1132 Palomas Drive SE, Albuquerque, NM 87108
$949,530
Property Type:
Residential Income
Square Footage:
7,646
Lot Size (sq. ft.):
22,651
Status:
Active
Current Price:
$949,530
List Date:
6/12/2023
Last Modified:
3/08/2024
Description
10 unit, recently renovated community which is located near the new Max-Q mixed-use development.
Measures of investment performance at ask price of $949,530 and current average rent of $808 are a GRM of 9.79, a 6.04% cap rate, $94,530 per unit, $124.19/sf.
If rents are raised to the market of $925, the measures of investment performance improve to a cap rate of 7.14%.
10 additional units available on opposite end of the block.
The property is located jus a couple of blocks away from the new, under construction headquarters for the Albuquerque Community Safety (ACS), a new city department dedicated to helping the homeless that responds to 911 calls for mental health, substance use, and homelessness issues.
More Information MLS# 1036059
Contract Information
Listing Price: 949530
Current Price: $949,530
List Price/SqFt: 124.19
Status: Active
Allowance/Concession: No
Bank Owned: No
Location
Street #: 1132
Street Name: Palomas
St Suffix: Drive
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 5533
Geo Lat: 35.062108
Geo Lon: -106.58274
Area: 71 - Southeast Heights
Zone Atlas: L18
City/County Data
UPC Code: 101805610814831601
Subdivision: Virginia Place
General Property Description
# of Units: 10
5+ Units: Yes
Units for Sale: 10
Property Sub-Type: 9 or More Units
Apx Structured SqFt: 7646
Lot Size Source: On-Line
Acres: 0.52
Lot SqFt: 22651
Directions: From I-25 and Gibson, east to Palomas, north to property.
Stories: 1
Total Stories in Bldg: 1
Total # of Buildings: 3
Year Built: 1958
Year Built Exception: Unknown
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: 5677.56
Tax Exemption: Unknown
Basement
Basement: No
Income & Expenses
Annual Gross Income: 92620
Operating Expenses: 37547
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 10
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 765
Actual Rent: 808
Max Rent: 913
Market Rent: 925
Unit Summary
Total Units: 10
Average Unit Size: 765
Average Actual Rent: 808
Annualized: 96960
Total Actual Rent: 8080
Property Features
Construction: Block; Frame
Exterior Material: Stucco
Build Description: Resale
Amenities: No Landscaping
Appliances included: Refrigerator
Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected
Heating: Wall Unit
Cooling: Evaporative Cooling
Flooring: Tile; Vinyl
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; Broker Provided; Owner Provided
Zoning: R-MH*
Documents
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: March - 08 - 2024
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