to 8.05% and that includes underwriting a three fold increase in property taxes with a potential assessment at 85% of the sales price.
Do not miss out on this opportunity to invest in one of America's most sought-after markets and receive a rare positive cash flow.
Location
State NM
County Santa Fe
Zoning R-1, 2, 3, 4, 5, 6
Interior
Interior Features Interior Steps
Heating Fireplace(s)
Cooling Evaporative Cooling
Fireplace No
Appliance Refrigerator
Exterior
Utilities Available Other, See Remarks
Amenities Available Laundry
Water Access Desc Public
Roof Type Flat
Accessibility Not ADA Compliant
Building
Entry Level Multi/Split
Sewer Public Sewer
Water Public
Architectural Style Multi-Level
Level or Stories Multi/Split
Schools
Elementary Schools Ej Martinez
Middle Schools Milagro
High Schools Santa Fe
Others
Tax ID 1053096035105000000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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