5613 Central Ave NW, Albuquerque, NM 87105
- 7.44% Pro Forma Cap
- $250,000 in Renovations
- Albuquerque, NM
The Waller Group is proud to present the 84.2% occupied, 19- unit value-add property in Albuquerque, NM. The property is available because current ownership is looking to reinvest proceeds. The subject property was renovated with new windows, lighting, flooring, and interior upgrades in 2018. The current owner spent $250,000 remodeling the property since purchase in 2018, including upgrading the HVAC, electrical, plumbing, roof, and stucco. Current ownership is achieving $30,629 in annual NOI. New ownership, based upon area rent comps, can raise rents by $98 / unit, which is a $0.30 / sqft bump. With this bump, new ownership can achieve an annual NOI of $69,223. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, lease violation fees, and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills. Proforma financials were underwritten with a 8.0% management fee.