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419 Monroe Street NE, Albuquerque, NM 87108
$5,807,969
Property Type:
Residential Income
Square Footage:
33,000
Lot Size (sq. ft.):
53,579
Status:
Active
Current Price:
$5,807,969
List Date:
3/09/2024
Last Modified:
5/25/2024
Description
Zia at Nob-Hill's current ownership is on a runway towards achieving a 8.15% cap rate with individual unit renovations and higher rents.
The owner has done all of the non-sexy capital items including upgrading landscaping (2019), improved the parking lot (2020), installed new gas-lines (2019), a new roof (2019) and a security gate for parking. As units turn-over, the owner has developed a unit upgrade plan allowing them to capture higher rents. This combination makes the property a value add with the potential to renovate units and raise rents to a level closer to the neighboring property creating a potential cap rate of a 8.15%.
Property amenities included high speed internet and laundry care facilities.
This is a core asset with stabilized cash flows that could also be
More Information MLS# 1040505
Contract Information
Listing Price: 5807969
Current Price: $5,807,969
List Price/SqFt: 176
Status: Active
Bank Owned: No
Location
Street #: 419
Street Name: Monroe
St Suffix: Street
Post Direction: NE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 1258
Geo Lat: 35.084292
Geo Lon: -106.591964
Area: 40 - UNM
Zone Atlas: K17
City/County Data
UPC Code: 101705738541812504
Subdivision: Heights Reservoir addition
General Property Description
# of Units: 50
5+ Units: Yes
Units for Sale: 50
Property Sub-Type: 9 or More Units
Apx Structured SqFt: 33000
SqFt Source: Professional
Lot Size Source: On-Line
Acres: 1.23
Lot SqFt: 53578.8
Directions: From Lomas and Monroe stoplight (and Los Cuates) - due south to property.
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 12
Year Built: 1960
Age: 51 - 60
Disability Access: Unknown
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 21118.36
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 508329
Operating Expenses: 200832
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 50
# of Bedrooms: 1
# Baths: 1
Style: 653
Approx. SqFt: 653
Actual Rent: 885
Max Rent: 1100
Market Rent: 1100
Unit Summary
Total Units: 50
Average Unit Size: 653
Average Actual Rent: 885
Annualized: 531000
Total Actual Rent: 44250
Property Features
Construction Materials: Block; Frame; Stucco
Build Description: Resale
Amenities: Some Landscaping
Appliances included: Refrigerator
Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected
Heating: Central Forced Air
Cooling: Evaporative Cooling
Flooring: Carpet; Tile; Vinyl
Green Energy Generation: None
Electric Provider: Public Utility
Miscellaneous Info: No Sign
Metering: Master Electric; Master Gas
Operating Expenses: Other - See Remarks
Owner Pays: None
Tenant Pays: Other - See Remarks
Parking: Paved Lot; Security
Roof: Flat
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional
Zoning: R-MH*
Documents
Listing Office: NM Apartment Advisors, Inc.
Last Updated: May - 25 - 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.