600 Morris Street NE, Albuquerque, NM 87123 (MLS# 1018368)

600 Morris Street NE, Albuquerque, NM 87123

$4,988,057
Property Type: Residential Income Square Footage: 34,581 Lot Size (sq. ft.): 49,005 Status: Closed
Current Price: $4,988,057 List Date: 7/06/2022 Last Modified: 3/28/2023

Description

Located across the street from the Presidio, a high end residential gated community, and walking distance to a Walmart Super Center, power boxes, and restaurants, this community has an abundance of retail amenities for their residents. The property is also located in close proximity to Kirtland Air Force Base, Sandia National Laboratories, and Albuquerque's biking/hiking trail system. This is a core asset with stabilized cash flows that could also be a value-add opportunity if an investment was made in upgraded finishes, high speed internet and the development of private yard spaces. CORE Asset Measures of investment performance at the ask price of $4,988,057 and current average rents of $709 a month are a GRM of 11.28, a 5.98% cap rate, $95,924 per unit, $144/sf.

More Information MLS# 1018368

Status Change Info

Pending Date: 2022-09-23 Closing Date: 2022-12-22

Contract Information

Listing Price: 4988057 Current Price: $4,988,057 List Price/SqFt: 144.24 Status: Closed Allowance/Concession: No Bank Owned: No

Location

Street #: 600 Street Name: Morris St Suffix: Street Post Direction: NE County: Bernalillo City/Town Code: Albuquerque State/Province: NM Zip Code: 87123 Zip +4: 2876 Geo Lat: 35.07656 Geo Lon: -106.523407 Area: 50 - Northeast Heights Zone Atlas: K21

City/County Data

UPC Code: 102105728115141601

General Property Description

# of Units: 52 5+ Units: Yes Units for Sale: 52 Property Sub-Type: 9 or More Units Apx Structured SqFt: 34581 SqFt Source: Professional Lot Size Source: On-Line Acres: 1.12 Lot SqFt: 49005 Directions: From I-40 and Eubank, south Chico, east to Morris, property on the NEC Morris and Chico Stories: 2 Total Stories in Bldg: 2 Total # of Buildings: 5 Year Built: 1982 Age: 31 - 40 Disability Access: No LBP Disclosure: No Builder: Dodson Owner Occupant Unit: No Multiple Lots: Three Flood Zone: X

Tax & Legal Info

GRT Code: 02-100 Current Taxes: 4972.76 Tax Exemption: No

Basement

Basement: No

Income & Expenses

Annual Gross Income: 426204 Operating Expenses: 139931

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 48 # of Bedrooms: 1 # Baths: 1 Style: Townhouse Approx. SqFt: 624 Actual Rent: 716 Max Rent: 950 Market Rent: 956

# of Unit Types (2)

# of Units: 3 # of Bedrooms: 2 # Baths: 1 Style: Townhouse Approx. SqFt: 1048 Actual Rent: 825 Max Rent: 900 Market Rent: 1250

# of Unit Types (3)

# of Units: 1 # of Bedrooms: 2 # Baths: 1 Style: Office Townhouse Approx. SqFt: 1048 Market Rent: 1250

Unit Summary

Total Units: 52 Average Unit Size: 656.61 Average Actual Rent: 708.51 Annualized: 442116 Total Actual Rent: 36843

Property Features

Construction: 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 Electric Provider: Public Utility Electric: None Metering: Sub-Metering Owner Pays: None Tenant Pays: Other - See Remarks Parking: Guest Parking; Paved Lot Roof: Flat Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: R-ML*
Listing Office: NM Apartment Advisors, Inc.
Last Updated: March - 28 - 2023

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