FOR SALE 800 KENT AVE NW...in the MSA, which makes 800 Kent Ave. NW a prime value-add opportunity. The property has an old-world charm, and still has below market rents despite it
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CONTACT USERIK OLSONVice President+1 505 837 4941erik.olson@cbre.com
BILLY EAGLEVice President+1 505 837 4947billy.eagle@cbre.com
DAVID EAGLESenior Vice President+1 505 837 4942david.eagle@cbre.com
RYAN MILLSClient Services Specialist+1 505 837 4944rmills@cbre.com
800 KENT AVE NWA 12-UNIT MULTIFAMILY INVESTMENT OPPORTUNITY IN DOWNTOWN ALBUQUERQUE, NM 87102
FOR SALE
Capital Markets | Investment Properties
FOR SALE12-UNIT DOWNTOWN MULTIFAMILY
800KENT AVE NW
ALBUQUERQUE, NM 87102
Capital Markets | Investment Properties
THE OPPORTUNITY
CBRE is pleased to present the opportunity to acquire a premium 12-unit gem located in the “Downtown” Albuquerque Area Submarket, on the corner of 8th and Kent, just north of Central Ave. The property’s location offers quick access to the University of New Mexico, renowned medical centers, shopping and dining in Downtown and Nob Hill, and it is close to some of Albuquerque’s premier employment centers.
Albuquerque’s Downtown area has one the highest rent rates and lowest vacancies in the MSA, which makes 800 Kent Ave. NW a prime value-add opportunity. The property has an old-world charm, and still has below market rents despite it being partially renovated over the last 5 years.
INVESTMENT SUMMARY
Property Price $827,000
Price per Unit $68,916
Price per sf $124.27
Pro Forma Cap Rate 6.70%
Terms All Cash
Total Units 12
Year Built ± 1946
Net Rentable Area (sf) ± 6,654
Average Unit Size (sf) ± 555
Capital Markets | Investment Properties
FOR SALE12-UNIT DOWNTOWN MULTIFAMILY
800KENT AVE NW
ALBUQUERQUE, NM 87102
Capital Markets | Investment Properties
BUILDING & SITE DESCRIPTION
Property Address800 Kent Ave NW Albuquerque, NM 87102
No. of Residential Units 12
Average Unit Size (sf)+/- 555
Net Rentable Area (sf)+/- 6,654
Land Area (Acres)+/- 0.3259
Land Area Density (Units/Acre)+/- 37
Zoning | Land Use SU-2 | Multifamily
Parcel ID (Real Estate Tax ID) 101405702951624000
No. of Buildings 3
No. of Stories 1
PARKING
Uncovered Parking 7±
On-Street Parking Yes
UTILITIES & SERVICES
ElectricityPublic Utilities New Mexico (PNM)
Gas New Mexico Gas Company
Water/Sewer/Trash ABCWUA
APPLIANCES & FINISHES
Refrigerator Assorted Throughout
Range/Oven Assorted Gas
Washer/Dryer No Laundry on-site
CONSTRUCTION
Building Exteriors Stucco/Frame
Roofs Tar and Gravel
Electricity Service Separately Metered
Gas Service Separately Metered
Water, Sewer, Trash Master Metered
Heating In Floor Gas Furnaces
Air Conditioning Individual In-Window Evaporative Cooling Units
Water Supply Lines Copper
Branch Circuit Wiring Copper
Hot Water Individual Water Heaters
FLOOD HAZARD
Panel Number 35001C0333H
Date: 8/16/2012
Flood Zone X or C Zone
Flood Insurance Currently
No
PROPERTY DESCRIPTION
FOR SALE12-UNIT DOWNTOWN MULTIFAMILY
800KENT AVE NW
ALBUQUERQUE, NM 87102
Capital Markets | Investment Properties
UNIT MIX
Unit Description # % Mix Sq. Ft./Unit** Total Sq. Ft.** $Rent/Unit*** $Rent/Sq. Ft*** $Monthly Rent***
1 BR | 1 BTH 10 83% 519 5,190 690 1.33 6,900
2 BR | 1 BTH 2 17% 732 1,464 825 1.13 1,650
Weighted Averages | Totals 12 100% 555 6,654 713 1.30 8,550
** All square footages are approximate*** Rent/Unit amounts are based on current market rent
1 BR | 1 BTH83%
2 BR | 1 BTH17%
FOR SALE12-UNIT DOWNTOWN MULTIFAMILY
800KENT AVE NW
ALBUQUERQUE, NM 87102
Capital Markets | Investment Properties
Income/Expenses Percent | Per Unit Per SF Market Pro Forma 2017
Gross Potential Rent 8,550.00$ 16.82$ $102,600.00
Loss to Lease **Adjusted to Support Downtown Market 2.00% (0.34)$ (2,052.00)$
Actual Potential Rent 8,379.00$ 16.48$ $100,548.00
Vacancy 4.00% 0.66$ 4,021.92$
Concessions 1.00% 0.17$ 1,026.00$
Delinquency 1.00% 0.17$ 1,026.00$
Net Rental Income 7,872.84$ 15.49$ 94,474.08$
Other Income *Adjusted to Support Downtown Market 315.67$ 0.62$ 3,788.00$
Effective Gross Income 8,188.51$ 16.11$ 98,262.08$
Monthly Revenue Average 682.38$ 1.34$ 8,188.51$
Operating Expenses
Repairs & Maintenance | Make Ready | Contract Maintenance **Adjusted 766.33$ 1.51$ 9,196.00$
Legal/Accounting/Bad Debt ** Adjusted to Account for Normal Operations 150.00$ 0.30$ 1,800.00$
Utilities - Water/Sewer/Trash/Gas/Electric 466.33$ 0.92$ 5,596.00$
Payroll | Management Fees **Adjusted to Account for Normal Operations 1,000.00$ 1.97$ 12,000.00$
Insurance ** Adjusted to Account for Normal Operations 250.00$ 0.49$ 3,000.00$
Real Estate Taxes ** 2016 Taxes X 10% 356.33$ 0.70$ 4,276.00$
Administration **Adjusted 140.67$ 0.28$ 1,688.00$
Office Expenses 104.17$ 0.20$ 1,250.00$
Marketing & Supplies **Adjusted 45.83$ 0.09$ 550.00$
Operating Expense Subtotal 3,279.67$ $6.45 $39,356
Net Operating Income 4,908.84$ $9.66 $58,906
Replacement $300 $3,600
Net Operating Income After Replacement $55,306
FINANCIAL ANALYSIS - MARKET PROFORMA
FOR SALE12-UNIT DOWNTOWN MULTIFAMILY
800KENT AVE NW
ALBUQUERQUE, NM 87102
Capital Markets | Investment Properties
© 2017 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. All marks displayed on this document are the property of their respective owners. Updated 08/2017
CBRE | 6100 Uptown NE Suite 300 | Albuquerque, NM 87110 | t. +1 505 837 4999 | f. +1 505 837 4994 | www.cbre.com/albuquerque
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CONTACT USERIK OLSONVice President+1 505 837 4941erik.olson@cbre.com
DAVID EAGLESenior Vice President+1 505 837 4942david.eagle@cbre.com
BILLY EAGLEVice President+1 505 837 4947billy.eagle@cbre.com
RYAN MILLSClient Services Specialist+1 505 837 4944rmills@cbre.com
© 2017 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited orany of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate withrespect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID:P07 MapId:4779204
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