3308 4th St NW
Albuquerque, NM 87107

Cascade Crossing - $7.7M, new construction 5.40% cap rate NM Apartment Advisors is excited to share with you our newest listing from the architect/development team of Scott Anderson and J&S Development. Located in the heart of the north valley along Albuquerque's original Route 66 and at 3308 Fourth NW, this brand new construction apartment community offers an amazing chance to own a brand new investment property in an underserved sub-market. Welcome to the future - the Cascades apartments represent what Albuquerque's new IDO zoning allows - higher density, mixed use, covered gated parking and more. Currently in the finishing stages of construction. The property offers elevator service, covered parking spaces, common trash chutes, community library area, and units with w/d hookups, granite counter tops, plank flooring, walk-in closets and upgraded unit finishes. I also have additional good news - we originally priced the property based on proforma rents and a 5.25% cap rate - now that they are starting to lease units and residents are moving in, the income is closer to a 5.40% cap rate and after it stabilizes, they plan to circle back and charge for parking and washers and dryers - which would take it to a 5.60% cap rate. Located just north of downtown, and equidistant between Uptown and North I-25 corridor, this property is centrally located for residents who want urban living in Albuquerque's rural/agricultural corridor. 2.0% buyers broker fee is offered. Property Flyer and preliminary financial info can be found at - http://www.nmapartment.com/apt/NMAA-Fourth3308NW.pdf Although the offering memorandum (OM) for this property won’t be ready until the property is closer to leasing stage, we are offering the 142 page OM on the sister property at 4419 Fourth NW, that sold last month - you and your client can complete the online confidentially agreement at www.nmapartment.com/3308 Todd Clarke CCIM CIPs CEO NM Apartment Advisors Inc. (505) 440-TODD