1116 Coal Avenue SW, Albuquerque, NM 87102

$3,399,865

Property Type: Residential Income Square Footage: 25,140 Lot Size (sq. ft.): 53,483 Status: Closed

Current Price: $3,399,865 List Date: 9/26/2018 Last Modified: 1/06/2019

Overview

Description

Property portfolio under contract to 3 different buyers - will move into separate MLS entries. Amazing portfolio of 1980s vintage downtown Albuquerque apartments. Three gated communities totaling 49 units with a management office and laundry facility at each address. Measures of investment performance at ask price of $3,399,865 and current average rent of $545 are a GRM of 10.62, a 5.50% cap rate, $69,385 per unit, $135/sf. If rents are raised to market of $862, measures of investment performance increase to a GRM of 6.69, and a 11.04% cap rate.

Listing Details MLS# 929230

Status Change Info

Pending Date: 2018-12-04
Closing Date: 2018-12-31

Contract Information

List Price/SqFt: 135.24
Allowance/Concession: No

Location

Street #: 1116
Street Name: Coal
St Suffix: Avenue
Post Direction: SW
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87102
Zip +4: 5910
MLS Area Major: 80 - Downtown Area
Zone Atlas: K13

CityCounty Data

Subdivision Name: Raynolds Add

General Property Description

# of Units: 49
5+ Units: Yes
Units for Sale: 49
Property Sub-Type: Multi-Family
Living Area: 25140
Lot Size Source: On-Line
Acres: 1.23
Lot SqFt: 53483
Directions: From I-25 and Coal/Lead - west on Coal to 816, 1021 and 1116 Coal SW
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 6
Year Built: 1987
Age: 21 - 30
Disability Access: Unknown
LBP Disclosure: No
Builder: Unknown
Owner Occupant Unit: Yes
Multiple Lots: Three

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 49
# of Bedrooms: Yes
# Baths: Yes
Style: studio, 1 & 2s
Approx. SqFt: 513
Actual Rent: 545
Max Rent: 575
Market Rent: 862

Unit Summary

Total Units: 49
Average Unit Size: 513
Average Actual Rent: 545
Annualized: 320460
Total Actual Rent: 26705

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101305739231110910

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: Unknown
Tax Annual Amount: 24100

Construction Materials

Frame: Yes
Stucco: Yes

Amenities

Laundry Equip. Owned: Yes

Cooling

Evaporative Cooling: Yes

Flooring

Carpet: Yes
Vinyl: Yes

Heating

Gas: Yes

Owner Pays

Other - See Remarks: Yes

Tenant Pays

Other - See Remarks: Yes

Build Description

Resale: Yes

Appliances included

Refrigerator: Yes

Utilities

All City: Yes

Finance Considered

Cash: Yes
Conventional: Yes
FHA: Yes

Rental Info

Other - See Remarks: Yes

Zoning

SU-2: Yes

Property Features

Construction Materials: Frame; Stucco Build Description: Resale Amenities: Laundry Equip. Owned Appliances included: Refrigerator Utilities: All City Heating: Gas Cooling: Evaporative Cooling Flooring: Carpet; Vinyl Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Rental Info: Other - See Remarks Finance Considered: Cash; Conventional; FHA Zoning: SU-2

Documents

Flyer, APOD, floorplans and more ›

LO SO Letter to Buyer, Buyers Broker ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: January - 06 - 2019

Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.

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1116 Coal Avenue SW, Albuquerque, NM 87102 (MLS# 929230)