335 Espanola Street NE, Albuquerque, NM 87108
$875,997
Property Type:
Residential Income
Square Footage:
7,500
Lot Size (sq. ft.):
20,038
Status:
Active
Current Price:
$875,997
List Date:
3/08/2024
Last Modified:
3/09/2024
Description
The property contains a large two bedroom home, 5 two bedroom units, 5 one bedroom units and a studio apartment all in a private courtyard setting facing each other. Current rents are 30% below market.
Measures of investment performance with an average rent of $738 and an ask price of $875,997 include $73,000 per unit , $116.80/sf, 6.76% cap rate, and an after tax IRR of 11.2%.
If rents are moved closer to the market average of $975, the measures of investment performance improve to a 10.14% cap rate.
Recent comparable sales indicate a value of $1,184,884 and the owner has priced these deals under market comparable sales to ensure an expedited closing.
More Information MLS# 1044432
Contract Information
Listing Price: 875997
Current Price: $875,997
List Price/SqFt: 116.8
Status: Active
Bank Owned: No
Location
Street #: 335
Street Name: Espanola
St Suffix: Street
Post Direction: NE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 5704
Geo Lat: 35.079623
Geo Lon: -106.564207
Area: 70 - Fairgrounds
Zone Atlas: K19
City/County Data
UPC Code: 101905712325632311
Subdivision: La Mesa Addition
General Property Description
# of Units: 12
5+ Units: Yes
Units for Sale: 12
Property Sub-Type: 9 or More Units
Apx Structured SqFt: 7500
Lot Size Source: On-Line
Acres: 0.46
Lot SqFt: 20037.6
Directions: From I-40 and Louisiana south to Copper east to Espanola, south to property.
Stories: 1
Total Stories in Bldg: 1
Total # of Buildings: 3
Year Built: 1946
Age: 71 - 80
Disability Access: No
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: Three
Flood Zone: X
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 4576.12
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 96216
Operating Expenses: 43315
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 1
# Baths: 1
Approx. SqFt: 500
Actual Rent: 610
Max Rent: 610
Market Rent: 775
# of Unit Types (2)
# of Units: 5
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 600
Actual Rent: 645
Max Rent: 715
Market Rent: 895
# of Unit Types (3)
# of Units: 5
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 600
Actual Rent: 736
Max Rent: 850
Market Rent: 1050
# of Unit Types (4)
# of Units: 1
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 1000
Actual Rent: 925
Max Rent: 925
Market Rent: 1200
Unit Summary
Total Units: 12
Average Unit Size: 625
Average Actual Rent: 703.33
Annualized: 101280
Total Actual Rent: 8440
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: Central Forced Air; Floor Furnace; Wall Unit
Cooling: Evaporative Cooling
Flooring: Carpet; Wood
Green Energy Generation: None
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: Other Parking
Roof: Flat
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional
Source: Broker Provided; Owner Provided
Zoning: R-T*
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: March - 09 - 2024
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