1307 TIJERAS Avenue NE, Albuquerque, NM 87106

$1,200,000
Property Type: Residential Income Square Footage: 8,634 Lot Size (sq. ft.): 13,068 Status: Closed
Current Price: $1,200,000 List Date: 10/02/2022 Last Modified: 11/16/2022

Overview

Description

Available for the first time in 35 years, these 12 units comprise a nice mix of easily rentable two-bedroom, one-bedroom, and studio apartments. The 3 two-bedroom/one bath units have large, covered patios with views of the City. The property also contains three garages and one laundry facility, plus some additional off-street parking. The apartments are in a great location close to UNM and Presbyterian and Lovelace hospitals. Current rents are well below market which would allow for the capitalization rate to improve to 5.81% and the total return on equity to improve to 6.73%. The after-tax IRR is projected to be 11.36% on a 5-year hold.

Listing Details MLS# 1023709

Status Change Info

Pending Date
2022-10-10
Closing Date
2022-11-15

Contract Information

List Price/SqFt
138.99
Allowance/Concession
No

Location

Street #
1307
Street Name
TIJERAS
St Suffix
Avenue
Post Direction
NE
County
Bernalillo
City/Town Code
Albuquerque
State/Province
NM
Zip Code
87106
Zip +4
4690
MLS Area Major
40 - UNM
Zone Atlas
K15

CityCounty Data

Subdivision Name
N/A

General Property Description

# of Units
12
5+ Units
Yes
Units for Sale
12
Property Sub-Type
Multi-Family
Living Area
8634
SqFt Source
Professional
Apx Lot Dim Front
N/A
Addl Lot Dim
N/A
Apx Lot Dim Side
N/A
Lot Description
flat
Lot Size Source
On-Line
Acres
0.3
Lot SqFt
13068
Directions
Take Dr. Martin Luther King Jr. Ave. east from I-25 to Spruce St. Turn right and go to Tijeras. It's on the northeast corner.
Stories
2
Total # of Buildings
4
Year Built
1950
Age
71 - 80
Disability Access
No
LBP Disclosure
Yes
Builder
Unknown
Owner Occupant Unit
No
Multiple Lots
One
Flood Zone
X

Basement

Basement
No

More Information

Sales Info

Trade/Xch Considered
No

# of Unit Types (1)

# of Units
3
# Baths
Yes
Style
Studio
Approx. SqFt
525
Actual Rent
538
Max Rent
700
Market Rent
700

# of Unit Types (2)

# of Units
6
# of Bedrooms
Yes
# Baths
Yes
Style
One bed/one bath
Approx. SqFt
776
Actual Rent
671
Max Rent
750
Market Rent
750

# of Unit Types (3)

# of Units
3
# of Bedrooms
2
# Baths
Yes
Style
two-bed/one-bath
Approx. SqFt
804
Actual Rent
900
Max Rent
975
Market Rent
975

Unit Summary

Total Units
12
Average Unit Size
720.25
Average Actual Rent
695
Annualized
100080
Total Actual Rent
8340

Currently Not Used

Bank Owned
No

City/County Data

UPC Code
101505723840422901

Tax & Legal Info

GRT Code
02-100
Tax Exemption
No
Tax Annual Amount
4412.62

Construction Materials

Frame
Yes
Stucco
Yes

Amenities

Laundry Community
Yes
Private Patios
Yes

Cooling

Evaporative Cooling
Yes

Flooring

Carpet
Yes
Vinyl
Yes

Heating

Wall Unit
Yes

Owner Pays

Sewer
Yes
Trash Removal
Yes
Water
Yes

Tenant Pays

Electric
Yes
Gas
Yes

Income & Expenses

Annual Gross Income
104009
Operating Expenses
42689

Build Description

Resale
Yes

Appliances included

Free-Standing Gas Range
Yes
Refrigerator
Yes

Utilities

Cable Available
Yes
Electricity Connected
Yes
Natural Gas Connected
Yes
Sewer Connected
Yes
Water Connected
Yes

Electric Provider

Public Utility
Yes

Electric

None
Yes

Miscellaneous Info

No Sign
Yes

Metering

Individual Electric
Yes
Individual Gas
Yes

Parking

2 or More Garages
Yes

Roof

Flat
Yes
TPO (G)
Yes

Finance Considered

Cash
Yes
Conventional
Yes
FHA
Yes
VA
Yes

Rental Info

Call Listing Broker
Yes

Source

Actual Record
Yes

Zoning

R-T*
Yes

Property Features

Construction Materials: Frame; Stucco Build Description: Resale Amenities: Laundry Community; Private Patios Appliances included: Free-Standing Gas Range; Refrigerator Utilities: Cable Available; Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Wall Unit Cooling: Evaporative Cooling Flooring: Carpet; Vinyl Electric Provider: Public Utility Electric: None Miscellaneous Info: No Sign Metering: Individual Electric; Individual Gas Owner Pays: Sewer; Trash Removal; Water Tenant Pays: Electric; Gas Parking: 2 or More Garages Roof: Flat; TPO (G) Rental Info: Call Listing Broker Finance Considered: Cash; Conventional; FHA; VA Source: Actual Record Zoning: R-T*

Documents

Listing Office: Berger Briggs RE & Prop Mgmt
Last Updated: November - 16 - 2022
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