9-Unit Apartment Building - Great Location

Sold Multi-Family
Catylist Listing ID: 30135453
Property Subtypes: Mid-Rise
Property Type: Multi-Family
Archived As: Sold

Overview / Comments

A rare opportunity to buy a 9-unit apartment building in a great location. Close to UNM and the Presbyterian and Lovelace hospitals. Strong operating performance. Asking $525,000 with a 7.38% cap rate, an 8.23% cash on cash return, and a before tax internal rate of return of 20.80%. This is a two story apartment building extending from Martin Luther King Ave. to Tijeras Ave .Just one block north of The Highlands mixed-use development which will provide additional amenities to the neighborhood and improve property values.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: University
Tax ID/APN: 101505718041722704
Percent Occupied: 95%
Property Located Between: Cedar & Mulberry
Highway Access: I-25 to Dr. Martin Luther King Jr. Ave. then east
Airports: Albuquerque International
Site Description: Property extends from Martin Luther King Jr. on the north to Tijeras Ave. on the south.
Area Description: Centrally located to several major hospitals and close to UNM and Interstate 25. Close to the ART transportation system.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 1958
Roof Type: Flat
Construction/Siding: Stucco
Parking Type: Surface
Parking Description: Six to seven off-street parking spaces with abundant on-street parking along Tijeras Ave. with permit.
Total Parking Spaces: 7
Laundry: Shared
Heat Type: Natural Gas
Heat Source: Wall Units
Air Conditioning: Evaporative Cooler
Interior Description: 8 of 9 units refurbished
Water Service: Municipal
Sewer Type: Municipal
Legal Description: *011 028B & L Highland & 20 FT x 50 FT N

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,208 120,196 298,125
Median Age: 30.18 35.92 35.97
Households: 8,226 53,247 124,990


Photograph of Listing Agent

Bruce Golden

Berger Briggs RE - Insurance
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