321 Arizona Street SE, Albuquerque, NM 87108 (MLS# 1002733)


$428,358
321 Arizona Street SE
Albuquerque, NM 87108
MLS# 1002733
4287 sqft


321 Arizona Street SE, Albuquerque, NM 87108
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321 Arizona Street SE, Albuquerque, NM 87108 321 Arizona Street SE, Albuquerque, NM 87108 321 Arizona Street SE, Albuquerque, NM 87108 321 Arizona Street SE, Albuquerque, NM 87108 321 Arizona Street SE, Albuquerque, NM 87108 321 Arizona Street SE, Albuquerque, NM 87108 321 Arizona Street SE, Albuquerque, NM 87108 321 Arizona Street SE, Albuquerque, NM 87108

Property Description
Recent reports have indicated 18% year over year rent growth in Albuquerque – and as we enter the fifth housing shortage in our city's history, this trend is likely to continue for many years to come. Located at 321-3 Arizona SE and directly north of the iconic castle apartment community these 6 units are well positioned to take advantage of the forthcoming rent growth in the market. At the ask price of $425,000 and an average rent of $649 the measure of investment performance include a GRM of 9.09, a CAP rate of 6.42% (before reserves), a price per unit of $70,833 price per square foot of $99.14 an after tax IRR of 24.10%. At the ask price of $428,358 and an average rent of $708the measure of investment performance include a GRM of 8.41, a CAP rate of 7.57%.

Details
Maps
Documents
Contract Information
Listing Price: 428358
Current Price: $428,358
List Price/SqFt: 99.92
On Market Date: 2021-10-11
Status: Active
Allowance/Concession: No
Bank Owned: No
Location
Street #: 321
Street Name: Arizona
St Suffix: Street
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 3037
Geo Lat: 35.073843
Geo Lon: -106.5766
Area: 71 - Southeast Heights
Zone Atlas: K18
City/County Data
UPC Code: 101805729004140109
Subdivision: Lots 9 & 10, Block 9, Fairground Addition
General Property Description
# of Units: 6
5+ Units: Yes
Units for Sale: 6
Property Sub-Type: 6 Units
Apx Structured SqFt: 4287
SqFt Source: Professional
Lot Size Source: On-Line
Acres: 0.16
Lot SqFt: 6969.6
Directions: From I-40 and San Mateo, south to Zuni, east to Arizona, north to property - look for the Castle!
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 4
Year Built: 1949
Year Built Exception: Unknown
Age: 71 - 80
Disability Access: Unknown
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 3147
Tax Exemption: Unknown
Basement
Basement: No
Income & Expenses
Annual Gross Income: 44144
Operating Expenses: 17118
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 1
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 470
Actual Rent: 600
Max Rent: 600
Market Rent: 650
# of Unit Types (2)
# of Units: 1
# of Bedrooms: 2
# Baths: 1
Style: Owners unit
Approx. SqFt: 1530
Actual Rent: 850
Max Rent: 850
Market Rent: 1200
# of Unit Types (3)
# of Units: 1
# Baths: 1
Approx. SqFt: 440
Actual Rent: 625
Max Rent: 625
Market Rent: 650
# of Unit Types (4)
# of Units: 3
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 615
Actual Rent: 611
Max Rent: 625
Market Rent: 625
Unit Summary
Total Units: 6
Average Unit Size: 714.16
Average Actual Rent: 651.33
Annualized: 46896
Total Actual Rent: 3908
Property Features
Construction: Frame
Exterior Material: Stucco
Build Description: Resale
Amenities: Some Landscaping
Appliances included: Refrigerator
Utilities: Cable Connected; Electricity Connected; Natural Gas Connected; Phone Connected; Sewer Connected; Water Connected
Heating: Central Forced Air
Cooling: Evaporative Cooling
Electric Provider: None
Green Energy Electric: None
Miscellaneous Info: No Sign
Metering: Other - See Remarks
Operating Expenses: Other - See Remarks
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Parking: 1 Garage
Roof: Flat
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional
Source: Owner Provided
Zoning: NR-C*

Listing Office: NM Apartment Advisors, Inc.

Last Updated: June - 11 - 2022


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