Own a piece of historic Eleven unit Apartment community on historic Route 66 6116 Central SW Albuquerque, NM 87105
The Offering On behalf of the owner, NM Apartment Advisors Inc., is pleased to present a rare opportunity to acquire an eleven unit community along historic Route 66. The Property Originally built in the early 1950 s as an auto court motel, the West Central Route 66 apartments were renovated into 11 apartment units. The commercial zoning of the property allows for residential, commercial and mixed uses. The current owner desires an all cash sale and local financing is available. Address 6116 Central SW Albuquerque, NM 87105 Ask Price: $215,000 $51.62/sf $19,545/ unit Actual 2015 Avg. Rent: $450 $1.19/sf CAP Rate: (before reserves) West Central Route 66 Apartments 11 units Proforma 2016 $550 $1.28/sf 10.7% 13.4% Cash on Cash: 18.8% 29.4% IRR Before Tax: After Tax: Net Rentable area 22.1% 15.5% 4,165 square feet Avg. Unit Size 379 square feet Site 0.28 acres YOC: 1950 (per assessor) UPC # 1-011-057-129285-32529 Amenities: Small office and storage areas Zoning C-2
The Location oute tral R n e C nts West artme 66 Ap Rio Grande River High School Located on historic Route 66, the 66 bus route and the 766 Rapid Ride Route, these apartments are well positioned between major employers, nearby restaurants, grocery stores and an abundance of mixed uses. Do To Bottling Center wn to w n Meridian Business Park Aquarium / Bio Park
Area Demographics/Employment In a three (3) mile radius around the subject property, there are 119,923 people (2010 census) and 36,648 employees. The median age in this area is 31.7 years. A demographic tapestry report based on a one mile radius around the subject property indicates that the three largest population segments include: 2012 Median Household Income 38. Industrious Urban Fringe (55%) -Family is central to residents of Industrious Urban Fringe neighborhoods; slightly more than half of the households have children. Fifty-four percent are married-couple families; 17 percent are single parents. Multigenerational households are relatively common. The high proportion of children contributes to the relatively low median age of 29.5 years. Hispanics comprise 61.7 percent of the residents in these neighborhoods. More than one fourth are foreign born, bringing rich, diverse cultures to these urban outskirts neighborhoods. The median household income is $38,847. The large average household size of 3.45 lowers the discretionary income available compared to segments with similar income. 24. Main Street, USA (13%) - neighborhoods are a mix of household types, similar to the U.S. distribution. Approximately half of the households are composed of married-couple families, nearly one-third are single-person or shared households, and the rest are single-parent or other family households. The median age of 36.9 years nearly matches the U.S. median. These residents are less diverse than the U.S. population. The median household income is $50,026, derived from wages, interest, dividends, or rental property. More than one in five residents aged 25 years and older hold a bachelor s or graduate degree; more than half of the residents have attended college. 58. NeWest Residents (12.6%) - Hispanic cultures dominate this family oriented segment; three-quarters of the population is Hispanic. With 4.1 people, the NeWest Residents segment household has the third largest family size of all the Tapestry segments. Families dominate this market. Children live in 54 percent of the households, in married-couple or single-parent families. Another 19 percent are married-couple families with no children living at home and other family types. The median age is 27.4 years. Dependent children are 36 percent of the population; more than one-third is younger than age 35. Approximately half of this young population is foreign born, more than half of whom have arrived in the United States in the last 10 years.
West Central Route 66 Apartment Photos
West Central Route 66 Apartment Photos
Financial Summary
Financial Summary
Additional Information Property Tours: Do not disturb onsite management or residents, neither of whom are aware of possible sale. Make offers subject to inspection Property tour scheduled for Tuesday, October 11th, 2016 at noon Offer deadline is Wednesday, October 19th, 2016 at 5pm Register online for property tour, rent rolls, profit & loss statements and additional documents at www.nmapartment.com/rt66 Marketing Advisors Todd Clarke CEO NM Apartment Advisors Inc. 505-440-TODD tclarke@nmapartment.com www.nmapartment.com The owner and property are represented by Todd Clarke CCIM of NM Apartment Advisors Inc. NMAA has over a quarter century of experience of marketing apartments in the New Mexico area.