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

CONTACT USERIK OLSONVice President+1 505 837 [email protected]

BILLY EAGLEVice President+1 505 837 [email protected]

DAVID EAGLESenior Vice President+1 505 837 [email protected]

RYAN MILLSClient Services Specialist+1 505 837 [email protected]

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 [email protected]

DAVID EAGLESenior Vice President+1 505 837 [email protected]

BILLY EAGLEVice President+1 505 837 [email protected]

RYAN MILLSClient Services Specialist+1 505 837 [email protected]

© 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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800 KENT AVE NW

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800 KENT AVE NW

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