New West Apartments | 1069 Bonita St
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New West Apartments 1069 Bonita St
47 Unit Apartment Building $4,000,000 ($85,106/Unit) 5.42% Cap Rate Grants, NM 87020
Executive Summary
47 units in growing sub-market – proforma 8.47% cap rate
NM Apartment Advisors and Deacon Property Service are excited to bring to market the New West Apartments located at 1069 Bonita Street in Grants, NM.
This recently renovated and well maintained property is the architectural gem of Grants, NM. Well located major employers, hospital, medical centers and retail areas, this property is positioned for long term leases or short-term rentals to the medical industry.
The owner has added exterior planters in the landscape, made stucco repairs and upgrades, replaced three roofs, five air conditioners added down spots and canales, upgraded balconies carpet/flashings as well as landing wrought iron rails, replaced light fixtures, signage, and added culture stone features to the exterior - all of which makes this an “A” asset in this marketplace.
In addition to it’s own economic development expansion, Grant’s is only 69 miles to Albuquerque's west side, where rents are double what they are at this community offering an opportunity to market to a demographics looking for reasonable housing costs.
View the property virtually today to see the amazing renovations:
Unit 1025C – http://www.nmapartment.com/3dbonita1025c
Unit 1029C - http://www.nmapartment.com/3dbonita1029c
CORE Asset
At full occupancy, the measures of investment performance at the ask price of $4,000,000 and current average rents of $665 a month are a GRM of 10.67, a 5.69% cap rate, $85,106 per unit, $106.39/sf, and an after-tax internal rate of return is 14.70% July 2024 appraisal indicated a value of $4,000,000.
And Value Add
The property is currently 26% below market rents and that does not take into account the potential to offer furnished units to the adjacent hospital. If the rents are raised to the market of $901, the metrics of investment performance improve to a cap rate of 8.47% and a cash on cash of 12.73%.
With runway – page 6 of the flyer outlines the steps for taking the 40 unrenovated units through renovation to market rents, with a value after renovation of $5,102,358 and a cost to renovate, based on owner’s previous unit renovations of $699,800 leaving a return on added investment of 157%!
The 24 page marketing flyer can be viewed at http://www.nmapartment.com/apt/NMAA-Bonita1069.pdf
Qualified investors can register for additional confidential information on the property at http://www.nmapartment.com/grants
The Seller is offering a concession to a Buyer, that the Buyer can choose to use for paying their Buyer’s broker. Obtain information by putting NMAA_2466069 in the subject line and emailing to compensation@nmapartment.com
Offered for sale by the original developer, this once in a lifetime opportunity for an investor to become steward for the next generation.
Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors, Inc.
(505) 440-TODD
and
Kyle Deacon
Deacon Property Services
(505) 878-0100
KyleD@deaconnm.com
NM Apartment Advisors and Deacon Property Service are excited to bring to market the New West Apartments located at 1069 Bonita Street in Grants, NM.
This recently renovated and well maintained property is the architectural gem of Grants, NM. Well located major employers, hospital, medical centers and retail areas, this property is positioned for long term leases or short-term rentals to the medical industry.
The owner has added exterior planters in the landscape, made stucco repairs and upgrades, replaced three roofs, five air conditioners added down spots and canales, upgraded balconies carpet/flashings as well as landing wrought iron rails, replaced light fixtures, signage, and added culture stone features to the exterior - all of which makes this an “A” asset in this marketplace.
In addition to it’s own economic development expansion, Grant’s is only 69 miles to Albuquerque's west side, where rents are double what they are at this community offering an opportunity to market to a demographics looking for reasonable housing costs.
View the property virtually today to see the amazing renovations:
Unit 1025C – http://www.nmapartment.com/3dbonita1025c
Unit 1029C - http://www.nmapartment.com/3dbonita1029c
CORE Asset
At full occupancy, the measures of investment performance at the ask price of $4,000,000 and current average rents of $665 a month are a GRM of 10.67, a 5.69% cap rate, $85,106 per unit, $106.39/sf, and an after-tax internal rate of return is 14.70% July 2024 appraisal indicated a value of $4,000,000.
And Value Add
The property is currently 26% below market rents and that does not take into account the potential to offer furnished units to the adjacent hospital. If the rents are raised to the market of $901, the metrics of investment performance improve to a cap rate of 8.47% and a cash on cash of 12.73%.
With runway – page 6 of the flyer outlines the steps for taking the 40 unrenovated units through renovation to market rents, with a value after renovation of $5,102,358 and a cost to renovate, based on owner’s previous unit renovations of $699,800 leaving a return on added investment of 157%!
The 24 page marketing flyer can be viewed at http://www.nmapartment.com/apt/NMAA-Bonita1069.pdf
Qualified investors can register for additional confidential information on the property at http://www.nmapartment.com/grants
The Seller is offering a concession to a Buyer, that the Buyer can choose to use for paying their Buyer’s broker. Obtain information by putting NMAA_2466069 in the subject line and emailing to compensation@nmapartment.com
Offered for sale by the original developer, this once in a lifetime opportunity for an investor to become steward for the next generation.
Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors, Inc.
(505) 440-TODD
and
Kyle Deacon
Deacon Property Services
(505) 878-0100
KyleD@deaconnm.com
Property Facts
| Price | $4,000,000 | Apartment Style | Garden |
| Price Per Unit | $85,106 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.84 AC |
| Cap Rate | 5.42% | Building Size | 40,752 SF |
| Gross Rent Multiplier | 10.67 | Average Occupancy | 60% |
| No. Units | 47 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1975/2023 |
| Property Subtype | Apartment |
| Price | $4,000,000 |
| Price Per Unit | $85,106 |
| Sale Type | Investment |
| Cap Rate | 5.42% |
| Gross Rent Multiplier | 10.67 |
| No. Units | 47 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.84 AC |
| Building Size | 40,752 SF |
| Average Occupancy | 60% |
| No. Stories | 2 |
| Year Built/Renovated | 1975/2023 |
Unit Amenities
- Heating
- Kitchen
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $553.00 | 672 - 680 |
| 2+1 | 40 | $933.00 | 827 |
| Studios | 1 | - | 400 |
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PROPERTY TAXES
| Parcel Number | R15037 | Improvements Assessment | $282,473 |
| Land Assessment | $35,458 | Total Assessment | $317,931 |
PROPERTY TAXES
Parcel Number
R15037
Land Assessment
$35,458
Improvements Assessment
$282,473
Total Assessment
$317,931
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New West Apartments | 1069 Bonita St
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