321 Arizona Street SE Albuquerque NM 87108 $428,358
Courtesy of: NM Apartment Advisors, Inc.
Property Information
- $428,358
- 1 Bedrooms
- 4,287 Sqft
- Residential Income
- MLS #: 1002733
- For Sale
- 192 Days on market
Property Features
- Neighborhood: Lots 9 & 10, Block 9, Fairground Addition, 71 - Southeast Heights
- Floors: 2
- Lot Size: 0.16
- Status: Active
- Year Built: 1949
- Appliances: Refrigerator
- Area: 71 - Southeast Heights
- Construction Materials: Frame
- Cooling: Evaporative Cooling
- Exterior Features: Landscaping
- Flooring: See Remarks
- Property Subtype: Multi Family
- Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
Recent reports have indicated 18% year over year rent growth in Albuquerque - and as we enter the fifth housing shortage in our city's history, this trend is likely to continue for many years to come.Located at 321-3 Arizona SE and directly north of the iconic castle apartment community these 6 units are well positioned to take advantage of the forthcoming rent growth in the market.At the ask price of $425,000 and an average rent of $649 the measure of investment performance include a GRM of 9.09, a CAP rate of 6.42% (before reserves), a price per unit of $70,833 price per square foot of $99.14 an after tax IRR of 24.10%.At the ask price of $428,358 and an average rent of $708the measure of investment performance include a GRM of 8.41, a CAP rate of 7.57%.
Recent reports have indicated 18% year over year rent growth in Albuquerque - and as we enter the fifth housing shortage in our city's history, this trend is likely to continue for many years to come.Located at 321-3 Arizona SE and directly north of the iconic castle apartment community these 6 units are well positioned to take advantage of the forthcoming rent growth in the market.At the ask price of $425,000 and an average rent of $649 the measure of investment performance include a GRM of 9.09, a CAP rate of 6.42% (before reserves), a price per unit of $70,833 price per square foot of $99.14 an after tax IRR of 24.10%.At the ask price of $428,358 and an average rent of $708the measure of investment performance include a GRM of 8.41, a CAP rate of 7.57%.
Description
Recent reports have indicated 18% year over year rent growth in Albuquerque - and as we enter the fifth housing shortage in our city's history, this trend is likely to continue for many years to come.Located at 321-3 Arizona SE and directly north of the iconic castle apartment community these 6 units are well positioned to take advantage of the forthcoming rent growth in the market.At the ask price of $425,000 and an average rent of $649 the measure of investment performance include a GRM of 9.09, a CAP rate of 6.42% (before reserves), a price per unit of $70,833 price per square foot of $99.14 an after tax IRR of 24.10%.At the ask price of $428,358 and an average rent of $708the measure of investment performance include a GRM of 8.41, a CAP rate of 7.57%.
Location Map
Courtesy of: NM Apartment Advisors, Inc.
Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.
Updated: 25th May, 2022 6:19 PM (UTC).
