309-315 Palomas | 315 Palomas Dr NE
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309-315 Palomas 315 Palomas Dr NE
4 Unit Apartment Building $602,425 CAD ($150,606 CAD/Unit) 6.94% Cap Rate Albuquerque, NM 87108
Executive Summary
ABQ: Gem in architectural design and ready for owner occupant – only $425,000 and a proforma cap rate of 10.63%
NM Apartment Advisors and Deacon Property Services are honored to represent this rare opportunity to own an architectural gem with unique floorplans, design and gleaming hardwood floors.
Located on the edge of Nob Hill right where small apartment complexes giveaway to single family pride of ownership in Fair West and at 309-315 Palomas NE the property contains two duplexes on four buildings lots.
Residents love the complex's private and secluded courtyard entry, the circular driveway and off-street parking options, the bonus exterior storage assigned to each apartment, and the large private yard spaces, almost as much as the quality and unique architectural finishes in each apartment. All units are separately metered for gas and electric and feature small slat oak floors, original custom tile, built-ins, and well-preserved vintage fixtures throughout. The residence at 309 Palomas NE has just been renovated to make the ideal owner occupancy apartment while also demonstrating where value-add renovation work will take the next investor with a market rent that is over 50% higher than the other 3 units.
At the current average rents of $900 and an ask price of $425,000, the measures of investment performance include a price per unit of $106,250, price per square foot of $100.57, a GRM of 9.84, an after reserves cap rate of 6.94%.
If rents are raised to the market average of $1,250, the measures of investment performance improve to a before reserves cap rate of 10.63% cap rate.
Additionally, an owner occupant, with a 3.5% down payment and a 30 year amortization, 6.0% interest rate can live at the property for only $750 a month!
22 page information flyer is available at http://www.nmapartment.com/apt/NMAA-Palomas315NEpdf
Virtual tour of a virtually identical unit in an adjoining property can be found at http://www.nmapartment.com/palomas3d
Complete the online confidentially agreement for the property at http://www.nmapartment.com/309PalomasNE
Discover the Seller’s concession to the Buyer by emailing compensation@nmapartment.com with subject line: NMAA-2480309, which can be used for a Buyer’s brokerage fee or a credit to the Buyer.
Do not miss out on an opportunity to acquire a well-built fourplex in one of the strongest rental markets in the country.
Thanks,
Todd Clarke CCIM CIPS
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
And
Kyle Deacon
Qualifying Broker
Deacon Property Services LLC
(505) 878-00100
kyled@deaconnm.com
NM Apartment Advisors and Deacon Property Services are honored to represent this rare opportunity to own an architectural gem with unique floorplans, design and gleaming hardwood floors.
Located on the edge of Nob Hill right where small apartment complexes giveaway to single family pride of ownership in Fair West and at 309-315 Palomas NE the property contains two duplexes on four buildings lots.
Residents love the complex's private and secluded courtyard entry, the circular driveway and off-street parking options, the bonus exterior storage assigned to each apartment, and the large private yard spaces, almost as much as the quality and unique architectural finishes in each apartment. All units are separately metered for gas and electric and feature small slat oak floors, original custom tile, built-ins, and well-preserved vintage fixtures throughout. The residence at 309 Palomas NE has just been renovated to make the ideal owner occupancy apartment while also demonstrating where value-add renovation work will take the next investor with a market rent that is over 50% higher than the other 3 units.
At the current average rents of $900 and an ask price of $425,000, the measures of investment performance include a price per unit of $106,250, price per square foot of $100.57, a GRM of 9.84, an after reserves cap rate of 6.94%.
If rents are raised to the market average of $1,250, the measures of investment performance improve to a before reserves cap rate of 10.63% cap rate.
Additionally, an owner occupant, with a 3.5% down payment and a 30 year amortization, 6.0% interest rate can live at the property for only $750 a month!
22 page information flyer is available at http://www.nmapartment.com/apt/NMAA-Palomas315NEpdf
Virtual tour of a virtually identical unit in an adjoining property can be found at http://www.nmapartment.com/palomas3d
Complete the online confidentially agreement for the property at http://www.nmapartment.com/309PalomasNE
Discover the Seller’s concession to the Buyer by emailing compensation@nmapartment.com with subject line: NMAA-2480309, which can be used for a Buyer’s brokerage fee or a credit to the Buyer.
Do not miss out on an opportunity to acquire a well-built fourplex in one of the strongest rental markets in the country.
Thanks,
Todd Clarke CCIM CIPS
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
And
Kyle Deacon
Qualifying Broker
Deacon Property Services LLC
(505) 878-00100
kyled@deaconnm.com
Property Facts
| Price | $602,425 CAD | Apartment Style | Garden |
| Price Per Unit | $150,606 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 6.94% | Building Size | 4,226 SF |
| Gross Rent Multiplier | 9.84 | Average Occupancy | 75% |
| No. Units | 4 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment |
| Price | $602,425 CAD |
| Price Per Unit | $150,606 CAD |
| Sale Type | Investment |
| Cap Rate | 6.94% |
| Gross Rent Multiplier | 9.84 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 4,226 SF |
| Average Occupancy | 75% |
| No. Stories | 1 |
| Year Built | 1957 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | $1,417 CAD | 1,057 |
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Walk Score ®
Very Walkable (78)
Bike Score ®
Very Bikeable (81)
zoning
| Zoning Code | R-MH (Multi-Family High Density) |
| R-MH (Multi-Family High Density) |
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Todd Clarke -
NM Apartment Advisors Inc
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309-315 Palomas | 315 Palomas Dr NE
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