201 Manzano St NE

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Created date: August 28, 2023
Date last updated: November 27, 2023

Back to back Nob Hill apartment units with carports and garages – 6.21% cap rate

On behalf of the owner, NM Apartment Advisors Inc., and Deacon Property services are pleased to present this opportunity to acquire a core asset in a beloved Nob Hill neighborhood. Well-built and well maintained – each apartment at 201 Manzano and 202 Quincy NE offers a unique floor plan with amazing vintage and classic touches. Units come with carports/garages, refrigerated air and forced central heating, private off-street parking, bonus storage, on-site laundry, and lots of unique extras. Some units have private yards as well.

 

Quality bones, well-made vintage finishes, solid and modern mechanical systems – a buyer with vision can reap the benefits of easy cosmetic updating and modernization to push rents in alliance with the improving east Nob Hill submarket. These back to back communities, separated only by a public alley are within close proximity to mass transit and extra space would be ideal for any owner/user who needs to program residential space to fit their clientele.

 

This is a rare opportunity to own a Bernie Madrid built apartment community.  Mr. Madrid was a well-known apartment developer in the 1970s-1980s who has left his distinctive imprint in the style, design, logo and name of his communities – including this one known as The Madrid apartments.

 

30  page flyer at http://www.nmapartment.com/apt/NMAA-201Manz202QuincyNE.pdf

 

Measures of investment performance at ask price of $1,565,868 and current average rent of $902 are a GRM of 11.13, a 6.21% cap rate, $120,451 per unit,  $171.13/sf and an after tax IRR of 13.40%.

 

If rents are raised to market rents of $1,063 the cap rate could improve to 7.13% .

 

Qualified investors can register for additional confidential at http://www.nmapartment.com/quincymanzano

 

Do not miss out on this once in a generational opportunity to own a Madrid apartment community.

 

Thanks,

Todd Clarke CCIM CIPs

CEO

NM Apartment Advisors Inc.

(505) 440-TODD

 

and

 

Kyle Deacon

Deacon Property Services

(505) 878-0100

[email protected]

 

Key Property Information

Listing Status: Available
Multifamily type: Apartments
No. of Units: 6
Building Size: 1,971 Sq ft
Lot Size: 0.17 Acres
No. of Stories: 2
APN: 101705746127110601
Zoning Code: R-ML
Opportunity Zone: No
Property Website Click Here

Unit mix

Description No. of Units Sq ft. Avg. Monthly Rent
M-1br/1ba 1 960 995
M-1br/1ba 1 960 995
M-1br/1ba 1 820 890
M-1br/1ba 1 820 900
M-1br/1ba 1 820 860
M-1br/1ba 1 820 797

Additional contacts

Full name Phone number Email address
Kyle Deacon 505-878-0100 [email protected]

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