Description
Zia at Nob-Hill's current ownership is on a runway towards achieving a 9.24% cap rate with individual unit renovations and higher rents.The owner has done all of the non-sexy capital items including upgrading landscaping (2019), improved the parking lot (202o), installed new gas-lines (2019), a new roof (2019) and a security gate for parking. As units turn-over, the owner has developed a unit upgrade plan allowing them to capture higher rents. This combination makes the property a value add with the potential to renovate units and raise rents to a level closer to the neighboring property creating a potential cap rate of a 9.24%.CORE AssetMeasures of investment performance at the ask price of $5,349,113 and current average rents of $868 a month are a GRM of 10.27, a 5.75% cap
Location
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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: 28th November, 2023 1:48 PM (UTC)
Listing Office: NM Apartment Advisors, Inc.
