• Year Built: 1960
419 Monroe Ne is amulti-family property for lease in Albuquerque, NM.
Nob Hill infill investment opportunity
NM Apartment Advisors Inc. is proud to bring to market the Zia East apartments. Located just north and east of Albuquerque’s retail, restaurant mecca, Nob Hill, the Zia East apartments are adjacent to Zia park and Zia Elementary school. Surrounded by $160,000-$225,000 residences, this 50 unit community is an excellent opportunity for a value-add investor who wants to build on the stable resident base the current owner/management team has put in place.
The high walk score (72) and bike score (79) is reflective of the Nob Hill lifestyle which offers millennials and baby boomers over 80 restaurants, a Sprouts grocery market and easy access to the UNM and CNM campuses.
Originally built in 1960, many of the one bedroom one bathroom units have the original 60’s décor and offer an abundance of storage and natural lighting. Possible interior upgrades include adding dishwashers, garbage disposals and updating surfaces. Possible exterior upgrades include moving to refrigerated package hvac units, solar carports, community gardens, and bike facilities.
Based on the ask price of $3,110,000 and an average rent of $610 ($0.93/sf), the property offers a 7.14% Cap rate, 19.3% before tax IRR, and a 14.9% after tax IRR on actuals.
Assuming an average rent (per AANM) of $665, the property potentially could increase the Cap rate to 7.72% and the cash on cash to 11.86%.
Don’t wait – this amazing property phenomenal upside and cash flow – property flyers can be found here – http://www.nmapartment.com/apt/NMAA-ZiaEast-Flyer.pdf
and you can register your buyer and for access to the confidential documents at www.nmapartment.com/zia
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