18 UNIT APARTMENT BUILDING NEAR UNIV. OF NEW MEXICO MUST SELL! 8% CAP ON CURRENT #S. GREAT VALUE ADD BUY! Start Price USD 699,000.00 Current Price USD 699,000.00 Time Left - Bid Count 0 Buy It Now Price USD 735,000.00 Reserve Price - Start Time Tuesday, December 02, 2008 End Time Friday, December 12, 2008 Location Marina del Rey, California See more about '18 UNIT APARTMENT BUILDING NEAR UNIV. OF NEW MEXICO' Description INVESTMENT OVERVIEW   This is a great opportunity for the astute investor to enter the robust multi-family market of Albuquerque. This is an 18-unit property located near the Nob Hill District of Albuquerque. Nob Hill is one of the most desirable areas of Albuquerque with its restaurants and shops and close proximity to University of New Mexico (1 mile from campus center), and the Sunport International airport. Seller will to consider carrying back a 1st trust deed or a wrap around loan..   INVESTMENT HIGHLIGHTS ·        Excellent Location ·        Close to University of New Mexico ·        Free Internet for Tenants ·        All Units are 1 and 2 Bedrooms ·        Free Cable (Tenant Pays for Box) ·        New Roof in 2006 ·        Close to Shops and Restaurants ·        Most Units Remodeled     INCOME   CURRENT   PRO FORMA   Gross Potential Rent   $100,800   $114,600   Other Income   0   4,800   Gross Potential Income   $100,800   $119,400   Less: Vacancy/Deductions (GPR)   (5.0%) 5,040       Effective Gross Income   $95,760   $119,400   Less:  Expenses   32,652   32,452   Net Operating Income   $63,108   $86,948   Reserves   3,600   3,600   Total Return   8.00% $59,508   10% $83,348   EXPENSES           Real Estate Taxes   $4,696   $4,696 Insurance   3,200   3,200 Utilities   7,716   7,716 Repairs & Maintenance   7,200   7,200 Marketing & Promotion   1,000   1,000 Management Fee   6,840   6,840 Landscaping   600   600 Misc.   1,400   1,200 Total Expenses   $32,652   $32,452 Expenses per Unit   $1,814   $1,803 Expenses per SF   $3.00   $2.98 % of EGI   34.1%   27.2%               Place a Bid!