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Built 2024 Modern Apartments 615 Iron Ave SW 6 Unit Apartment Building $2,209,920 CAD ($368,320 CAD/Unit) 6.16% Cap Rate Albuquerque, NM 87102
Investment Highlights
- Newly constructed 3-story multi-family units with luxurious amenities and designs.
- Located just under 10 miles away from the Albuquerque International Sunport Airport.
- 5 of 6 units are now cash flowing AirBnB units - See APOD
- Close proximity to many retailers, Lovelace Medical Center, The University of New Mexico, and attractions such as ABQ BioPark Zoo.
- Sound investment opportunity with a strong 7.5% cap rate and low maintenance fees.
Executive Summary
With a cap rate of 6.16%, this is a sound investment opportunity! The property is 2 years old, Owner Builder and a 3-story multi-family units with luxurious amenities and designs. There are 6 units total with 2 bedrooms and 2 baths, Balconies and All units are 3 stories. constructed by an experienced company, Sierra Hacienda Builders. 5 of 6 units are now cash flowing AirBnB units - See APOD
Financial Summary (Pro Forma - 2024) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,209,920 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $368,320 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 6.16% | Building Size | 6,148 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment | Parking Ratio | 0.98/1,000 SF |
| Zoning | R-MH - Multifamily-High Density | ||
| Price | $2,209,920 CAD |
| Price Per Unit | $368,320 CAD |
| Sale Type | Investment |
| Cap Rate | 6.16% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 6,148 SF |
| No. Stories | 3 |
| Year Built | 2023 |
| Parking Ratio | 0.98/1,000 SF |
| Zoning | R-MH - Multifamily-High Density |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Disposal
- Washer/Dryer Hookup
- Heating
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Views
- Double Pane Windows
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 6 | $2,762 CAD | 965 - 1,027 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 1-014-057-058274-2-02-04 | Total Assessment | $473,750 CAD (2025) |
| Land Assessment | $8,747 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $465,003 CAD (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
1-014-057-058274-2-02-04
Land Assessment
$8,747 CAD (2025)
Improvements Assessment
$465,003 CAD (2025)
Total Assessment
$473,750 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
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Built 2024 Modern Apartments | 615 Iron Ave SW
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