1209 DR MARTIN LUTHER KING JR Avenue NE, Albuquerque, NM 87106

$1,100,000

Property Type: Residential Income Square Footage: 8,451 Lot Size (sq. ft.): 12,197 Status: Closed

Current Price: $1,100,000 List Date: 10/02/2022 Last Modified: 12/14/2022

Overview

Description

Available for the first time in 35 years, these large one-bedroom/one-bath units are close to UNM and two major hospitals. With size up to 750 SF, these units contain a spacious living room and bedroom, hardwood floors, and off-street parking including some covered parking. Also, there is a private, interior entrance to 8 of 10 units. There is potential for substantial increase of rents which would improve the capitalization rate to an estimated 6.13% and the total return on equity to 8.00%. The after-tax IRR is projected to be 14.45% on a 5-year hold.

Listing Details MLS# 1023708

Status Change Info

Pending Date: 2022-10-10
Closing Date: 2022-12-14

Contract Information

List Price/SqFt: 130.16
Allowance/Concession: No

Location

Street #: 1209
Street Name: DR MARTIN LUTHER KING JR
St Suffix: Avenue
Post Direction: NE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87106
Zip +4: 4741
MLS Area Major: 40 - UNM
Zone Atlas: K15

CityCounty Data

Subdivision Name: N/A

General Property Description

# of Units: 10
5+ Units: Yes
Units for Sale: 10
Property Sub-Type: Multi-Family
Living Area: 8451
SqFt Source: Professional
Apx Lot Dim Front: N/A
Addl Lot Dim: N/A
Apx Lot Dim Side: N/A
Lot Description: flat
Lot Size Source: On-Line
Acres: 0.28
Lot SqFt: 12196.8
Directions: Turn east on Dr. Martin Luther King Jr. Ave from I-25 and go to Spruce Street. It's on the left or north side of the street.
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: Yes
Year Built: 1954
Age: 61 - 70
Disability Access: No
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 8
# of Bedrooms: Yes
# Baths: Yes
Style: one bed/one bath
Approx. SqFt: 750
Actual Rent: 759
Max Rent: 875
Market Rent: 875

# of Unit Types (2)

# of Units: 2
# of Bedrooms: Yes
# Baths: Yes
Style: one bed/one bath
Approx. SqFt: 650
Actual Rent: 800
Max Rent: 875
Market Rent: 875

Unit Summary

Total Units: 10
Average Unit Size: 730
Average Actual Rent: 767.2
Annualized: 92064
Total Actual Rent: 7672

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101505722543023501

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 4499.76

Construction Materials

Block: Yes
Frame: Yes
Stucco: Yes

Amenities

Ceiling Fan(s): Yes

Cooling

Evaporative Cooling: Yes

Flooring

Carpet: Yes
Vinyl: Yes
Wood: Yes

Heating

Wall Unit: Yes

Owner Pays

Sewer: Yes
Trash Removal: Yes
Water: Yes

Tenant Pays

Electric: Yes
Gas: Yes

Income & Expenses

Annual Gross Income: 96250
Operating Expenses: 36313

Build Description

Resale: Yes

Appliances included

Free-Standing Gas Range: Yes
Refrigerator: Yes

Utilities

Cable Available: Yes
Cable Connected: Yes
Electricity Connected: Yes
Natural Gas Connected: Yes
Phone Available: Yes
Sewer Connected: Yes
Water Connected: Yes

Electric Provider

Public Utility: Yes

Electric

None: Yes

Miscellaneous Info

No Sign: Yes

Metering

Individual Electric: Yes
Individual Gas: Yes

Parking

Other Parking: Yes

Roof

Flat: Yes
TPO (G): Yes

Finance Considered

Cash: Yes
Conventional: Yes
FHA: Yes
VA: Yes

Rental Info

Call Listing Broker: Yes

Zoning

R-T*: Yes

Property Features

Construction Materials: Block; Frame; Stucco Build Description: Resale Amenities: Ceiling Fan(s) Appliances included: Free-Standing Gas Range; Refrigerator Utilities: Cable Available; Cable Connected; Electricity Connected; Natural Gas Connected; Phone Available; Sewer Connected; Water Connected Heating: Wall Unit Cooling: Evaporative Cooling Flooring: Carpet; Vinyl; Wood Electric Provider: Public Utility Electric: None Miscellaneous Info: No Sign Metering: Individual Electric; Individual Gas Owner Pays: Sewer; Trash Removal; Water Tenant Pays: Electric; Gas Parking: Other Parking Roof: Flat; TPO (G) Rental Info: Call Listing Broker Finance Considered: Cash; Conventional; FHA; VA Zoning: R-T*

Documents

Lead-Based Paint Addendum ›

Property Disclosure Statement ›

Property Flyer ›

2021 Tax Bill ›

Listing Office: Berger Briggs RE & Prop Mgmt

Last Updated: December - 14 - 2022

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