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:
3/11/2024
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: Block; Frame
Exterior Material: 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
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: March - 11 - 2024
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