3226 Rufina

$3,264,252

1 of 10

3226 Rufina

$3,264,252

Contact Presenting Broker

    SIR

    Sotheby's International Realty ®

    (800) 409-7325

    Key Features

    • MLS: 202104644
    • Status: Active
    • Price: $3,264,252
    • Area: 4N-SF City Limit SWN
    • Type: Apartment Complex
    • Acres: 0.867484

    About this Property

    If you love Meow Wolf, this property is located a few hundred feet south. The economic engine of Meow Wolf makes this an ideal asset to acquire under the rising tide raises all ships theory. The property contains a total of 23 units in 2 buildings built in the 1980s, with a small parcel of land for potential additional uses. Historically a high barrier to entry market for new construction, in 2017, the areas was identified as being short some 6,484 housing units. The community has partnered to bring more multifamily units on line than the Albuquerque area, but its not enough to satiate the resident demand. This has translated to high rent growth and the new construction is establishing a new ceiling on market rents ranging from $2,505 to $6,446 per month (you read that correct - there are a half dozen communities that the high end of their rent is between $2,505 to $6,446 per month!) This high barrier to entry market has some of the most expensive single-family housing in the country with an average price over $700,000. There are two prices for this property: 1. If you want to pay all cash, or obtain a new loan, the price is $3,264,252 - a 4.50% cap rate at the current average rents of $885. 2. If you want to assume the existing financing of $1,494,328, the price is $2,891,859. Measure of investment performance at the average rents of $885 include a GRM of 11.83, a before reserves cap rate of 5.08%, an after reserves cap rate of 4.92%, a cash on cash of 3.19%

    Additional Features

    • Type: Apartment Complex
    • Style: Multi-Level
    • Sewage: City
    • Days On Market: 50
    • Age: 31+ Years
    • Cooling: Evaporative - Central
    • Heating: Gas
    • Heat Distribution: Forced Air

    Neighborhoods

    Santa Fe City Southwest

    Santa Fe city southwest, the largest area of Santa Fe and still growing…. West Side This older, family community boasts an eclectic mix of commercial development and mid-priced adobe structures. St. Anne's church and Larragoite elementary school help create a neighborhood atmosphere. Barrio la Cañada Close to town and just west of the west side, this small area provides a quiet,

    Schools

    Listing Brokerage

    IDX listing

    Todd Clarke

    NM Apartment Advisors, Inc.

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    The data relating to real estate for sale in this web site comes in part from the Internet Data exchange (“IDX”) program of SFAR MLS, Inc. Real estate listings held by brokers other than Sotheby's International Realty ® are marked with the IDX logo. All data in this web site is deemed reliable but is not guaranteed.