401 Georgia Street SE, Albuquerque, NM 87108
$486,614
Property Type:
Residential Income
Square Footage:
3,032
Lot Size (sq. ft.):
6,970
Status:
Closed
Current Price:
$486,614
List Date:
3/08/2024
Last Modified:
4/12/2024
Description
Seller is willing to offer financing for an owner occupant (who must move into the property) with a 5% down payment 30 year amortization, 5.75% interest rate, 7 year balloon, subject to approval of the buyers credit report, financial statement and tax returns.
This fourplex contains two bedroom one bathroom units that are renting at $1,200. There are washer dryer hook-ups in each unit and the units are renovated.
At the current average rents of $1,200, and an ask price of $486,614 the measures of investment performance include a price per unit of $121,654, price per square foot of $160.49, a GRM of 8.45, an after reserves cap rate of 6.65%.
If rents are raised to the market average of $1,325, the measures of investment performance improve to a before reserves cap rare of 6.95%.
More Information MLS# 1054702
Status Change Info
Pending Date: 2024-03-19
Closing Date: 2024-04-12
Contract Information
Listing Price: 486614
Current Price: $486,614
List Price/SqFt: 160.49
Status: Closed
Allowance/Concession: No
Bank Owned: No
Location
Street #: 401
Street Name: Georgia
St Suffix: Street
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 3852
Geo Lat: 35.072545
Geo Lon: -106.572213
Area: 71 - Southeast Heights
Zone Atlas: L18
City/County Data
UPC Code: 101805641752312811
Subdivision: Mesa Park
General Property Description
# of Units: 4
5+ Units: No
Units for Sale: 4
Property Sub-Type: Four Plex
Apx Structured SqFt: 3032
Lot Size Source: On-Line
Acres: 0.16
Lot SqFt: 6969.6
Directions: From I-40 and Louisiana south past the Ta-Lin International Market, to Zuni, east to Georgia and property
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 1
Year Built: 1980
Age: 31 - 40
# Parking Spaces: 6
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: 2128.16
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 34200
Operating Expenses: 13626
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 4
# of Bedrooms: 2
# Baths: 1
Style: effeective 10/1
Approx. SqFt: 758
Actual Rent: 1200
Max Rent: 1200
Market Rent: 1325
Unit Summary
Total Units: 4
Average Unit Size: 758
Average Actual Rent: 1200
Annualized: 57600
Total Actual Rent: 4800
Property Features
Construction: Frame
Exterior Material: Stucco
Build Description: Resale
Amenities: No Landscaping
Appliances included: Dishwasher; Refrigerator
Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected
Heating: Central Forced Air
Cooling: Evaporative Cooling
Flooring: Carpet; Tile
Green Energy Generation: None
Electric Provider: Public Utility
Electric: None
Miscellaneous Info: No Sign
Metering: Sub-Metering
Operating Expenses: Other - See Remarks
Owner Pays: Other - See Remarks
Tenant Pays: None
Parking: Paved Lot
Roof: Pitched; Shingle
Rental Info: Other - See Remarks
Finance Considered: Cash; Owner Financing; VA; Other - See Remarks
Source: Actual Record; Owner Provided
Zoning: R-ML*
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: April - 12 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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