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% and an after tax IRR of 9.40% flattening a potential investors federal tax rate from 35% to 20%.Historically a high barrier to entry market for new construction, in 2017, the areas was identified as being short some 6,484 housing units.
Courtesy of: NM Apartment Advisors, Inc. Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing. Updated: 18th May, 2022 6:58 AM (UTC)