8600 Zuni Road SE, Albuquerque, NM 87108 (MLS# 955168)

Overview

Description

NOTE*** Seller has accepted an offer, but purchase and sale agreement allows Seller to continue to receive offers in a backup position. Although recent renovations have been done, this investment is a value add opportunity. Measures of investment performance at ask price of $939,963 and current average rent of $508 are a GRM of 5.84, a 9.06% cap rate, $37,599 per unit, $61.34/sf and a before tax IRR of 26.40% and an after tax IRR of 20.40%. If rents are raised to submarket average of $660, measures of investment performance increase to a GRM of 4.75, a 12.30% cap rate and a 27.82% cash on cash.

Status Change Info

Pending Date: 2020-06-05
Closing Date: 2020-07-31

Location

Street #: 8600
Street Name: Zuni
St Suffix: Road
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 3276
MLS Area Major: 71 - Southeast Heights
Zone Atlas: L19

CityCounty Data

Subdivision Name: J Earl Burns Add

General Property Description

# of Units: 25
5+ Units: Yes
Property Sub-Type: Multi-Family
Lot Size Source: On-Line
Acres: Yes
Lot SqFt: 43560
Directions: From Wyoming and I-40 south to Zuni, west to property
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: Yes
Year Built: 1960
Year Built Exception: Unknown
Age: 51 - 60
Disability Access: Unknown
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: Yes

# of Unit Types (1)

# of Units: 24
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 608
Actual Rent: 509
Max Rent: 600
Market Rent: 654

# of Unit Types (2)

# of Units: Yes
# of Bedrooms: 2
# Baths: Yes
Approx. SqFt: 725
Actual Rent: 485
Max Rent: 485
Market Rent: 686

Unit Summary

Total Units: 25
Average Unit Size: 612.68
Average Actual Rent: 508.04
Annualized: 152412
Total Actual Rent: 12701

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101905645152311926

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: Unknown
Tax Annual Amount: 11367.74

Construction Materials

Brick Veneer: Yes
Frame: Yes

Amenities

Laundry Community: 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: 146480
Operating Expenses: 72847

Build Description

Resale: Yes

Appliances included

Refrigerator: Yes

Utilities

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

Trade/Xch Terms

Equity See LO/SO: Yes
Trade for Home (H): Yes
Trade for Home (L): Yes
Trade for Other RE: Yes
Trade for Pers Prop: Yes

Electric Provider

Community: Yes

Electric

None: Yes

Metering

Other - See Remarks: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Other - See Remarks: Yes

Zoning

R-T*: Yes

Property Features

Construction Materials: Brick Veneer; Frame Build Description: Resale Amenities: Laundry Community Appliances included: Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Phone Connected; Sewer Connected; Water Connected Heating: Other Cooling: Other Flooring: Carpet; Vinyl Electric Provider: Community Electric: None Metering: Other - See Remarks Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: R-T*