Homes by Carolyn Fischman

1700 Indian Plaza Drive NE, Albuquerque, NM 87106 (MLS# 874575)

1700 Indian Plaza Drive NE, Albuquerque, NM 87106

$11,000,000
Property Type: Residential Income Square Footage: 111,927 Lot Size (sq. ft.): 100,624 Status: Closed
Current Price: $11,000,000 List Date: 9/01/2016 Last Modified: 6/26/2017

Overview

Description

Well located next to Wholefoods store, one freeway exit from Downtown or Uptown, just north of the UNM legal and medical campus, this low density, 140 unit, completed renovated apartment community offers its residents an ''A'' infill location with 9 different floorplans. Assumable Fannie Mae Financing at 67% loan to value offers an astute investor a before Tax IRR of 18.4%, and after Tax IRR of 14.0%. Property also includes an additional 1.4 acres of land that could be used for future apartment development - see listing agent for more details. Recently renovated, and priced well below replacement cost. Upside potential in adding Wi-Fi, and moving rents up 13% to submarket average. Amenities include: 1 and 2 story town home units, fire places, 2 swimming pools, updated clubhous

Listing Details MLS# 874575

Status Change Info

Pending Date
2017-05-16
Closing Date
2017-06-23

Contract Information

List Price/SqFt
98.28
Allowance/Concession
No

Location

Street #
1700
Street Name
Indian Plaza
St Suffix
Drive
Post Direction
NE
County
Bernalillo
City/Town Code
Albuquerque
State/Province
NM
Zip Code
87106
Zip +4
1033
MLS Area Major
40 - UNM
Zone Atlas
H16

CityCounty Data

Subdivision Name
Indian Plaza Add

General Property Description

# of Units
140
5+ Units
Yes
Units for Sale
140
Property Sub-Type
Multi-Family
Living Area
111927
SqFt Source
Per Appraisal
Lot Size Source
On-Line
Acres
2.31
Lot SqFt
100623.6
Directions
From I-40 and Carlisle, south to Indian School, west to Indian Plaza, north property - located just west of Whole Foods.
Stories
2
Total Stories in Bldg
2
Total # of Buildings
12
Year Built
1980
Age
31 - 40
Disability Access
Unknown
LBP Disclosure
No
Builder
Unknown
Owner Occupant Unit
Yes
Multiple Lots
Four

Basement

Basement
No

More Information

Sales Info

Trade/Xch Considered
No

# of Unit Types (1)

# of Units
12
# Baths
Yes
Approx. SqFt
380
Actual Rent
499
Max Rent
551
Market Rent
556

# of Unit Types (2)

# of Units
41
# of Bedrooms
Yes
# Baths
Yes
Approx. SqFt
530
Actual Rent
605
Max Rent
670
Market Rent
689

# of Unit Types (3)

# of Units
4
# of Bedrooms
Yes
# Baths
Yes
Approx. SqFt
640
Actual Rent
678
Max Rent
720
Market Rent
689

# of Unit Types (4)

# of Units
11
# of Bedrooms
2
# Baths
Yes
Approx. SqFt
860
Actual Rent
725
Max Rent
821
Market Rent
751

# of Unit Types (5)

# of Units
30
# of Bedrooms
2
# Baths
2
Approx. SqFt
1053
Actual Rent
800
Max Rent
922
Market Rent
881

# of Unit Types (6)

# of Units
16
# of Bedrooms
2
# Baths
Yes
Approx. SqFt
946
Actual Rent
819
Max Rent
916
Market Rent
1018

# of Unit Types (7)

# of Units
13
# of Bedrooms
2
# Baths
2
Approx. SqFt
1015
Actual Rent
745
Max Rent
906
Market Rent
1018

# of Unit Types (8)

# of Units
13
# of Bedrooms
2
# Baths
2
Approx. SqFt
1054
Actual Rent
832
Max Rent
948
Market Rent
1018

Unit Summary

Total Units
140
Average Unit Size
799.52
Average Actual Rent
707.75
Annualized
1189020
Total Actual Rent
99085

Currently Not Used

Bank Owned
No

City/County Data

UPC Code
101605947814640211

Tax & Legal Info

GRT Code
02-100
Tax Exemption
No
Tax Annual Amount
14817.5

Construction Materials

Frame
Yes
Stucco
Yes

Amenities

Clubhouse
Yes
Laundry Equip Leased
Yes
Owners Unit
Yes
Pool
Yes

Cooling

Evaporative Cooling
Yes

Flooring

See Remarks
Yes

Heating

Gas
Yes

Owner Pays

Other - See Remarks
Yes

Tenant Pays

Other - See Remarks
Yes

Appliances included

Dishwasher
Yes
Refrigerator
Yes

Utilities

All City
Yes

Finance Considered

Conventional
Yes

Rental Info

Other - See Remarks
Yes

Zoning

SU-1
Yes

Property Features

Construction Materials: Frame; Stucco Amenities: Clubhouse; Laundry Equip Leased; Owners Unit; Pool Appliances included: Dishwasher; Refrigerator Utilities: All City Heating: Gas Cooling: Evaporative Cooling Flooring: See Remarks Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Rental Info: Other - See Remarks Finance Considered: Conventional Zoning: SU-1
Listing Office: NM Apartment Advisors, Inc.
Last Updated: June - 26 - 2017
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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