4 Unit Multifamily in Albuquerque, NM w/great income

[Robert Carmody]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $708,000

Built 2022. Two x 3bedroom/3 bathroom/2 car garage/1400sqft. Two x 2 bedroom/2.5bathroom/1 car garage/1090sqft. All 4 units have laundry rooms or utility closets in the unit, spacious primary bedrooms, ample closet space, open kitchen & living room layout, stained concrete floors on main level, forced air heating, refrigerated a/c, individually metered for gas & electric services, and appliances included. Each unit also has a small backyard and private patio on the back side of the property.

What made you interested in investing in this type of deal?

My client purchased the property due to the age, condition, low maintenance/durable design, and income relative to the acquisition cost and overall price. Also, property is located in a popular area with long term appeal and rental prices that have steadily increased over a long period of time.

How did you find this deal and how did you negotiate it?

I was aware of the property through a colleague that I've worked with before, and we were able to negotiate the agreement before it went onto the market, which they were preparing to do.

How did you finance this deal?

Cash/Conventional investment property loan

How did you add value to the deal?

As the buyer's broker, I located the deal before it hit the market and avoided being in a multiple offer situation or bidding war, as the property is in a generally popular area, where investment properties tend to be in higher demand. I directed my client toward marketing services and resources for advertising the property, and provided them with professional photos and virtual tours that I arranged right after we closed, which they use in the future when they advertise any of the units.

What was the outcome?

The larger units are each leased at $1750/mo + utilities
The smaller units are each leased at $1525/mo + utilities

Total monthly income = $6,600.00
Total annual income with current leases = $79,200.00
Purchase price = $708,000.00
Property Taxes = $8,750.00/yr (estimated, currently much less, as they have not yet been reassessed following the construction of the property, or re-construction)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the agent on the transaction. (Robert Carmody with Re/Max Select) I've been representing buyers, sellers and investors for approximately 17 years in the greater Albuquerque & Rio Rancho areas, as well as some sales in the Santa Fe area also.