511 Candelaria Rd NW, Albuquerque, NM 87107

Phoenix & Southwest + Apartments

Created date: September 22, 2023

Date last updated: October 12, 2023

North valley gem with value add components – $1,239,653 – 9.10% proforma CAP rate

On behalf of the owners, NM Apartment Advisors is pleased to present this North Valley community for sale.

Located at 511-13 Candelaria and at the cross roads of high end new development along the Fourth street corridor and the beginning of the more rural/agricultural areas along the Rio Grande Blvd., and North America’s largest bosque forest.

This 14 unit property is value add opportunity with a majority of the units renovated, and a couple in need of renovation as well as an overhaul of the laundry room.

Please note: the property is restricted by a Land Use Restriction Agreement (LURA) that provided long term affordable housing and is believed to be in place on this property for an additional 14 years. Please see page 5 for details. Even with the LURA in place, the rents are 28% below permissible rents creating a runway for a new owner to potentially achieve a 9.10% cap rate.

The property is being sold using the BID process with one date for tours and another for offers. Qualified investors can register for the tour and obtain confidential information.

Exceptional location – with easy access to the Rio Grande Bosque Wilderness, Rio Grande shopping and dining, some of the city’s best Acequia trails, I-25, the upcoming north Fourth street corridor, and the historic Camino Real and the pre-1937 Route 66 and it’s associated beer, brew and bike amenities.

Based on current increases the ask price of $1,239,653, and an average rent of $750, the measure of investment performance include a GRM of 9.83, a CAP rate of 6.00% before reserves, a price per unit of $88,547, a price per square foot of $127.80, a before tax IRR of 17.9% and an after tax IRR of 14.5%.

If rents are raised to LURA maximum average of $1,037, the cap rate improves to 9.10%.

18 page flyer, property info and APOD at http://www.nmapartment.com/apt/NMAA-Candelaria511nw.pdf

Timeline of events for the BID process:

Qualified Investors can register for the tour scheduled at noon on Tuesday, October 3rd, 2023 at noon. http://www.nmapartment.com/511Candelaria
The offer deadline is noon on Thursday, October 5^th, 2023. Offers received prior to that date will not receive a response until after the offer deadline. Offers received prior to that date with an expiration prior to Monday, October 9th, 2023, will not receive a response. Please do not ask what it would take to take the property off the market as the owner is dedicated to using the BID process and letting the market interest determine the final price.

This is a once in a lifetime opportunity to own such a solid core asset embedded in such a beautiful neighborhood – surrounded by all that north valley Albuquerque has to offer.

Todd Clarke CCIM CIPs

CEO

NM Apartment Advisors Inc.

(505) 440-TODD

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Key Property Information

Listing Status:	Unavailable
Multifamily type:	Apartments
Price:	$1,239,653
No. of Units:	14
Cap Rate:	6.28%
GRM /GIM:	9.83
Year Built:	1974
Building Size:	9,700 Sq ft
Lot Size:	0.28 Acres
No. of Stories:	2
APN:	101406029915831032
Zoning Code:	MX-L
Opportunity Zone:	No
Price per unit:	$88,547
Property Website	Click Here