This is an excellent 9-unit two-story apartment building in close proximity to UNM, four hospitals, and the ART transportation system. There is one large 1.077 SF two-bedroom one-bath unit and eight one-bedroom one-bath units. The average size of the one-bedroom units is 567 SF, and the property includes seven off-street parking spaces. There is substantial upside potential to revenues and value, since current lease rates are well below market. If rents are moved to market rates, the capitalization rate would improve to 6.56%, the cash-on-cash return would improve to 6.74%, and the total return on equity would improve to 11.26%.
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