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516 & 520 Palomas Drive Southeast

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Address: 516 Palomas Dr SE, Albuquerque, NM 87108, USA

Phoenix & Southwest + Apartment Buildings

Created date: August 27, 2024

Date last updated: August 27, 2024

ABQ: Extreme value add deal – 9 units – only $555,227 – 10.66% proforma cap rate

On behalf of the owner, NM Apartment Advisors Inc. and Deacon Property Services LLC are excited to bring to market extreme value add 9 unit property with rents that are 32% below market. Located on 2 lots at 516 & 520 Palomas SE, this 5plex+4plex is being offered as a package using the BID process with one date/time for tours (noon on July 30th, 2024) and a fixed deadline for offers (noon on August 1st, 2024).

16 page information flyer available at http://www.nmapartment.com/apt/NMAA-Palomas516520se.pdf

Favorable financing is available from local lender, Ventana Fund—see term sheet on page 5.

At the current average rents of $537, and an ask price of $555,227 the measures of investment performance include a price per unit of $61,692, price per square foot of $112.92, a GRM of 9.58, an after reserves cap rate of 6.25%, and an after-tax IRR of 16.20%.

If rents are raised to the market average of $762, the measures of investment performance improve to a cap rate of 10.66%.

Timeline of events:

Qualified Investors can register for the tour scheduled at noon on Wednesday, September 11th at property
http://www.nmapartment.com/516PalomasDrSE
The offer deadline is noon on Thursday, September 12th, 2024. Offers received prior to that date will not receive a response until after the offer deadline. In the event of multiple offers, the Seller will be inviting the top 50% of buyers to a best and final round.

Do not miss out! – It is rare to find a property with rents 32% below market in one of the top rent growth markets in the country.

Todd Clarke CCIM, CIPS, CEO
NM Apartment Advisors Inc.
(505) 440-TODD

And

Kyle Deacon
Deacon Property Services LLC
(505) 878-0100
[email protected]

Available

Request Information

Due Digilence Documents

Key Property Information

Listing Status:	Available
Property Types:	Apartment Buildings
Price:	$555,227
No. of Units:	9
Cap Rate:	6.61%
GRM /GIM:	9.58
Year Built:	1954
Building Size:	4,917 Sq ft
Lot Size:	0.31 Acres
No. of Stories:	1
APN:	101805610850522815, 101805610849922816
Zoning Code:	R-MH
Buy Side Fee:	2%
Opportunity Zone:	No
Price per unit:	$61,692
Parking Spaces:	?
Property Website	Click Here