$1,967,000

1200 Ortiz Drive SE

Albuquerque NM, 87108

Description

NM Apartment Advisors and the Ron Nelson Company is excited to bring to back to market this amazing 1960s & 70s vintage Albuquerque apartments 1116-1132 & 1200-8 Ortiz SE. A core asset with stabilized cash flow and recent renovations, it is also a value add deal with rents that are a bit below market.Measures of investment performance at ask price of $1,967,000 and current average rent of $586 are a GRM of 6.35, a 7.25% cap rate, cash on cash of 9.79% (before interest only component), $44,705 per unit, and $77/sf.If rents were raised to market average of $710, measures of investment performance increase to a GRM of 5.24, and a 8.60% cap rate.Recent neighborhood rent survey on pages 10-11.

Details

MLS#950793
Sub-TypeResale
StatusActive
Year1964
Days On Site83

Features

SQ Feet25,560
Units44
Building(s)8

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Area Information

StateNM
CountyBernalillo
CityAlbuquerque
Zip Code87108
Area71 - Southeast Heights
Listing VS Median (in 87108)
Price:
$1,967,000
low | high
Med:
$200,000
100% of Average
SqFt:
25,560
low | high
Med:
0
100% of Average
$ / SqFt:
$77
low | high
Med:
$0
100% of Average
On Site:
83
low | high
Med:
169
49.112426035503% of Average
Listing Updated: 10/23/2019
MLS Number: 950793
Listing Provided By:
Todd D Clarke  of  NM Apartment Advisors Inc.
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