130 Rhode Island Street SE, Albuquerque, NM 87108
$373,105
Property Type:
Residential Income
Square Footage:
3,000
Lot Size (sq. ft.):
6,970
Status:
Active
Current Price:
$373,105
List Date:
3/04/2024
Last Modified:
3/06/2024
Description
130 Rhode Island SE with average rents now at $830, a 18% increase over June 2022 when they averaged $681 and at the ask price of $373,105 the measures of investment performance include a GRM of 9.37, a before reserves cap rate of 6.28% and an after tax IRR of 12.70%. If rents are raised to the market of $1,247 (which an identical property on this street is achieving), the measures of investment performance improve to a cap rate of 11.11%, and cash on cash of 22.86%
In addition to raising rents to the market untapped upside exists in renovating and generating income from the unused laundry rooms.
Extensive renovations list can be found on page 6 of the flyer(s) and full inspection reports, leases and additional information for 130 Rhode Island SE are available to qualified investor
More Information MLS# 1058183
Contract Information
Listing Price: 373105
Current Price: $373,105
List Price/SqFt: 124.37
Status: Active
Allowance/Concession: No
Bank Owned: No
Location
Street #: 130
Street Name: Rhode Island
St Suffix: Street
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 3263
Geo Lat: 35.073484
Geo Lon: -106.557801
Area: 71 - Southeast Heights
Zone Atlas: K19
City/County Data
UPC Code: 101905731802940206
Subdivision: Unity Addition
General Property Description
# of Units: 4
5+ Units: No
Units for Sale: 4
Property Sub-Type: Four Plex
Apx Structured SqFt: 3000
SqFt Source: Professional
Lot Size Source: On-Line
Acres: 0.16
Lot SqFt: 6969.6
Directions: From I-40 and Wyoming, south to Central, west to Rhode Island, south to property. Please note adjoining property is also for sale (126 & 130)
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 1
Year Built: 1980
Age: 31 - 40
Disability Access: Unknown
LBP Disclosure: No
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 2019.1
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 29070
Operating Expenses: 12245
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 4
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 750
Actual Rent: 830
Max Rent: 925
Market Rent: 1247
Unit Summary
Total Units: 4
Average Unit Size: 750
Average Actual Rent: 830
Annualized: 39840
Total Actual Rent: 3320
Property Features
Construction: Frame
Exterior Material: Stucco
Build Description: Resale
Amenities: No Landscaping
Appliances included: Refrigerator
Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected
Heating: Central Forced Air
Cooling: Evaporative Cooling
Flooring: Vinyl
Green Energy Generation: None
Electric Provider: Public Utility
Electric: None
Metering: Individual Electric; Individual Gas
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Roof: TPO (G)
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional; FHA; VA
Source: Broker Provided; Owner Provided
Zoning: MX-L*
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: March - 06 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.