Texas 10 plex

Multi-Family for Sale
Catylist Listing ID: 30660020
Number of Units: 10 Units
Building Size (RSF): 5,868 SF
Sale Price: $650,000
Unit Price: $65,000 Per Unit
Property Use Type: Investment
Building Name: Texas Ten
Sale Terms: Cash to Seller
Cap Rate: 7.7%
Average Occupancy Rate: 95
Last Updated: 11/24/2020

Overview / Comments

This investment property is ready to go with all inspections and repairs complete. Incentive for fast cash closing. $200,000 plus renovation is complete and the rents have been raised to provide an investment opportunity that provides a great return without the cash demand of updating. All of the units have been remodeled, which includes laminate and tile floors. Appliances are new, bathrooms are updated along with lighting, paint, doors, window coverings. Other updates include new evaporative coolers, many new hot water heaters, laundry room with coin-operated dryers and washers and surveillance, fire escapes for 2nd story units, recent roof, resurfaced parking lot and wrought iron security fence and gate. There is also plenty of room in the back of lot to add storage units for additional income. Most tenants are long-term. Electric and gas are separately metered. Hard to find a multi-plex like this one.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $3,389 (Annual)
Potential Rental Income $84,000 (Annual)
Gross Operating Income $82,314 (Annual)
Net Operating Income $49,604 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Taxing Authority: Bernalillo County
Tax ID/APN: 101905737333710314
Zoning: R-ML - Residential: Multi-family Low Density
Property Located Between: Louisiana and Wyoming
Highway Access: From I-40 go south on Wyoming to Marquette. Turn right and proceed to Texas. Turn left and proceed to 501.
Airports: Albuquerque International
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 2
Year Built: 1974
Year Renovated: 2019
Roof Type: Flat
Construction/Siding: Stucco, Wood Frame
Parking Ratio: 2.2 (per 1000 SF)
Parking Type: Surface
Parking Description: Recently repaved with new striping and parking blocks
Total Parking Spaces: 22
Laundry: Shared
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Wall Units
Fuel: Gas
Air Conditioning: Evaporative Cooler
Internet Access: Cable
Interior Description: All units are remodeled with solid surface floors, new appliances, doors, window coverings.
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Legal Description: *45A 35 Replat of LTS 45 & 46 Blk 35 & LTS 25 & 26 Blk 30 Including Vac N1/2 & S1 /2 of Grande Ave of Mesa Verde Addn CO

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 27,385 153,392 281,188
Median Age: 33.33 37.53 37.71
Households: 10,556 67,089 125,261
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