Mixed Use Medium zoning live/work in Uptown area – 8.33% Cap

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30663549
Property Subtypes: Duplex/Fourplex
Status: Pending
Number of Units: 1 Units
Building Size (RSF): 1,590 SF
Gross Land Area: 0.19 Acres
Sale Price: $187,646
Unit Price: $187,646 Per Unit
Property Use Type: Investment
Usable Size (USF): 1,590 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/16/2020

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!

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Northeast
Taxing Authority: Bernalillo County
Tax ID/APN: 101805937130110214
Zoning: MX-M - Mixed-use: Moderate Intensity
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 1
Year Built: 1953
Roof Type: Flat
Total Parking Spaces: 6

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,514 169,449 347,792
Median Age: 41.01 37.59 38.38
Households: 9,281 76,244 153,094


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