3308 Fourth Street, Albuquerque, NM 87107
$6,995,000
Property Type:
Residential Income
Square Footage:
65,072
Lot Size (sq. ft.):
31,363
Status:
Closed
Current Price:
$6,995,000
List Date:
9/20/2019
Last Modified:
1/16/2021
Description
Located in the heart of the north valley along Albuquerque's original Route 66 and at 3308 Fourth NW, this brand-new construction apartment community offers an amazing chance to own an investment property in an underserved sub-market.
The property offers two full floors of covered parking, elevator service, common trash chutes, community library area, and units with w/d hookups, granite counter tops, plank flooring, walk-in closets and upgraded unit finishes.
I also have additional good news – the property has outperformed its original proforma and is obtaining rents of $1,052 per unit – which improves the cap rate to 6.21% before reserves, 6.04% after. Recent financing quote obtained indicates a 13.19% cash on cash is possible in year 1!
More Information MLS# 954338
Status Change Info
Pending Date: 2020-09-21
Closing Date: 2021-01-15
Contract Information
Listing Price: 6995000
Current Price: $6,995,000
List Price/SqFt: 107.5
Status: Closed
Allowance/Concession: No
Bank Owned: No
Location
Street #: 3308
Street Name: Fourth
St Suffix: Street
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87107
Zip +4: 1324
Geo Lat: 35.116371
Geo Lon: -106.644956
Area: 101 - Near North Valley
Zone Atlas: G14
City/County Data
UPC Code: 101405936053012614
Subdivision: Gentry Add
General Property Description
# of Units: 53
5+ Units: Yes
Units for Sale: 53
Property Sub-Type: 9 or More Units
Apx Structured SqFt: 65072
SqFt Source: Floorplan
Lot Size Source: On-Line
Acres: 0.72
Lot SqFt: 31363.2
Directions: From I-40 and Sixth street, north to Menaul, east to Fourth Street, north to property
Stories: 5
Total Stories in Bldg: 5
Total # of Buildings: 1
Year Built: 2019
Year Built Exception: New Construction
Age: <1
Disability Access: Yes
LBP Disclosure: No
Builder: J&S Development
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 2771.8
Tax Exemption: No
Basement
Basement: No
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 12
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 600
Actual Rent: 900
Max Rent: 900
Market Rent: 900
# of Unit Types (2)
# of Units: 14
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 800
Actual Rent: 960
Max Rent: 960
Market Rent: 960
# of Unit Types (3)
# of Units: 24
# of Bedrooms: 2
# Baths: 2
Approx. SqFt: 925
Actual Rent: 1110
Max Rent: 1110
Market Rent: 1110
# of Unit Types (4)
# of Units: 2
# of Bedrooms: 2
# Baths: 2
Style: ADA
Approx. SqFt: 1200
Actual Rent: 1295
Max Rent: 1295
Market Rent: 1295
# of Unit Types (5)
# of Units: 1
# Baths: 1
Style: Commercial
Approx. SqFt: 1000
Actual Rent: 1000
Max Rent: 1000
Market Rent: 1000
Unit Summary
Total Units: 53
Average Unit Size: 830.18
Average Actual Rent: 1027.73
Annualized: 653640
Total Actual Rent: 54470
Property Features
Construction: Frame; Masonry
Exterior Material: Stucco
Build Description: New Construction
Amenities: Wshr/Dryr HU in Unit
Appliances included: Refrigerator
Utilities: Electricity Connected; Natural Gas Connected; Phone Connected; Water Connected
Heating: Electric
Cooling: Central Air
Flooring: Vinyl
Electric Provider: Community
Electric: None
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional
Zoning: MX-T*
Flyer& Info ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: January - 16 - 2021
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