1700 Indian Plaza Drive NE, Albuquerque, NM 87106
$11,000,000
Property Type:
Residential Income
Square Footage:
111,927
Lot Size (sq. ft.):
100,624
Status:
Closed
Current Price:
$11,000,000
List Date:
5/16/2017
Last Modified:
6/26/2017
Description
Well located next to Wholefoods store, one freeway exit from Downtown or Uptown, just north of the UNM legal and medical campus, this low density, 140 unit, completed renovated apartment community offers its residents an ''A'' infill location with 9 different floorplans.
Assumable Fannie Mae Financing at 67% loan to value offers an astute investor a before Tax IRR of 18.4%, and after Tax IRR of 14.0%.
Property also includes an additional 1.4 acres of land that could be used for future apartment development - see listing agent for more details.
Recently renovated, and priced well below replacement cost. Upside potential in adding Wi-Fi, and moving rents up 13% to submarket average.
Amenities include: 1 and 2 story town home units, fire places, 2 swimming pools, updated clubhous
More Information MLS# 874575
Status Change Info
Pending Date: 2017-05-16
Closing Date: 2017-06-23
Contract Information
Listing Price: 11000000
Current Price: $11,000,000
List Price/SqFt: 98.28
Status: Closed
Allowance/Concession: No
Bank Owned: No
Location
Street #: 1700
Street Name: Indian Plaza
St Suffix: Drive
Post Direction: NE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87106
Zip +4: 1033
Geo Lat: 35.102709
Geo Lon: -106.605899
Area: 40 - UNM
Zone Atlas: H16
City/County Data
UPC Code: 101605947814640211
Subdivision: Indian Plaza Add
General Property Description
# of Units: 140
5+ Units: Yes
Units for Sale: 140
Property Sub-Type: 9 or More Units
Apx Structured SqFt: 111927
SqFt Source: Per Appraisal
Lot Size Source: On-Line
Acres: 2.31
Lot SqFt: 100623.6
Directions: From I-40 and Carlisle, south to Indian School, west to Indian Plaza, north property - located just west of Whole Foods.
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 12
Year Built: 1980
Age: 31 - 40
Disability Access: Unknown
LBP Disclosure: No
Builder: Unknown
Owner Occupant Unit: Yes
Multiple Lots: Four
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 14817.5
Tax Exemption: No
Basement
Basement: No
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 12
# Baths: 1
Approx. SqFt: 380
Actual Rent: 499
Max Rent: 551
Market Rent: 556
# of Unit Types (2)
# of Units: 41
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 530
Actual Rent: 605
Max Rent: 670
Market Rent: 689
# of Unit Types (3)
# of Units: 4
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 640
Actual Rent: 678
Max Rent: 720
Market Rent: 689
# of Unit Types (4)
# of Units: 11
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 860
Actual Rent: 725
Max Rent: 821
Market Rent: 751
# of Unit Types (5)
# of Units: 30
# of Bedrooms: 2
# Baths: 2
Approx. SqFt: 1053
Actual Rent: 800
Max Rent: 922
Market Rent: 881
# of Unit Types (6)
# of Units: 16
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 946
Actual Rent: 819
Max Rent: 916
Market Rent: 1018
# of Unit Types (7)
# of Units: 13
# of Bedrooms: 2
# Baths: 2
Approx. SqFt: 1015
Actual Rent: 745
Max Rent: 906
Market Rent: 1018
# of Unit Types (8)
# of Units: 13
# of Bedrooms: 2
# Baths: 2
Approx. SqFt: 1054
Actual Rent: 832
Max Rent: 948
Market Rent: 1018
Unit Summary
Total Units: 140
Average Unit Size: 799.52
Average Actual Rent: 707.75
Annualized: 1189020
Total Actual Rent: 99085
Property Features
Construction: Frame
Exterior Material: Stucco
Amenities: Clubhouse; Laundry Equip Leased; Owners Unit; Swimming Pool
Appliances included: Dishwasher; Refrigerator
Utilities: All City
Heating: Gas
Cooling: Evaporative Cooling
Flooring: See Remarks
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Rental Info: Other - See Remarks
Finance Considered: Conventional
Zoning: SU-1
Documents
Flyer & Info ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: June - 26 - 2017
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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