Price Reduction New Construction Apartments | 615 Iron Ave SW
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Price Reduction New Construction Apartments 615 Iron Ave SW
6 Unit Apartment Building $1,600,000 ($266,667/Unit) 6.75% Cap Rate Albuquerque, NM 87102
Investment Highlights
- Newly constructed 3-story multi-family units with luxurious amenities and designs.
- Located just under 10 miles away from the Albuquerque International Sunport Airport.
- Close proximity to many retailers, Lovelace Medical Center, The University of New Mexico, and attractions such as ABQ BioPark Zoo.
- Sound investment opportunity with a strong 7.5% cap rate and low maintenance fees.
Executive Summary
With a cap rate of 7.5%, this is a sound investment opportunity! The property is currently under construction, and will be brand new 3-story multi-family units with luxurious amenities and designs. There are 6 units total with 2 bedrooms and 2 baths, Balconies and All units are 3 stories. constructed by an experienced company, Sierra Hacienda Builders.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,600,000 | Apartment Style | Low Rise |
| Price Per Unit | $266,667 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 6.75% | Building Size | 6,148 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment | Parking Ratio | 0.98/1,000 SF |
| Price | $1,600,000 |
| Price Per Unit | $266,667 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 6,148 SF |
| No. Stories | 3 |
| Year Built | 2023 |
| Parking Ratio | 0.98/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Disposal
- Washer/Dryer Hookup
- Heating
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Views
- Double Pane Windows
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 6 | $2,000 | 965 - 1,027 |
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Walk Score ®
Very Walkable (84)
Bike Score ®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 1-014-057-058274-2-02-04 | Total Assessment | $5,066 (2023) |
| Land Assessment | $5,066 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
1-014-057-058274-2-02-04
Land Assessment
$5,066 (2023)
Improvements Assessment
$0 (2023)
Total Assessment
$5,066 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | R-MH (Multifamily-High Density) |
| R-MH (Multifamily-High Density) |
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Price Reduction New Construction Apartments | 615 Iron Ave SW
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