800 KENT AVE NW A 12-UNIT MULTIFAMILY INVESTMENT OPPORTUNITY IN DOWNTOWN

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1 A 12-UNIT MULTIFAMILY INVESTMENT OPPORTUNITY IN DOWNTOWN CONTACT US ERIK OLSON BILLY EAGLE DAVID EAGLE Senior RYAN MILLS Client Services Specialist

2 THE OPPORTUNITY CBRE is pleased to present the opportunity to acquire a premium 12-unit gem located in the Downtown Albuquerque Area Submarket, on the corner of 8th and Kent, just north of Central Ave. The property s location offers quick access to the University of New Mexico, renowned medical centers, shopping and dining in Downtown and Nob Hill, and it is close to some of Albuquerque s premier employment centers. Albuquerque s Downtown area has one the highest rent rates and lowest vacancies in the MSA, which makes Kent Ave. NW a prime value-add opportunity. The property has an old-world charm, and still has below market rents despite it being partially renovated over the last 5 years. INVESTMENT SUMMARY Property Price $827,000 Price per Unit $68,916 Price per sf $ Pro Forma Cap Rate 6.70% Terms All Cash Total Units 12 Year Built ± 1946 Net Rentable Area (sf) ± 6,654 Average Unit Size (sf) ± 555

3 PROPERTY DESCRIPTION BUILDING & SITE DESCRIPTION Property Address Kent Ave NW Albuquerque, NM No. of Residential Units 12 Average Unit Size (sf)+/- 555 Net Rentable Area (sf)+/- 6,654 Land Area (Acres)+/ Land Area Density (Units/Acre)+/- 37 Zoning Land Use SU-2 Multifamily Parcel ID (Real Estate Tax ID) No. of Buildings 3 No. of Stories 1 Building Exteriors Roofs Electricity Service Gas Service Water, Sewer, Trash Heating Air Conditioning Water Supply Lines Branch Circuit Wiring Hot Water CONSTRUCTION Stucco/Frame Tar and Gravel Separately Metered Separately Metered Master Metered In Floor Gas Furnaces Individual In-Window Evaporative Cooling Units Copper Copper Individual Water Heaters PARKING Uncovered Parking 7± On-Street Parking Yes Refrigerator Range/Oven Washer/Dryer APPLIANCES & FINISHES Assorted Throughout Assorted Gas No Laundry on-site Electricity Gas Water/Sewer/Trash UTILITIES & SERVICES Public Utilities New Mexico (PNM) New Mexico Gas Company ABCWUA FLOOD HAZARD Panel Number 35001C0333H Date: 8/16/2012 Flood Zone X or C Zone Flood Insurance Currently No

4 UNIT MIX Unit Description # % Mix Sq. Ft./Unit** Total Sq. Ft.** $Rent/Unit*** $Rent/Sq. Ft*** $Monthly Rent*** 1 BR 1 BTH 10 83% 519 5, ,900 2 BR 1 BTH 2 17% 732 1, ,650 Weighted Averages Totals % 555 6, ,550 ** All square footages are approximate *** Rent/Unit amounts are based on current market rent 2 BR 1 BTH 17% 1 BR 1 BTH 83%

5 FINANCIAL ANALYSIS - MARKET PROFORMA Income/Expenses Percent Per Unit Per SF Market Pro Forma 2017 Gross Potential Rent $ 8, $ $102, Loss to Lease **Adjusted to Support Downtown Market 2.00% $ (0.34) $ (2,052.00) Actual Potential Rent $ 8, $ $100, Vacancy 4.00% $ 0.66 $ 4, Concessions 1.00% $ 0.17 $ 1, Delinquency 1.00% $ 0.17 $ 1, Net Rental Income $ 7, $ $ 94, Other Income *Adjusted to Support Downtown Market $ $ 0.62 $ 3, Effective Gross Income $ 8, $ $ 98, Operating Expenses Monthly Revenue Average $ $ 1.34 $ 8, Repairs & Maintenance Make Ready Contract Maintenance **Adjusted $ $ 1.51 $ 9, Legal/Accounting/Bad Debt ** Adjusted to Account for Normal Operations $ $ 0.30 $ 1,.00 Utilities - Water/Sewer/Trash/Gas/Electric $ $ 0.92 $ 5, Payroll Management Fees **Adjusted to Account for Normal Operations $ 1, $ 1.97 $ 12, Insurance ** Adjusted to Account for Normal Operations $ $ 0.49 $ 3, Real Estate Taxes ** 2016 Taxes X 10% $ $ 0.70 $ 4, Administration **Adjusted $ $ 0.28 $ 1, Office Expenses $ $ 0.20 $ 1, Marketing & Supplies **Adjusted $ $ 0.09 $ Operating Expense Subtotal $ 3, $6.45 $39,356 Net Operating Income $ 4, $9.66 $58,906 Replacement $300 $3,600 Net Operating Income After Replacement $55,306

6 I-25 WEST MESA FAR NORTHEAST HEIGHTS NORTHEAST HEIGHTS KENT AVE NW Central Ave I-40 KENT AVE NW DOWNTOWN UPTOWN UNIVERSITY I-40 CONTACT US SOUTHEAST HEIGHTS ERIK OLSON BILLY EAGLE I-25 DAVID EAGLE Senior RYAN MILLS Client Services Specialist CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. All marks displayed on this document are the property of their respective owners. Updated 08/2017 CBRE 6100 Uptown NE Suite 300 Albuquerque, NM t f