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1109 ARIZONA Street SE, Albuquerque, NM 87108
Description
Supplements: The two story building features four one bedroom units in the center of each floor, and two bedroom units at the north and south ends of each floor. Units feature central forced air heating and refrigerated air-conditioning. The property is master metered for gas and electricity. In addition to a 5% rent increase, a new owner could easily add a utility surcharge to each tenant resulting in greater NOI. The property is currently 92% occupied and generates approximately $77,455.00 in Net Operating Income. Current occupancy and expenses result in a 5.9 CAP Rate and 11.1 GRM. 100% Occupancy yields $82,873.14 NOI and a 6.3 CAP rate and a 10.2 GRM. Current below market rents, if increased by 5%, would yield a 6.8 CAP RATE. If the rents were raised to market rate (which includes utilities) of $1000.00 per month for one bedrooms and $1200.00 per month for two bedrooms, the CAP rate improves to 8.4 and All tenants are on month-to-month leases. The vacant one-bedroom unit is currently offered for lease and is expected to be occupied by March 31. The property is currently self-managed, thus there are no property management expenses. Proforma rent increase of 5% results in a before tax IRR of 15.3% and an effective tax rate of 18%. Owner provided data. Purchaser to conduct their own due diligence.