Catylist ID: #30663549
Mixed Use Medium zoning live/work in Uptown area – 8.33% Cap
Multi-Family for Sale
|Catylist Listing ID:||30663549|
|Number of Units:||1 Units|
|Building Size (RSF):||1,590 SF|
|Gross Land Area:||0.19 Acres|
|Unit Price:||$187,646 Per Unit|
|Property Use Type:||Investment|
|Usable Size (USF):||1,590 SF|
|Sale Terms:||Cash to Seller|
Overview / Comments
NM Apartment Advisors is really excited to bring to market this rare investment real estate opportunity – a charming, fabulously retro and amazing 1950’s house with hard wood floors, tons of space and extra rooms on a zoning that allows virtually unlimited uses. Office? Check. Retail? Check. Living? Check, MX-M zoning allows any combination of these uses.
Welcome to 2620 Dakota NE which contains large 5 room house with 2 bathrooms, large lot 0.19 acre lot and shed.
The last tenant at this space used it as a live/work call center – can you can see why – a separate nicely tiled room behind a house with gleaming hardwood floors, plaster walls, and an abundance of room and storage space – check it out for yourself at the virtual tour located a www.nmapartment.com/dakota3d.
The property is one ½ block north of Menaul Blvd, and one block due north of the former Sears store at Coronado Mall and is embedded in a neighborhood of apartments – in fact, the area where well known apartment developer, Frank Alexander got his start building the Alpha Compacts, The Omega, and the Delta apartments.
Although the property is vacant and ready for an owner/occupant – based on the current rent level of $1,400, and an ask price $187,646 the investment benchmarks include a cap rate of 6.08%, and an after tax IRR of 14.60%.
Raise those rents to market of $1,800 and the cap rate improves to 8.33%!
20 page property flyer containing information on rents, expenses, virtual tour, floorplan demographics and photos can be found here - http://www.nmapartment.com/apt/NMAA-Dakota2620NE.pdf
Do not wait on this one as live/work opportunities in the Uptown area are very hard to come by!
Attachments & Media
|Taxing Authority:||Bernalillo County|
|Zoning:||MX-M - Mixed-use: Moderate Intensity|
|Total Number of Buildings:||1|
|Number of Stories:||1|
|Total Parking Spaces:||6|
|Proximity:||1 mile||3 miles||5 miles|
Todd ClarkeNM Apartment Advisors, Inc. CARNM CIE Member
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