924 Valencia Drive SE, Albuquerque, NM 87108
$1,955,736
Property Type:
Residential Income
Square Footage:
17,600
Lot Size (sq. ft.):
33,541
Status:
Closed
Current Price:
$1,955,736
List Date:
7/26/2023
Last Modified:
9/29/2023
Description
Measures of invest performance at the ask price of $1,955,736 and average current rents of $828 per unit, per month, include a GRM of 9.84, 5.01% cap rate and an after tax internal rate of return of 18.5%.
If rents are moved to 80% of area median income, and an average of $1,248, measures of investment performance improve to a cap rate of 9.35%, and a cash on cash of 17.11%.
The owner, Ventana Fund, is a non-profit CDFI and loan fund that specializes in the creation/preservation of affordable housing and is willing to offer financing with an initial interest rate of 3.95% , 30 year amortization, 5 year call, at 70% loan to value, with a list price offer. Financing would be subject to restrictions on allowable rents and resident income.
Recent appraisal at $2.03M
More Information MLS# 1038616
Status Change Info
Pending Date: 2023-08-03
Closing Date: 2023-09-29
Contract Information
Listing Price: 1955736
Current Price: $1,955,736
List Price/SqFt: 111.12
Status: Closed
Allowance/Concession: No
Bank Owned: No
Location
Street #: 924
Street Name: Valencia
St Suffix: Drive
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 4994
Geo Lat: 35.064155
Geo Lon: -106.580504
Area: 71 - Southeast Heights
Zone Atlas: L18
City/County Data
UPC Code: 101805617321832501
Subdivision: Virginia Place Addition
General Property Description
# of Units: 20
5+ Units: Yes
Units for Sale: 20
Property Sub-Type: 9 or More Units
Apx Structured SqFt: 17600
Lot Size Source: On-Line
Acres: 0.77
Lot SqFt: 33541.2
Directions: From I-25 and Gibson, east to Valencia and north to property.
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 2
Year Built: 2000
Age: 21 - 30
# Parking Spaces: 24
Disability Access: Yes
LBP Disclosure: No
Builder: Erickson
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 13264.72
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 197999
Operating Expenses: 104447
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 16
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 800
Actual Rent: 803
Max Rent: 975
Market Rent: 1200
# of Unit Types (2)
# of Units: 4
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 1200
Actual Rent: 929
Max Rent: 1400
Market Rent: 1440
Unit Summary
Total Units: 20
Average Unit Size: 880
Average Actual Rent: 828.2
Annualized: 198768
Total Actual Rent: 16564
Property Features
Construction: Frame
Exterior Material: Brick Veneer
Build Description: Resale
Amenities: Some Landscaping
Appliances included: Refrigerator
Utilities: Cable Connected; Electricity Connected; Water Connected
Heating: Heat Pump
Cooling: Central Air
Flooring: Carpet; Tile
Green Energy Generation: None
Electric Provider: Public Utility
Miscellaneous Info: No Sign
Metering: Individual Electric; Individual Gas
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Parking: 1.5 Spaces Per Unit
Roof: Pitched; Shingle
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional; Owner Financing
Source: Actual Record; Broker Provided; Owner Provided
Zoning: R-MH*
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: September - 29 - 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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