1200 Ortiz Drive SE, Albuquerque, NM 87108

$2,000,000

Property Type: Residential Income Square Footage: 25,560 Lot Size (sq. ft.): 64,469 Status: Closed

Current Price: $2,000,000 List Date: 8/01/2019 Last Modified: 5/22/2020

Overview

Description

NM Apartment Advisors and the Ron Nelson Company is excited to bring to back to market this amazing 1960s & 70s vintage Albuquerque apartments 1116-1132 & 1200-8 Ortiz SE. A core asset with stabilized cash flow and recent renovations, it is also a value add deal with rents that are a bit below market. Measures of investment performance at ask price of $1,967,000 and current average rent of $586 are a GRM of 6.35, a 7.25% cap rate, cash on cash of 9.79% (before interest only component), $44,705 per unit, and $77/sf. If rents were raised to market average of $710, measures of investment performance increase to a GRM of 5.24, and a 8.60% cap rate. Recent neighborhood rent survey on pages 10-11.

Listing Details MLS# 950793

Status Change Info

Pending Date: 2020-02-10
Closing Date: 2020-05-22

Contract Information

List Price/SqFt: 78.25
Allowance/Concession: No

Location

Street #: 1200
Street Name: Ortiz
St Suffix: Drive
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 4679
MLS Area Major: 71 - Southeast Heights
Zone Atlas: L18

CityCounty Data

Subdivision Name: Virginia Repl Add

General Property Description

# of Units: 44
5+ Units: Yes
Units for Sale: 44
Property Sub-Type: Multi-Family
Living Area: 25560
SqFt Source: Professional
Lot Size Source: Survey
Acres: 1.48
Lot SqFt: 64469
Directions: From I-25 and Gibson, east on Gibson past San Mateo, north on Ortiz to property.
Stories: Yes
Total Stories in Bldg: Yes
Total # of Buildings: 8
Year Built: 1964
Age: 41 - 50
# Parking Spaces: 45
Disability Access: Unknown
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: Yes

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 40
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 552
Actual Rent: 570
Max Rent: 595
Market Rent: 699

# of Unit Types (2)

# of Units: 4
# of Bedrooms: 2
# Baths: Yes
Approx. SqFt: 752
Actual Rent: 750
Max Rent: 776
Market Rent: 825

Unit Summary

Total Units: 44
Average Unit Size: 570.18
Average Actual Rent: 586.36
Annualized: 309600
Total Actual Rent: 25800

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101805604219331411

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 13150

Construction Materials

Block: Yes
None: Yes

Amenities

Walled Complex: Yes

Cooling

Other: Yes

Flooring

Carpet: Yes
Vinyl: Yes

Heating

Other: Yes

Owner Pays

Other - See Remarks: Yes

Tenant Pays

Other - See Remarks: Yes

Income & Expenses

Annual Gross Income: 301301
Operating Expenses: 170620

Build Description

Resale: Yes

Appliances included

Refrigerator: Yes

Utilities

Cable Connected: Yes
Electricity Connected: Yes
Natural Gas Connected: Yes

Electric Provider

Community: Yes

Electric

None: Yes

Miscellaneous Info

No Sign: Yes

Metering

All Master Metering: Yes
Other - See Remarks: Yes

Operating Expenses

Other - See Remarks: Yes

Parking

Paved: Yes

Roof

Flat: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Other - See Remarks: Yes

Zoning

MX-L*: Yes

Property Features

Construction Materials: Block; None Build Description: Resale Amenities: Walled Complex Appliances included: Refrigerator Utilities: Cable Connected; Electricity Connected; Natural Gas Connected Heating: Other Cooling: Other Flooring: Carpet; Vinyl Electric Provider: Community Electric: None Miscellaneous Info: No Sign Metering: All Master Metering; Other - See Remarks Operating Expenses: Other - See Remarks Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Parking: Paved Roof: Flat Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: MX-L*

Documents

Flyer & APOD ›

LO SO Letter to Buyer, Buyers Broker ›

Lead Based Paint ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: May - 22 - 2020

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