10 units near Max-Q mixed use development

Subject: Recently renovated 10 units near new mixed-use development- 7.70% cap rate

Good afternoon!

On behalf of the owners, NM Apartment Advisors is excited to bring to back market this opportunity to purchase this 10 unit, recently renovated community which is located near the new Max-Q mixed-use development.

The prior owner remodeled the property with new soffits, new windows, synthetic stucco, new solid laminate flooring, updated lighting, updated electrical, as well as replacing some of the hot water heaters, and new central forced air furnaces.

16 page flyer at http://www.nmapartment.com/apt/NMAA-Palomas1100SE.pdf

Measures of investment performance at ask price of $963,138 and current average rent of $965 are a GRM of 8.32, a 7.70% cap rate, $96,314 per unit, $124.82/sf. 

If rents are raised to the market of $1,075, the measures of investment performance improve to a cap rate of 8.17%.

Employment in this area is on a uphill trajectory due to the recent expansion of Netflix, Intel, Amazon and Northrop Grumman which recently moved into  its new office building a few blocks away (https://www.bizjournals.com/albuquerque/inno/stories/inno-insights/2023/04/14/max-q-kirtland-mixed-used-development-update.html). Additional info on this multi-billion dollar business park can be found here - https://maxqnm.com/ . The website indicates the 70 acre development will support 22,00 employees with an average salary of $100,000.

Do not miss out on this opportunity to invest ina renovated property with 15% runway for improved rents and value.

Thanks,

Todd Clarke CCIM CIPs

CEO

NM Apartment Advisors Inc.

(505) 440-TODD