222 MAPLE Street NE, Albuquerque, NM 87106

$3,000,000

Property Type: Residential Income Square Footage: 30,849 Lot Size (sq. ft.): 50,384 Status: Closed

Current Price: $3,000,000 List Date: 9/28/2020 Last Modified: 1/01/2021

Overview

Description

This clean, gated, well-maintained complex is within walking distance to UNM and in the heart of ABQ, making these studio units easy to rent. In addition to the two three-story buildings, the site has sidewalks, patios, and paved open parking. Landscaping includes xeriscaping and trees and shrubs. Many of the units have been remodeled with vinyl plank flooring, ceramic tile bathrooms and an updated kitchenette area. Laundry facilities and an managers office are on site. Average unit rents are $550 giving this property a GRM of 5.83! The cap rate of 10.13% makes this investment property an easy decision to make.

Listing Details MLS# 978035

Status Change Info

Pending Date: 2020-10-07
Closing Date: 2020-12-31

Contract Information

List Price/SqFt: 97.25

Location

Street #: 222
Street Name: MAPLE
St Suffix: Street
Post Direction: NE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87106
Zip +4: 4612
MLS Area Major: 40 - UNM
Zone Atlas: K15

CityCounty Data

Subdivision Name: NA

General Property Description

# of Units: 77
5+ Units: Yes
Property Sub-Type: Multi-Family
Living Area: 30849
SqFt Source: Per Appraisal
Apx Lot Dim Front: 450
Apx Lot Dim Side: 250
Lot Size Source: Per Appraisal
Acres: 1.16
Lot SqFt: 50384
Directions: From University and Central, head West on Central to Maple St. Turn North (right) on Maple St to apartment complex on your right.
Stories: 3
Total # of Buildings: 2
Year Built: 1979
Age: 41 - 50
# Parking Spaces: 110
Disability Access: Unknown
LBP Disclosure: No
Builder: unknown
Owner Occupant Unit: No
Multiple Lots: Three
Flood Zone: X

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 77
# Baths: Yes
Style: Studio
Approx. SqFt: 400
Actual Rent: 550
Max Rent: 6600
Market Rent: 575

Unit Summary

Total Units: 77
Average Unit Size: 400
Average Actual Rent: 550
Annualized: 508200
Total Actual Rent: 42350

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101505730537611409

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 24259.35

Construction Materials

Block: Yes
Masonite: Yes

Amenities

Laundry Community: Yes
Laundry Equip Leased: Yes
Outside Lights: Yes
Some Landscaping: Yes

Cooling

Evaporative Cooling: Yes

Flooring

Tile: Yes
Vinyl: Yes

Heating

Electric: Yes
Perimeter/Baseboard: Yes

Owner Pays

Electric: Yes
Gas: Yes
Maintenance: Yes
Sewer: Yes
Trash Removal: Yes
Water: Yes

Tenant Pays

None: Yes

Income & Expenses

Annual Gross Income: 469468
Operating Expenses: 174433

Build Description

Resale: Yes

Appliances included

Free-Standing Electric Range: Yes
Refrigerator: Yes

Utilities

Electricity Connected: Yes
Natural Gas Connected: Yes
Sewer Connected: Yes
Water Connected: Yes

Electric Provider

Public Utility: Yes

Electric

None: Yes

Metering

All Master Metering: Yes

Operating Expenses

Accounting and Legal: Yes
Advertiseing: Yes
Insurance: Yes
Property Management: Yes
Property Taxes: Yes
Repairs/Maintenance: Yes
Utilities: Yes

Parking

1.5 Spaces Per Unit: Yes
Paved: Yes

Roof

Flat: Yes
TPO (G): Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Call Listing Broker: Yes
Rental History Avail: Yes

Source

Actual Record: Yes
Broker Provided: Yes
Owner Provided: Yes
Projection: Yes

Zoning

R-T*: Yes

Property Features

Construction Materials: Block; Masonite Build Description: Resale Amenities: Laundry Community; Laundry Equip Leased; Outside Lights; Some Landscaping Appliances included: Free-Standing Electric Range; Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Perimeter/Baseboard Cooling: Evaporative Cooling Flooring: Tile; Vinyl Electric Provider: Public Utility Electric: None Metering: All Master Metering Operating Expenses: Accounting and Legal; Advertiseing; Insurance; Property Management; Property Taxes; Repairs/Maintenance; Utilities Owner Pays: Electric; Gas; Maintenance; Sewer; Trash Removal; Water Tenant Pays: None Parking: 1.5 Spaces Per Unit; Paved Roof: Flat; TPO (G) Rental Info: Call Listing Broker; Rental History Avail Finance Considered: Cash; Conventional Source: Actual Record; Broker Provided; Owner Provided; Projection Zoning: R-T*

Listing Office: Lucky Dog Realty, LLC

Last Updated: January - 01 - 2021

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