609 5th Street SW, Albuquerque, NM 87102
$284,999
Property Type:
Residential Income
Square Footage:
924
Lot Size (sq. ft.):
6,970
Status:
Closed
Current Price:
$284,999
List Date:
7/07/2022
Last Modified:
12/14/2022
Description
The property has a street address of 609 5th SW and is on a corner lot with about 15 extra parking spaces.
Measures of investment performance at ask price of $284,999 with a current average rent of $717 (a 30% increase over the former $550 rents) are a GRM of 11.63, a 5.47% cap rate before reserves, 5.23% cap rate after reserves, 17.50% before tax IRR, $95,000 per unit, and a price per sf of $308.44.
If all of the unit rents are raised to the market of $875, the measure of investment performance improve to a cap rate of 6.68%, if the extra parking is leased at $50 a space a month, the cap rate increases to well over 10%! Buyer to confirm parking lot and/or extra unit potential with the City of ABQ for permissible uses.
More Information MLS# 1006361
Status Change Info
Pending Date: 2022-11-10
Closing Date: 2022-12-14
Contract Information
Listing Price: 284999
Current Price: $284,999
List Price/SqFt: 308.44
Status: Closed
Allowance/Concession: No
Bank Owned: No
Location
Street #: 609
Street Name: 5th
St Suffix: Street
Post Direction: SW
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87102
Zip +4: 4070
Geo Lat: 35.07955
Geo Lon: -106.653961
Area: 80 - Downtown Area
Zone Atlas: K14
City/County Data
UPC Code: 101405709824632950
Subdivision: Atlantic & Pacific
General Property Description
# of Units: 3
5+ Units: No
Units for Sale: 3
Property Sub-Type: Triplex
Apx Structured SqFt: 924
SqFt Source: Professional
Lot Size Source: On-Line
Acres: 0.16
Lot SqFt: 6969.6
Directions: From I-25 and Coal, west on Coal to 5th, south to property.
Stories: 1
Total Stories in Bldg: 1
Total # of Buildings: 1
Year Built: 1946
Age: 71 - 80
Disability Access: No
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 1264.54
Tax Exemption: Unknown
Basement
Basement: No
Income & Expenses
Annual Gross Income: 18810
Operating Expenses: 8989
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 1
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 308
Actual Rent: 450
Max Rent: 650
Market Rent: 795
# of Unit Types (2)
# of Units: 1
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 308
Actual Rent: 550
Max Rent: 650
Market Rent: 795
# of Unit Types (3)
# of Units: 1
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 308
Actual Rent: 650
Max Rent: 650
Market Rent: 795
Unit Summary
Total Units: 3
Average Unit Size: 308
Average Actual Rent: 550
Annualized: 19800
Total Actual Rent: 1650
Property Features
Construction: Frame
Exterior Material: Stucco
Build Description: Resale
Amenities: No Landscaping
Appliances included: Refrigerator
Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected
Heating: Wall Unit
Cooling: Evaporative Cooling
Flooring: Vinyl
Electric Provider: Public Utility
Electric: None
Miscellaneous Info: No Sign
Metering: Individual Electric; Individual Gas
Operating Expenses: Other - See Remarks
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Parking: Unpaved
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional; FHA
Source: Owner Provided
Zoning: R-1A*
LO SO Letter to Buyers, Buyers Broker ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: December - 14 - 2022
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.