If you love Meow Wolf, this property is located a few hundred feet south. The economic engine of Meow Wolf makes this an ideal asset to acquire under the rising tide raises all ships theory. The property contains a total of 23 units in 2 buildings built in the 1980s, with a small parcel of land for potential additional uses. Historically a high barrier to entry market for new construction, in 2017, the areas was identified as being short some 6,484 housing units. The community has partnered to bring more multifamily units on line than the Albuquerque area, but its not enough to satiate the resident demand. This has translated to high rent growth and the new construction is establishing a new ceiling on market rents ranging from $2,505 to $6,446 per month (you read that correct – there are a half dozen communities that the high end of their rent is between $2,505 to $6,446 per month!) This high barrier to entry market has some of the most expensive single-family housing in the country with an average price over $700,000. There are two prices for this property: 1. If you want to pay all cash, or obtain a new loan, the price is $3,264,252 – a 4.50% cap rate at the current average rents of $885. 2. If you want to assume the existing financing of $1,494,328, the price is $2,891,859. Measure of investment performance at the average rents of $885 include a GRM of 11.83, a before reserves cap rate of 5.08%, an after reserves cap rate of 4.92%, a cash on cash of 3.19%
Listing Agent: Todd Clarke Courtesy of: NM Apartment Advisors, Inc. Listing information provided courtesy of the Santa Fe Association of REALTORS, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 27th January, 2022 11:50 AM
Keller Williams Realty, Inc. is a real estate franchise company. Each Keller Williams office is independently owned and operated. Keller Williams Realty, Inc. is an Equal Opportunity Employer and supports the Fair Housing Act.