Fruit Street Townhomes

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30779187
Property Subtypes: Mid-Rise
Status: Pending
Number of Units: 10 Units
Building Size (RSF): 9,000 SF
Sale Price: $1,850,000
Unit Price: $185,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Fruit Street Townhomes
Usable Size (USF): 900 SF
Sale Terms: Cash to Seller
Cap Rate: 5.35%
Average Occupancy Rate: 97
Gross Rent Multiplier: 12.60
Last Updated: 12/20/2021

Overview / Comments

Ten sparkling downtown townhouses in a well-maintained 20 unit complex. All units fully renovated with granite counters, stainless appliances, wood-burning fireplaces, fenced patios, upstairs balconies and skylights. Two bedrooms upstairs with a full bath, and a 1/2 bath downstairs. Big pantry in each unit. Each bedroom features a vanity ideal for roommates or older children.
Great rental history with occupancy averaging under three per cent. Most tenants stay 3+ years
HOA has strong financial history and cash reserves. Nice community mix of renters and owners. Next door to Lew Wallace Elementary School, and just blocks to courthouses and downtown.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Downtown
Tax ID/APN: 101405809010332031
Percent Occupied: 97%
Property Located Between: Lomas and Roma at 7th Street NW
Highway Access: 5th St to I-40, or Lomas east to I-25
Airports: Sunport
Site Description: Twenty units in four buildings group around a front parking lot, with parking also located off the alley to the south
Area Description: Located Downtown amid surging rents and property values. Units typically rent in one day, or sell in one week.
Total Number of Buildings: 4
Property Condition: Excellent
Number of Stories: 2
Year Built: 1982
Year Renovated: 2021
Roof Type: Gable
Construction/Siding: Stucco
Exterior Description: Pitched shingle roofs. wood and steel rail balconies, individual front entries, shady pines and soaring cottonwoods.
Parking Ratio: 1.5 (per 1000 SF)
Parking Type: Surface
Parking Description: thirty lined and numbered parking spots with handicap spaces
Total Parking Spaces: 30
Laundry: In Each Unit
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Evaporative Cooler
Internet Access: Cable
Interior Description: Ten sparkling downtown townhouses in a well-maintained 20 unit complex. All units fully renovated with granite counters, stainless appliances, wood-burning fireplaces, fenced patios, upstairs balconies and skylights. Two bedrooms upstairs with a full bath, and a 1/2 bath downstairs. Big pantry in each unit. Each bedroom features a vanity ideal for roommates or older children
Zoning Description: R-ML-Some owners successfully use AirBnB when they are not in town.
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: HOA
Legal Description: Ten units with separate legal descriptions

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,802 114,089 294,808
Median Age: 38.65 34.5 34.89
Households: 6,797 46,914 118,968

Contact

Photograph of Listing Agent

Victor Wuamett

Full Service Realty, LLC
CARNM CIE Member
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