Property Address:3308 Fourth Street,
Albuquerque, United States
Located in the heart of the north valley along Albuquerque's original Route 66 and at 3308 Fourth NW, this brand-new construction apartment community offers an amazing chance to own an investment property in an underserved sub-market. The property offers two full floors of covered parking, elevator service, common trash chutes, community library area, and units with w/d hookups, granite counter tops, plank flooring, walk-in closets and upgraded unit finishes.I also have additional good news - the property has outperformed its original proforma and is obtaining rents of $1,052 per unit - which improves the cap rate to 6.21% before reserves, 6.04% after. Recent financing quote obtained indicates a 13.19% cash on cash is possible in year 1!