317 Adams Street SE, Albuquerque, NM 87108 (MLS# 1074795)

Overview

Description

This is a core asset with stabilized cash flows that could also be a value-add opportunity if an investment was made in upgraded finishes for the balance of the units. CORE Asset Measures of investment performance at the ask price of $2,661,159 and current average rents of $792 a month are a GRM of 10.77, a 6.62% cap rate, $102,352 per unit, $204/sf, and an after tax internal rate of return is 13.20% And Value Add The property is currently 24% below market rents and that does not take into account the double digit annual rent growth the market is enjoying. If the rents are raised to the market of $1,023, the metrics of investment performance improve to a cap rate of 8.03% and a cash on cash of 8.98%.

Status Change Info

Pending Date: 2025-01-01
Closing Date: 2025-03-05

Contract Information

List Price/SqFt: 203.92
Allowance/Concession: No

Location

Street #: 317
Street Name: Adams
St Suffix: Street
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 2859
MLS Area Major: 42 - UNM South
Zone Atlas: K17

General Property Description

# of Units: 26
5+ Units: Yes
Units for Sale: 26
Property Sub-Type: Multi-Family
Living Area: 13050
SqFt Source: Professional
Lot Size Source: On-Line
Acres: 0.54
Lot SqFt: 23522.4
Directions: From I-25 and Coal, west to Adams north to property.
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: Yes
Year Built: 1985
Year Built Source: Public Records
Age: 31 - 40
Accessory Dwelling Unit: No
Disability Access: No
LBP Disclosure: No
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X

Cooling

Centrally Ducted: No
Evaporative Cooling: Yes

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 17
# Baths: Yes
Style: Studio
Approx. SqFt: 450
Actual Rent: 779
Max Rent: 850
Market Rent: 995

# of Unit Types (2)

# of Units: 9
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 600
Actual Rent: 816
Max Rent: 950
Market Rent: 1075

Unit Summary

Total Units: 26
Average Unit Size: 501.92
Average Actual Rent: 791.8
Annualized: 247044
Total Actual Rent: 20587

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101705729107740805

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 6947.98

Construction Materials

Frame: Yes
Stucco: Yes

Amenities

Some Landscaping: Yes

Flooring

Carpet: Yes
Tile: Yes
Vinyl: Yes

Heating

Central: Yes
Forced Air: Yes

Owner Pays

Other - See Remarks: Yes

Tenant Pays

Other - See Remarks: Yes

Income & Expenses

Annual Gross Income: 236235
Operating Expenses: 68453

Build Description

Resale: Yes

Appliances included

Refrigerator: Yes

Utilities

Electricity Connected: Yes
Natural Gas Connected: Yes
Sewer Connected: Yes
Water Connected: Yes

Green Energy Generation

None: Yes

Electric Provider

Public Utility: Yes

Miscellaneous Info

No Sign: Yes

Metering

Sub-Metering: Yes

Operating Expenses

Other - See Remarks: Yes

Parking

Covered: Yes
Guest Parking: Yes
Paved: Yes

Roof

Flat: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Other - See Remarks: Yes

Zoning

MX-T*: Yes

Property Features

Construction Materials: Frame; Stucco Build Description: Resale Amenities: Some Landscaping Appliances included: Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Central; Forced Air Cooling: Evaporative Cooling Flooring: Carpet; Tile; Vinyl Green Energy Generation: None Electric Provider: Public Utility Miscellaneous Info: No Sign Metering: Sub-Metering Operating Expenses: Other - See Remarks Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Parking: Covered; Guest Parking; Paved Roof: Flat Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: MX-T*