• Year Built: 1979
1920 Vassar Drive Northeast is amulti-family property for lease in Albuquerque, NM.
Originally built by GJ Reeves in 1979, this 32 unit gated community has been completely renovated in 2014, with the millennial generation in mind offering hip, cool and colorful interiors, large balcony areas, a bike repair shack, community garden area, and so much more. The renovations are of a caliber to support a future condo-conversion.
The community’s location is in an irreplaceable NE heights neighborhood, just north of Netherwood Park, surrounded by $250,000-$350,000 residences, adjacent to the main bike path (along the AMFCA channel), and within biking distance of UNMs legal and medical campuses, Whole Foods, the Tennis Club of Albuquerque and the North Campus/Girard mixed use corridor.
The average apartment rent is $1,031 per unit or $1.20/sf, with an ask price of $4.375M this offers an astute investor a proforma Cap rate of 7.13%, cash on cash of 11.04%, before tax IRR of 20.5%, after tax IRR of 15.8% and based on actuals, a 6.21% Cap rate, 16.0% before tax IRR, and a 12.6% after tax IRR.
The property tour is scheduled for 1:30pm May 21st and an offer deadline of 5pm MST, June 9th, 2015