Listing Courtesy of: Todd Clarke - NM Apartment Advisors, Inc.
505-440-8633
505-440-8633
$4,000,000
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1069 Bonita Street Grants, NM 87020
Multi-Family
Residence
2
Beds
1
Baths
40,752
Sq. Ft.
2.84
Acre
Lot
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CORE AssetAt full occupancy, the measures of investment performance at the ask price of $4,000,000 and current average rents of $665 a month are a GRM of 10.67, a 5.69% cap rate, $85,106 per unit, $106.39/sf, and an after-tax internal rate of return is 14.70% July 2024 appraisal indicated a value of... $4,000,000.And Value AddThe property is currently 26% below market rents and that does not take into account the potential to offer furnished units to the adjacent hospital. If the rents are raised to the market of $901, the metrics of investment performance improve to a cap rate of 8.47% and a cash on cash of 12.73%.With runway - page 6 of the flyer outlines the steps for taking the 40 unrenovated units through renovation to market rents, with a value after renovation of $5.1M
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MLS#
1075104
Property Type
Multi-Family
Bedrooms
2
Bathrooms
Year Built
1980
Square Feet
40,752
sq. ft
Lot Size
2.84
Sewer
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