56 Unit Multifamily Investment Offering - Casa Mesilla Apartments

Albuquerque, NM

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Overview

Offering Summary

  • Purchase Price

    $3,342,600
  • Price/Door

    $59,689
  • Price/SF

    $115
  • NOI (As Is)

    $225,628
  • NOI (Proforma)

    $296,647
  • CAP Rate (As Is)

    6.75%
  • CAP Rate (Proforma)

    8.87%
  • Units

    56
  • Building Size

    +/- 29,147 SF
  • Land Size

    +/- 1.85 Acres
  • Current Occupancy

    98%

Flanagan Investment Real Estate is pleased to offer for sale Casa Mesilla Apartments located at 609, 613, 616, 618, 631, 633, 635, 637, 639, and 641 Mesilla St SE in Albuquerque, NM. The properties are contiguous but comprised of ten separate parcels. The properties are located in the southeast submarket just north of Kirtland Air Force Base with close proximity to shopping, dining, schools and other amenities. There is significant demand for affordable apartments in this submarket and the entire Albuquerque MSA.  

The properties feature a desirable unit mix with functional and efficient units. Casa Mesilla Apartments consists of six studios, 45 1bd/1ba units and five 2bd/1ba units. Some units feature a private, secured yard. In addition, each unit is individually metered for gas and electric; the units feature evaporative cooling and gas wall panel or electric baseboard heating. Each property contains well maintained buildings and grounds. 

Casa Mesilla Apartments has had strong historical occupancies with current occupancy at 98%. In addition, the rents are below market allowing an investor to increase rents and income. Albuquerque has a strong rental market with extremely low vacancy. 

This investment benefits from its significant in-place income with high historical occupancy rates with the ability to increase rents. This is a rare opportunity to purchase a contiguous portfolio of assets which offers flexibility. The attributes listed above, combined with the long-term predictability and demand for affordable housing make this portfolio an opportunity on which an investor can capitalize.

Benefits & Highlights

Property Benefits


56 Units

Convenient location

Close proximity to shopping, dining, schools and other amenities

Located just north of Kirtland Air Force Base in the Southeast Heights

Each unit is individually metered for gas and electric

Some units have private secured yards

Well maintained buildings and grounds

Gas wall panel or electric baseboard heating

Evaporative cooling

Investment Highlights


Desirable and functional unit mix

Priced well below replacement cost

Below market rents

Portfolio is contiguous but is comprised of 10 separate parcels

Flexible future exit strategies

High barriers to entry with significant demand

Strong historical occupancy

Ability to increase rents and income

Albuquerque MSA has a strong rental market with low vacancy rates

Location

Demographics

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Team

Cole Flanagan, CPA (FL), MBA

Cole Flanagan, CPA (FL), MBA

CEO & Qualifying Broker
Flanagan Investment Real Estate
505-235-7585
Jake Mechenbier

Jake Mechenbier

Director
Flanagan Investment Real Estate
505-917-5514