1200 Ortiz Drive SE, Albuquerque, NM 87108
$2,000,000
Property Type:
Residential Income
Square Footage:
25,560
Lot Size (sq. ft.):
64,469
Status:
Closed
Current Price:
$2,000,000
List Date:
8/01/2019
Last Modified:
5/22/2020
Description
NM Apartment Advisors and the Ron Nelson Company is excited to bring to back to market this amazing 1960s & 70s vintage Albuquerque apartments 1116-1132 & 1200-8 Ortiz SE. A core asset with stabilized cash flow and recent renovations, it is also a value add deal with rents that are a bit below market.
Measures of investment performance at ask price of $1,967,000 and current average rent of $586 are a GRM of 6.35, a 7.25% cap rate, cash on cash of 9.79% (before interest only component), $44,705 per unit, and $77/sf.
If rents were raised to market average of $710, measures of investment performance increase to a GRM of 5.24, and a 8.60% cap rate.
Recent neighborhood rent survey on pages 10-11.
More Information MLS# 950793
Status Change Info
Pending Date: 2020-02-10
Closing Date: 2020-05-22
Contract Information
Listing Price: 2000000
Current Price: $2,000,000
List Price/SqFt: 78.25
Status: Closed
Allowance/Concession: No
Bank Owned: No
Location
Street #: 1200
Street Name: Ortiz
St Suffix: Drive
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 4679
Geo Lat: 35.063548
Geo Lon: -106.584965
Area: 71 - Southeast Heights
Zone Atlas: L18
City/County Data
UPC Code: 101805604219331411
Subdivision: Virginia Repl Add
General Property Description
# of Units: 44
5+ Units: Yes
Units for Sale: 44
Property Sub-Type: 9 or More Units
Apx Structured SqFt: 25560
SqFt Source: Professional
Lot Size Source: Survey
Acres: 1.48
Lot SqFt: 64469
Directions: From I-25 and Gibson, east on Gibson past San Mateo, north on Ortiz to property.
Stories: 1
Total Stories in Bldg: 1
Total # of Buildings: 8
Year Built: 1964
Age: 41 - 50
# Parking Spaces: 45
Disability Access: Unknown
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: Yes
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 13150
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 301301
Operating Expenses: 170620
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 40
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 552
Actual Rent: 570
Max Rent: 595
Market Rent: 699
# of Unit Types (2)
# of Units: 4
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 752
Actual Rent: 750
Max Rent: 776
Market Rent: 825
Unit Summary
Total Units: 44
Average Unit Size: 570.18
Average Actual Rent: 586.36
Annualized: 309600
Total Actual Rent: 25800
Property Features
Construction: Block
Exterior Material: None
Build Description: Resale
Amenities: Walled Complex
Appliances included: Refrigerator
Utilities: Cable Connected; Electricity Connected; Natural Gas Connected
Heating: Other - See Remarks
Cooling: Other
Flooring: Carpet; Vinyl
Electric Provider: Community
Electric: None
Miscellaneous Info: No Sign
Metering: All Master Metering; Other - See Remarks
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
Zoning: MX-L*
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: May - 22 - 2020
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