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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
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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