1200 Ortiz Drive SE, Albuquerque, NM 87108 (MLS# 950793)

1200 Ortiz Drive SE, Albuquerque, NM 87108

$2,000,000

Property Type: Residential Income Square Footage: 25,560 Lot Size (sq. ft.): 64,469 Status: Closed

Current Price: $2,000,000 List Date: 8/01/2019 Last Modified: 5/22/2020

Overview

Description

NM Apartment Advisors and the Ron Nelson Company is excited to bring to back to market this amazing 1960s & 70s vintage Albuquerque apartments 1116-1132 & 1200-8 Ortiz SE. A core asset with stabilized cash flow and recent renovations, it is also a value add deal with rents that are a bit below market. Measures of investment performance at ask price of $1,967,000 and current average rent of $586 are a GRM of 6.35, a 7.25% cap rate, cash on cash of 9.79% (before interest only component), $44,705 per unit, and $77/sf. If rents were raised to market average of $710, measures of investment performance increase to a GRM of 5.24, and a 8.60% cap rate. Recent neighborhood rent survey on pages 10-11.

Listing Details MLS# 950793

Status Change Info

Pending Date: 2020-02-10
Closing Date: 2020-05-22

Contract Information

List Price/SqFt: 78.25
Allowance/Concession: No

Location

Street #: 1200
Street Name: Ortiz
St Suffix: Drive
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 4679
MLS Area Major: 71 - Southeast Heights
Zone Atlas: L18

CityCounty Data

Subdivision Name: Virginia Repl Add

General Property Description

# of Units: 44
5+ Units: Yes
Units for Sale: 44
Property Sub-Type: Multi-Family
Living Area: 25560
SqFt Source: Professional
Lot Size Source: Survey
Acres: 1.48
Lot SqFt: 64469
Directions: From I-25 and Gibson, east on Gibson past San Mateo, north on Ortiz to property.
Stories: Yes
Total Stories in Bldg: Yes
Total # of Buildings: 8
Year Built: 1964
Age: 41 - 50
# Parking Spaces: 45
Disability Access: Unknown
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: Yes

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 40
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 552
Actual Rent: 570
Max Rent: 595
Market Rent: 699

# of Unit Types (2)

# of Units: 4
# of Bedrooms: 2
# Baths: Yes
Approx. SqFt: 752
Actual Rent: 750
Max Rent: 776
Market Rent: 825

Unit Summary

Total Units: 44
Average Unit Size: 570.18
Average Actual Rent: 586.36
Annualized: 309600
Total Actual Rent: 25800

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101805604219331411

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 13150

Construction Materials

Block: Yes
None: Yes

Amenities

Walled Complex: Yes

Cooling

Other: Yes

Flooring

Carpet: Yes
Vinyl: Yes

Heating

Other: Yes

Owner Pays

Other - See Remarks: Yes

Tenant Pays

Other - See Remarks: Yes

Income & Expenses

Annual Gross Income: 301301
Operating Expenses: 170620

Build Description

Resale: Yes

Appliances included

Refrigerator: Yes

Utilities

Cable Connected: Yes
Electricity Connected: Yes
Natural Gas Connected: Yes

Electric Provider

Community: Yes

Electric

None: Yes

Miscellaneous Info

No Sign: Yes

Metering

All Master Metering: Yes
Other - See Remarks: Yes

Operating Expenses

Other - See Remarks: Yes

Parking

Paved: Yes

Roof

Flat: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Other - See Remarks: Yes

Zoning

MX-L*: Yes

Property Features

Construction Materials: Block; None Build Description: Resale Amenities: Walled Complex Appliances included: Refrigerator Utilities: Cable Connected; Electricity Connected; Natural Gas Connected Heating: Other Cooling: Other Flooring: Carpet; Vinyl Electric Provider: Community Electric: None Miscellaneous Info: No Sign Metering: All Master Metering; Other - See Remarks Operating Expenses: Other - See Remarks Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Parking: Paved Roof: Flat Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: MX-L*

Documents

Flyer & APOD ›

LO SO Letter to Buyer, Buyers Broker ›

Lead Based Paint ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: May - 22 - 2020

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.