401 12th & 423 Street SW, Albuquerque, NM 87102 (MLS# 952878)

Overview

Description

NM Apartment Advisors is excited to bring to market this amazing 1930s vintage downtown Albuquerque apartment portfolio located on the edge of the Country Club Neighborhood. Located at 401 & 423 12th SW, 87102, this is a core asset with stabilized cash flow and recent renovations, it is also a value-add deal with rents that are 18.00% below market. If rents are raised to market average of $849, measures of investment performance increase to a GRM of 8.68, and a 6.62% cap rate. Email listing broker if you need the latest Downtown rent survey. Don't miss out – properties with high walk, bike and transit scores are going quickly!

Status Change Info

Pending Date: 2019-10-14
Closing Date: 2019-12-18

Contract Information

List Price/SqFt: 118.65
Allowance/Concession: No

Location

Street #: 401
Street Name: 12th & 423
St Suffix: Street
Post Direction: SW
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87102
Zip +4: 2813
MLS Area Major: 80 - Downtown Area
Zone Atlas: K13

CityCounty Data

Subdivision Name: Raynolds Addidion

General Property Description

# of Units: 10
5+ Units: Yes
Units for Sale: 10
Property Sub-Type: Multi-Family
Living Area: 7449
SqFt Source: Professional
Lot Size Source: On-Line
Acres: 0.32
Lot SqFt: 14000
Directions: From I-40 and 12th street, south to Central, east to 10th Street, south on 10th, west on Park to 12th, south to property.
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 2
Year Built: 1936
Age: 81 - 99
Disability Access: No
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: Yes
Multiple Lots: Three

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 7
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 500
Actual Rent: 661
Max Rent: 660
Market Rent: 852

# of Unit Types (2)

# of Units: 3
# of Bedrooms: 2
# Baths: Yes
Approx. SqFt: 650
Actual Rent: 758
Max Rent: 770
Market Rent: 841

Unit Summary

Total Units: 10
Average Unit Size: 545
Average Actual Rent: 690.1
Annualized: 82812
Total Actual Rent: 6901

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101305739339412207

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: Unknown
Tax Annual Amount: 2850.18

Construction Materials

Block: Yes
Frame: Yes
Stucco: Yes

Amenities

Storage: Yes

Cooling

Other: Yes

Flooring

Tile: Yes
Wood: Yes

Heating

Other: Yes

Owner Pays

Other - See Remarks: Yes

Tenant Pays

Other - See Remarks: Yes

Income & Expenses

Annual Gross Income: 82317
Operating Expenses: 31499

Build Description

Resale: Yes

Appliances included

Refrigerator: Yes

Utilities

Electricity Connected: Yes
Natural Gas Connected: Yes
Phone Connected: Yes
Sewer Connected: Yes

Electric Provider

Community: Yes

Miscellaneous Info

No Sign: Yes

Metering

Other - See Remarks: Yes

Operating Expenses

Other - See Remarks: Yes

Roof

Flat: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Other - See Remarks: Yes

Zoning

R-ML*: Yes

Property Features

Construction Materials: Block; Frame; Stucco Build Description: Resale Amenities: Storage Appliances included: Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Phone Connected; Sewer Connected Heating: Other Cooling: Other Flooring: Tile; Wood Electric Provider: Community Miscellaneous Info: No Sign Metering: Other - See Remarks Operating Expenses: Other - See Remarks Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Roof: Flat Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: R-ML*