MLS# 1033316 – 1100 Palomas Drive Se, Albuquerque, NM 87108
Employment in this area is on a uphill trajectory due to the recent expansion of Netflix, Intel, Amazon and Northrop Grumman which recently moved into its new office building a few blocks away.Measures of investment performance at ask price of $963,138 and current average rent of $917 are a GRM of 8.75, a 5.98% cap rate, $96,314 per unit, $128.42/sf. Rents have increased 13.7% in the last year.If rents are raised to the market of $1,075, the measures of investment performance improve to a cap rate of 7.37%.The prior owner remodeled the property with new soffits, new windows, synthetic stucco, new solid laminate flooring, updated lighting, updated electrical, as well as replacing some of the hot water heaters, and new central forced air furnaces.
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