300 Rhode Island Street SE, Albuquerque, NM 87108
$956,188
Property Type:
Residential Income
Lot Size (sq. ft.):
27,007
Status:
Pending
Current Price:
$956,188
List Date:
4/06/2023
Last Modified:
5/01/2024
Description
New Mexico Apartment Advisors is pleased to bring El Pueblito, a 15 unit apartment community back to market. Available for the first time in decades, this value add opportunity is an amazing chance to build on the pueblo modern architecture while pursuing the double digit rent growth the city of Albuquerque is currently undergoing.
Located on a traffic calming cul-de-sac, 300-314 Rhode Island SE has classic NM architecture in a three building family compound layout.
With the average rents of $576 and at the ask price of $956,188 the measures of investment performance include a GRM of 9.22, a before reserves cap rate of 6.81% and an after tax IRR of 16.9%.
More Information MLS# 1032229
Status Change Info
Pending Date: 2024-05-01
Contract Information
Listing Price: 956188
Current Price: $956,188
Status: Pending
Allowance/Concession: No
Bank Owned: No
Location
Street #: 300
Street Name: Rhode Island
St Suffix: Street
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 4182
Geo Lat: 35.071797
Geo Lon: -106.557924
Area: 71 - Southeast Heights
Zone Atlas: L19
City/County Data
UPC Code: 101905631749311610
Subdivision: Casas Serenas
General Property Description
# of Units: 15
5+ Units: Yes
Units for Sale: 15
Property Sub-Type: 9 or More Units
Lot Size Source: On-Line
Acres: 0.62
Lot SqFt: 27007.2
Directions: From I-40 and Louisiana, south to Bell, east to property.
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 3
Year Built: 1956
Age: 61 - 70
Disability Access: Unknown
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: Four
Flood Zone: X
Tax & Legal Info
GRT Code: 02-100
Current Taxes: 2689.2
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 98553
Operating Expenses: 36828
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 13
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 556
Actual Rent: 542
Max Rent: 670
Market Rent: 775
# of Unit Types (2)
# of Units: 2
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 750
Actual Rent: 800
Max Rent: 800
Market Rent: 925
Unit Summary
Total Units: 15
Average Unit Size: 581.86
Average Actual Rent: 576.4
Annualized: 103752
Total Actual Rent: 8646
Property Features
Construction: Frame
Exterior Material: Stucco
Build Description: Resale
Amenities: No Landscaping
Appliances included: Refrigerator
Utilities: Cable Connected; Electricity Connected; Natural Gas Connected; Phone Connected; Sewer Connected; Water Connected
Heating: Wall Unit
Cooling: Evaporative Cooling; Window Units(s)
Flooring: Tile
Electric Provider: Public Utility
Electric: None
Miscellaneous Info: No Sign
Metering: Other - See Remarks
Operating Expenses: Other - See Remarks
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Parking: Guest Parking; Paved Lot
Roof: Flat
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional
Source: Owner Provided
Zoning: R-ML*
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: May - 01 - 2024
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