12509 Manitoba Dr NE - 12509 Manitoba NE 4 Unit Apartment Building Offered at $762,180 CAD at a 5.36% Cap Rate Albuquerque, NM 87111

NM Apartment Advisors and Maddox Management are excited to bring to market, for the first time in over 30 years, an amazing NE Heights foothills fourplex.
The property is located close to foothills trails, Sandia Pueblo, The Elena Gallegos open space preserve, the second longest aerial Tramway in the world as well as, KAFB/Sandia National Laboratories and great local shopping & restaurants.
Each apartment contains two bedrooms and one bathroom and separately metered for gas and electric. There is one on-site laundry room, downstairs just off the large parking lot that accommodates plenty of off street parking.
Measures of investment performance at ask price of $552,214 and average rents of $1,088 are a GRM of 10.60, a 5.36% cap rate, $138,804 per unit, $188.17/sf.
If rents are raised to market rate of $1,395, the measure of investment performance improve to a 6.91% cap rate and that includes underwriting the property taxes with a substantial, post-closing, increase.
Assuming Buyer obtains a new loan with a 25% down payment, an interest rate of 6.00% and 30 year amortization, an owner can live on the property for as little $1,042 per month. The owner is holding one unit vacant for showings and a potential occupant.
Buyer’s and Buyer’s brokers – email compensation@nmapartment.com with the subject line of: NMAA-2577509 to discover the concession the Seller is offering the Buyer if they choose to compensate their Buyer’s broker.
Do not miss out on this opportunity to buy a core asset in a market with strong economic growth from all of the new Netflix, Facebook, Intel, and Amazon jobs that have created a housing shortage that has led to double digit annual rent growth.
Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
And
Damon J. Maddox
CEO & QB
Maddox Management LLC
(505) 242-0989