3444 Eastern Ave SE

Subject: Upscale South University area fourplex with high end rents and seller buyer down of interest rate to 5.625%

Good afternoon-

On behalf of the owner, NM Apartment Advisors Inc., PMI of NM, and Deacon Property Services are pleased to bring to market a great opportunity for a remodeled corner lot 4-plex in this up and coming South UNM neighborhood, now with Seller incentives to buy down the interest rate for an owner occupant to 5.625%

Located at 3444 Eastern SE, all 4 apartments have been modernized with care and an eye for resident comfort, convenience and security with secured outdoor storage and private yard spaces with brand new xeric landscaping and plenty of room for private outdoor living space. Other updates include thermal windows, new quality luxury vinyl plank flooring throughout, stacked washer / dryers in each unit, with updated appliances and fixtures throughout.

Sellers are willing to offer up to $29,633 in credits to a buyer who secures an FHA owner occupant loan. According to lender, Kevin Caudill, at Bank of Albuquerque, this would drive the interest rate down to 5.625% for 30 years (See page 4 of the flyer for more details).

18 page marketing flyer can be viewed at http://www.nmapartment.com/apt/NMAA-Eastern3444SE.pdf

With Virtual tours at http://www.nmapartment.com/3deastern3444unit2

And

http://www.nmapartment.com/3deastern3444unit3

Measures of investment performance at ask price of $549,746 and current average rent of $1,038 are a GRM of 11.04, a 6.65% cap rate, $137,437 per unit,  $239/sf. 

 

If rents are raised to market of $1,175 the measures of investment performance improve to a cap rate of 7.28%.

Apartments are separately metered and residents pay gas and electric. Very convenient location in up-and-coming south UNM / Edgecrest area—close to lots of exciting new development and expansion on the south side of Albuquerque, in addition to Burton Park, a community garden, UNM, CNM, Kirtland Air Force Base, and I-25.

Properties like this, in a market where amazing job growth from all of the new Netflix, Facebook,

Intel and Amazon jobs, go quickly. Do not wait as you will be honored to own this one.

Thanks,

Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD

And

Kyle Deacon

Qualifying Broker
Deacon Property Services
(505) 878-0100
KyleD@deaconnm.com

Owner occupant unit

Seller buy down of interest rate

Recent renovations