Applewood Apartments 317 Adams St SE

ABQ: 26 units in heart of Nob-Hill – proforma 8.03% cap rate
On behalf of the owners, NM Apartment Advisors and Deacon Property Services are thrilled to bring this unique 26 Unit Nob Hill Apartment complex to market.

Recently updated inside and out, this compact two story apartment building features a secure but very inviting communal common space, 2 large parking areas, and covered parking options. 17 studio apartments offer smart and efficient 450 sf floor plans with separate sleeping areas, walk-in closets, and very spacious open living areas. The 9 one-bedroom apartments are 600 SF and offer separate, larger kitchen areas and bigger bedroom spaces.

All apartments feature a very private patio / yard space or a balcony with a bonus exterior storage closet. They’re also uniquely updated and offer contemporary finishes and mini split HVAC systems. Residents love the Nob Hill / Ridgecrest location and the quality shared laundry room onsite. Each unit is separately metered for electric service. Landlord provides Water / Sewer / Garbage and Hot Water services.

Seize a rare opportunity to own a quality, well-performing mid-sized complex in Nob Hill that still has plenty of room for rent increases, RUBs implementations, and plenty of other value add options.

This is a core asset with stabilized cash flows that could also be a value-add opportunity if an investment was made in upgraded finishes for the balance of the units.
CORE Asset
Measures of investment performance at the ask price of $2,661,159 and current average rents of $792 a month are a GRM of 10.77, a 6.62% cap rate, $102,352 per unit, $204/sf, and an after tax internal rate of return is 13.20%
And Value Add
The property is currently 24% below market rents and that does not take into account the double digit annual rent growth the market is enjoying. If the rents are raised to the market of $1,023, the metrics of investment performance improve to a cap rate of 8.03% and a cash on cash of 8.98%.
The 18 page marketing flyer can be viewed at http://www.nmapartment.com/apt/NMAA-Adams317SE.pdf
Qualified investors can register for additional confidential information on the property/portfolio at
http://www.nmapartment.com/317adamsSE
This is an amazing opportunity to buy into a rental market that is experiencing 15% to 20% annual rent growth due to all of the new Amazon, Facebook, Intel, and Netflix jobs.
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