MLS# 1044432 – 335 Espanola Street Ne, Albuquerque, NM 87108
start price of $695,845, some 25% under a recent appraisal. The owner has recently made significant improvements to this family style apartment compound.Measures of investment performance with an average rent of $842 and a start price of $695,845 include $57,987 per unit , $91.63/sf, 10.34% (ACTUAL) cap rate, and an after tax IRR of 15.4%. If rents are moved closer to the market average and 60% of AMI, at $1,064, the measures of investment performance improve to a 13.77% cap rate.Property has recent appraisal with a today value of $930,000 and a future value of $1,070,000 and is approved for a loan from the Ventana Fund with a term sheet that includes 80% loan to value, 5.35% interest rates. Lender would require approval of the Buyer(s).
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