316 PRINCETON Drive SE, Albuquerque, NM 87106

$1,150,000

Property Type: Residential Income Lot Size (sq. ft.): 6,970 Status: Closed

Current Price: $1,150,000 List Date: 5/23/2025 Last Modified: 11/03/2025

Overview

Description

Currently a 6% Market Cap Opportunity in the heart of the University Area! Owner asking less than $96k/Unit!!! This complex offers 12 units; 6 (1 bedroom floor plans) & 6 (studio floor plans) each with patio space located in a single 2-story building with 18 covered parking spaces. Capital Improvements: Each unit has been updated with tile or laminate and mini-split units. Newer roof installed in 2023. All current rents are below market rents and present an investor with a potential 8.5% Cap if rents are brought up to current market pricing. INDIVIDUAL UNITS NOT FOR SALE.

Listing Details MLS# 1084611

Status Change Info

Pending Date: 2025-06-08
Closing Date: 2025-08-18

Contract Information

Allowance/Concession: No

Location

Street #: 316
Street Name: PRINCETON
St Suffix: Drive
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87106
Zip +4: 2854
MLS Area Major: 42 - UNM South
Zone Atlas: K16

General Property Description

# of Units: 12
5+ Units: Yes
Units for Sale: 12
Property Sub-Type: Multi-Family
SqFt Source: Floorplan
Apx Lot Dim Front: 6969.6
Lot Size Source: On-Line
Acres: 0.16
Lot SqFt: 6969.6
Directions: Heading east on Central Ave, turn right onto Princeton Dr and head south, Continue on Princeton Dr SE past Lead Ave and property will be located on left-hand side of street at 316 Princeton Dr SE before reaching Coal Ave.
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: Yes
Year Built: 1977
Year Built Source: Public Records
Year Built Exception: Unknown
Age: 41 - 50
# Parking Spaces: 1.5
Accessory Dwelling Unit: No
Disability Access: Unknown
LBP Disclosure: Yes
Builder: unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X

Cooling

Centrally Ducted: No
Ductless: Yes
Refrigerated: Yes

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 6
# of Bedrooms: Yes
# Baths: Yes
Style: 1 Bedroom
Approx. SqFt: 475
Actual Rent: 735
Max Rent: 1100
Market Rent: 1050

# of Unit Types (2)

# of Units: 6
# Baths: Yes
Style: studio
Approx. SqFt: 350
Actual Rent: 625
Max Rent: 950
Market Rent: 950

Unit Summary

Total Units: 12
Average Unit Size: 412.5
Average Actual Rent: 680
Annualized: 97920
Total Actual Rent: 8160

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101605719412431721

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 2982.22

Construction Materials

Wood Siding: Yes

Amenities

Balconies/Deck: Yes
No Landscaping: Yes
Outside Lights: Yes

Flooring

Laminate: Yes
Tile: Yes
Vinyl: Yes

Heating

Ductless: Yes

Owner Pays

Maintenance: Yes
Sewer: Yes
Trash Removal: Yes
Water: Yes

Tenant Pays

Electric: Yes
Gas: Yes

Income & Expenses

Annual Gross Income: 102624
Operating Expenses: 19687

Build Description

Resale: Yes

Appliances included

Free-Standing Electric Range: Yes
Refrigerator: Yes

Utilities

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

Green Energy Generation

None: Yes

Electric Provider

Public Utility: Yes

Miscellaneous Info

Pets Limited: Yes

Metering

Individual Electric: Yes
Individual Gas: Yes

Parking

1.5 Spaces Per Unit: Yes
Covered: Yes

Roof

Bitumen: Yes

Finance Considered

Cash: Yes
Conventional: Yes
Other - See Remarks: Yes

Rental Info

Current Lse Agreemnt: Yes
Deposits: Yes
Month To Month: Yes
Rental History Avail: Yes
Yearly Lease: Yes

Source

Owner Provided: Yes

Zoning

MX-L*: Yes

Property Features

Construction Materials: Wood Siding Build Description: Resale Amenities: Balconies/Deck; No Landscaping; Outside Lights Appliances included: Free-Standing Electric Range; Refrigerator Utilities: Cable Connected; Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Ductless Cooling: Ductless; Refrigerated Flooring: Laminate; Tile; Vinyl Green Energy Generation: None Electric Provider: Public Utility Miscellaneous Info: Pets Limited Metering: Individual Electric; Individual Gas Owner Pays: Maintenance; Sewer; Trash Removal; Water Tenant Pays: Electric; Gas Parking: 1.5 Spaces Per Unit; Covered Roof: Bitumen Rental Info: Current Lse Agreemnt; Deposits; Month To Month; Rental History Avail; Yearly Lease Finance Considered: Cash; Conventional; Other - See Remarks Source: Owner Provided Zoning: MX-L*

Listing Office: Elevate New Mexico Realty

Last Updated: November - 03 - 2025

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