Courtesy of NM Apartment Advisors, Inc.

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