1307 TIJERAS Avenue NE, Albuquerque, NM 87106

$1,200,000

Property Type: Residential Income Square Footage: 8,634 Lot Size (sq. ft.): 13,068 Status: Closed

Current Price: $1,200,000 List Date: 10/02/2022 Last Modified: 11/16/2022

Overview

Description

Available for the first time in 35 years, these 12 units comprise a nice mix of easily rentable two-bedroom, one-bedroom, and studio apartments. The 3 two-bedroom/one bath units have large, covered patios with views of the City. The property also contains three garages and one laundry facility, plus some additional off-street parking. The apartments are in a great location close to UNM and Presbyterian and Lovelace hospitals. Current rents are well below market which would allow for the capitalization rate to improve to 5.81% and the total return on equity to improve to 6.73%. The after-tax IRR is projected to be 11.36% on a 5-year hold.

Listing Details MLS# 1023709

Status Change Info

Pending Date: 2022-10-10
Closing Date: 2022-11-15

Contract Information

List Price/SqFt: 138.99
Allowance/Concession: No

Location

Street #: 1307
Street Name: TIJERAS
St Suffix: Avenue
Post Direction: NE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87106
Zip +4: 4690
MLS Area Major: 40 - UNM
Zone Atlas: K15

CityCounty Data

Subdivision Name: N/A

General Property Description

# of Units: 12
5+ Units: Yes
Units for Sale: 12
Property Sub-Type: Multi-Family
Living Area: 8634
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: 0.3
Lot SqFt: 13068
Directions: Take Dr. Martin Luther King Jr. Ave. east from I-25 to Spruce St. Turn right and go to Tijeras. It's on the northeast corner.
Stories: 2
Total # of Buildings: 4
Year Built: 1950
Age: 71 - 80
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: 3
# Baths: Yes
Style: Studio
Approx. SqFt: 525
Actual Rent: 538
Max Rent: 700
Market Rent: 700

# of Unit Types (2)

# of Units: 6
# of Bedrooms: Yes
# Baths: Yes
Style: One bed/one bath
Approx. SqFt: 776
Actual Rent: 671
Max Rent: 750
Market Rent: 750

# of Unit Types (3)

# of Units: 3
# of Bedrooms: 2
# Baths: Yes
Style: two-bed/one-bath
Approx. SqFt: 804
Actual Rent: 900
Max Rent: 975
Market Rent: 975

Unit Summary

Total Units: 12
Average Unit Size: 720.25
Average Actual Rent: 695
Annualized: 100080
Total Actual Rent: 8340

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101505723840422901

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 4412.62

Construction Materials

Frame: Yes
Stucco: Yes

Amenities

Laundry Community: Yes
Private Patios: Yes

Cooling

Evaporative Cooling: Yes

Flooring

Carpet: Yes
Vinyl: 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: 104009
Operating Expenses: 42689

Build Description

Resale: Yes

Appliances included

Free-Standing Gas Range: Yes
Refrigerator: Yes

Utilities

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

2 or More Garages: Yes

Roof

Flat: Yes
TPO (G): Yes

Finance Considered

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

Rental Info

Call Listing Broker: Yes

Source

Actual Record: Yes

Zoning

R-T*: Yes

Property Features

Construction Materials: Frame; Stucco Build Description: Resale Amenities: Laundry Community; Private Patios Appliances included: Free-Standing Gas Range; Refrigerator Utilities: Cable Available; Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Wall Unit Cooling: Evaporative Cooling Flooring: Carpet; Vinyl 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: 2 or More Garages Roof: Flat; TPO (G) Rental Info: Call Listing Broker Finance Considered: Cash; Conventional; FHA; VA Source: Actual Record 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: November - 16 - 2022

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