$75,000 Price Drop ~ Tremendous Upside 12 Apts. $49,875 ea.

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30287250
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden
Status: Pending
Number of Units: 12 Units
Building Size (RSF): 7,260 SF
Gross Land Area: 0.54 Acres
Sale Price: $598,500
Unit Price: $49,875 Per Unit
Property Use Type: Investment
Building Name: Crest Avenue Apartments
Sale Terms: Cash to Seller
Cap Rate: 6.62%
Gross Rent Multiplier: 7.62
Last Updated: 9/29/2018

Overview / Comments

This property consist of 3 contiguous four-plex units. It can be financed as residential.

One stable owner for over a decade. Considerable improvements and renovations have been done. New Asphalt, new energy efficient windows through out. Most of the kitchens have been redone, new cabinets, counter sinks, faucets, floors fixtures. All unit have been tiled in common areas. Bedrooms have carpet.

Qualified, screened and established residents. Many long term. This property stays close to 100% occupied.

Inventoried Rents abound! Existing rents are substantially below market and can be improved by about 15%!

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Airport
Taxing Authority: Bernalillo
Tax ID/APN: ABQ179875
Zoning: R-MH - Residential: Multi-family High Density
Percent Occupied: 100%
Area Description: Residential area, mix of smaller multifamily properties and single family homes. Nob Hill is a skip and hop north, as is UNM, ABQ International Sunport, Kirkland Air Force Base are in the immediate area. Over the last several years there has been an explosive growth around the airport with support facilities, hotels, eateries, and the like.
Property Condition: Good
Number of Stories: 1
Roof Type: Gable
Construction/Siding: Aluminum Siding
Parking Type: Surface
Laundry: Laundromat Nearby
Heat Type: Natural Gas
Heat Source: Wall Units
Fuel: Gas
Air Conditioning: Evaporative Cooler
Interior Description: Very well laid out 2 Bdrm 2 Ba Units This property has been renovated. New energy window, new asphalt, all evaporative coolers replaced since current ownership took over. All most all apartment have new kitchens, Carpet in Bedrooms and ceramic tile everywhere else.
Zoning Description: Multifamily

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,107 96,515 244,079
Median Age: 35.07 34.87 36.38
Households: 5,869 43,381 103,394
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