1100 Palomas Drive SE, Albuquerque, NM 87108
$925,488
Property Type:
Residential Income
Square Footage:
7,720
Lot Size (sq. ft.):
24,394
Status:
Active
Current Price:
$925,488
List Date:
4/26/2023
Last Modified:
5/25/2024
Description
The prior owner remodeled the property with a new TPO roof, new soffits, new windows, synthetic stucco, new solid laminate flooring, updated lighting, updated electrical, as well as replacing some of the hot water heaters, and new central forced air furnaces.
Measures of investment performance at ask price of $925,488 and current average rent of $806 are a GRM of 9.57, a 5.97% cap rate, $92,549 per unit, $119.88/sf.
If rents are raised to the market of $950, the measures of investment performance improve to a cap rate of 7.41%.
Employment in this area is on a uphill trajectory due to the recent expansion of Netflix, Intel, Amazon and Northrop Grumman which has just completed construction of a new office building a few blocks away
More Information MLS# 1033316
Contract Information
Listing Price: 925488
Current Price: $925,488
List Price/SqFt: 119.88
Status: Active
Allowance/Concession: No
Bank Owned: No
Location
Street #: 1100
Street Modifier: 1104
Street Name: Palomas
St Suffix: Drive
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 5541
Geo Lat: 35.063414
Geo Lon: -106.582796
Area: 71 - Southeast Heights
Zone Atlas: L18
City/County Data
UPC Code: 101805610818831610
Subdivision: Lots 1, 2 & 3 Block 12, Virginia Addition
General Property Description
# of Units: 10
5+ Units: Yes
Units for Sale: 10
Property Sub-Type: 9 or More Units
Apx Structured SqFt: 7720
SqFt Source: Professional
Lot Size Source: On-Line
Acres: 0.56
Lot SqFt: 24393.6
Directions: From I-40 and Gibson - east to San Mateo, north to Eastern, east to Palomas.
Stories: 1
Total Stories in Bldg: 1
Total # of Buildings: 3
Year Built: 1955
Age: 61 - 70
Disability Access: Unknown
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: Three
Flood Zone: X
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 5586.84
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 91850
Operating Expenses: 38887
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 10
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 772
Actual Rent: 806
Max Rent: 850
Market Rent: 950
Unit Summary
Total Units: 10
Average Unit Size: 772
Average Actual Rent: 806
Annualized: 96720
Total Actual Rent: 8060
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: Central Air
Flooring: Vinyl
Green Energy Generation: None
Electric Provider: Public Utility
Electric: None
Miscellaneous Info: No Sign
Metering: Individual Electric; Individual Gas
Operating Expenses: Other - See Remarks
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Parking: Paved Lot
Roof: Flat
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional
Source: Actual Record; Owner Provided
Zoning: R-MH*
Documents
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: May - 25 - 2024
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