1021 Coal Avenue, Albuquerque, NM 87102
$2,120,000
Property Type:
Residential Income
Square Footage:
17,700
Lot Size (sq. ft.):
28,750
Status:
Closed
Current Price:
$2,120,000
List Date:
12/05/2019
Last Modified:
1/21/2020
Description
Gated community with 29 units, two downtown parking lots, laundry facility and three x 2 car garages plus a management office.
Measures of investment performance at ask price of $2,120,000 and current average rent of $615 are a GRM of 10.20, a 6.82% cap rate, $73,103 per unit, $104/sf. If rents are raised to market average of $856, measures of investment performance increase to a GRM of 7.12, and a 9.63% cap rate.
Recent downtown rent survey on pages 8-12. Owners are currently renovating unit 28 with an anticipated market rent of $850.
Note recent improvements โ new roof is being installed, high speed property wide wi-fi internet, and three units undergoing upgrades and rent increases as we speak.
Need to close quickly? - check out what this property has done:
- recent i
More Information MLS# 933862
Status Change Info
Pending Date: 2019-12-05
Closing Date: 2020-01-21
Contract Information
Listing Price: 2120000
Current Price: $2,120,000
List Price/SqFt: 119.77
Status: Closed
Allowance/Concession: No
Bank Owned: No
Location
Street #: 1021
Street Name: Coal
St Suffix: Avenue
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87102
Zip +4: 5901
Geo Lat: 35.081907
Geo Lon: -106.660137
Area: 80 - Downtown Area
Zone Atlas: K13
City/County Data
UPC Code: 101305743833611701
Subdivision: Raynolds Add
General Property Description
# of Units: 29
5+ Units: Yes
Units for Sale: 29
Property Sub-Type: 9 or More Units
Apx Structured SqFt: 17700
Lot Size Source: On-Line
Acres: 0.66
Lot SqFt: 28749.6
Directions: From I-25 and Coal/Lead - west on Coal to 816, 1021 and 1116 Coal SW
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 6
Year Built: 1986
Age: 21 - 30
Disability Access: Unknown
LBP Disclosure: No
Builder: Keith
Owner Occupant Unit: Yes
Multiple Lots: Three
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 14023.58
Tax Exemption: No
Basement
Basement: No
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 1
# Baths: 1
Approx. SqFt: 350
Actual Rent: 545
Max Rent: 550
Market Rent: 705
# of Unit Types (2)
# of Units: 26
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 400
Actual Rent: 545
Max Rent: 550
Market Rent: 844
# of Unit Types (3)
# of Units: 1
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 650
Actual Rent: 495
Max Rent: 550
Market Rent: 925
# of Unit Types (4)
# of Units: 1
# of Bedrooms: 3
# Baths: 2
Approx. SqFt: 800
Actual Rent: 550
Max Rent: 660
Market Rent: 1436
Unit Summary
Total Units: 29
Average Unit Size: 420.68
Average Actual Rent: 543.44
Annualized: 189120
Total Actual Rent: 15760
Property Features
Construction: Frame
Exterior Material: Stucco
Build Description: Resale
Amenities: Laundry Equip. Owned
Appliances included: Refrigerator
Utilities: All City
Heating: Gas
Cooling: Evaporative Cooling
Flooring: Carpet; Vinyl
Electric Provider: Community
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional; FHA
Zoning: MX-L*
Flyer, APOD, property info ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: January - 21 - 2020
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