1116 Ortiz Dr SE

Subject: The Patios - 44 units - $3,967,358 – 6.65% Cap rate – 8.65% proforma cap rate.

On behalf of the Owner, Deacon Property Services and NM Apartments Inc. are honored to bring this unique, updated 44 unit apartment complex to market.  This amazing 1960s & 70s vintage Albuquerque garden apartment community is located at 1116-1132 & 1200-1208 Ortiz SE.

The property consists of five separate buildings on three parcels featuring 40 x 1 bedroom apartments and 4 x two bedroom apartments.  All apartments feature private, secure courtyard space with bonus exterior storage.  Two bedroom apartments boast large backyards in addition to secured courtyards.  All buildings have been modernized and freshened with thermal windows and quality exterior updates.  Master metered gas and electric are offset with a full Solar PV system (owned / transferable) and some RUBS billback already implemented with groundwork in place for all apartments.  

Most of the apartments have been updated with contemporary finishes & luxury vinyl plank flooring throughout.  Secured access / courtyard entry to all buildings and apartments with 47 off street parking spaces (2 carport) and 5 secure, on-site laundry rooms.

Located in the center of the up and coming south San Mateo corridor, across the street from the new Albuquerque Community Services Headquarters.  The property is ideal for an investor looking to capitalize on providing quality housing for Kirtland Air Force Base, the newly announced Touro College of Dental Medicine, local nearby hospitals, the new Max Q development project, The Aviation Center of Excellence, Netflix, and the multitude of new jobs coming to the Albuquerque Metro’s booming south side. 

Detailed 24 page flyer is available here: http://www.nmapartment.com/apt/NMAA-Ortiz1200SE.pdf

Please do not disturb residents.  Take a Virtual Tour of a One Bedroom Apartment Here:  (www.nmapartment.com/patios3d).

Measures of investment performance at ask price of $3,965,358 and current average rent of $745 are a GRM of 10.08, a 6.65% cap rate, cash on cash of 6.42%, $90,122 per unit, and $154/sf. If rents were raised to market rents of $1,002, measures of investment performance increase to a GRM of 7.50, and a 8.65% cap rate.

Please note the numerous property upgrades listed in the flyer and pay special attention to all of the new development in the area, including the recently opened City of Albuquerque Community Services Headquarter directly west of the property.

Qualified Investors can register for additional confidential information at www.nmapartment.com/patios

Do not miss out on this opportunity to an invest in a solid economic development submarket on the upswing.

Thanks,

Todd Clarke CCIM CIPs

CEO

NM Apartment Advisors Inc.

(505) 440-TODD

And 

Kyle Deacon

Qualifying Broker

Deacon Property Services

(505) 803-3775

 

PS - NM Apartment Advisors will be hosting an apartment brokers update luncheon on 11/5 - topics include the impact of the new Federal legislation that benefits property investment and overall lending trends - seating is limited to 24 - RSVP at https://redirect.nmapartment.com/aptlunch

-44 units

- Solar included

- recent renovations