The Waller Group is proud to present the 100% occupied, 131-unit stabilized property in Albuquerque, NM. The portfolio is located in the highly sought-after sub-markets of Nob Hill and Uptown Albuquerque and has an assumable loan in place that ranges from 2.92% – 4.75%. Current ownership has spent over $5,500,000 in renovations by completely renovating each unit. The property is available because current ownership is looking to reinvest proceeds.
Some of Albuquerque’s most popular shops and restaurants are in the Nob Hill neighborhood. Nob Hill is close to the University of New Mexico, Presbyterian Hospital, and Downtown Albuquerque for an easy commute to some of the city’s biggest employers. The 1-mile median household income for Nob Hill and Jefferson Hill is $54,567, the 1-mile median household income for Vassar is $55,047, and the 1-mile median household income for Uptown is $37,145.
Current ownership is achieving $1,429,139 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $134 / unit, which is a $0.17 / sqft bump. With this bump, new ownership can achieve an annual NOI of $1,662,254. The water meter at Uptown is a size 5. If changed to a meter size 2 it will reduce the water expense for the property by 66-75%.
The current owner has spent $5,5000,000 in renovations by completely renovating each unit. $23,000 per unit went into renovating Vassar from 2010-2015, $16,000- $17,000 per unit went into renovating Nob Hill and Jefferson Hill from 2016-2018, and $20,000 per unit went into renovating Uptown from 2016-2018. The Q @ Vassar also received an AIA award in 2011.
Renovations completed at Nob Hill and Jefferson Hill include the parking lot, landscaping, exterior walls stuccoed with synthetic elastomeric, all windows replaced, stairs extensively replaced, all drainage systems and gutters replaced, and all units remodeled with new appliances. Renovations at Uptown include all windows replaced, all units renovated, all exterior lights replaced, new landscape design with new irrigation system, a new pool and resurfacing the pool deck, repaving the parking lots, and fencing in the property with Design Master fence and gated controlled access.
Vassar and Jefferson are individually metered for utilities. Uptown and Marquette are master metered for utilities.
All of the properties have an assumable loan in place. Jefferson Hill at 2.92%, Nob Hill at 2.92%, Uptown at 3.25%, and Vassar at 4.75%.
The current management is willing to stay on post-closing. Proforma financials were underwritten with a 3% management fee