NM Apartment Advisors is excited to bring twelve studio unit property to market at 436 Utah NE. Located in two buildings that face each other across a 0.31 acre lot, this investment is a value add opportunity.Measures of investment performance at ask price of $488,549 and current average rent of $488 are a GRM of 6.95, a 7.50% cap rate, $40,712 per unit, $101.78/sf and a before tax IRR of 21.00 and an after tax IRR of 16.60%.If rents are raised to submarket average of $639, measures of investment performance increase to a GRM of 5.31, a 10.9% cap rate and a 21.50% cash on cash.
Listing courtesy of NM Apartment Advisors, Inc..
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