317 Adams Street SE, Albuquerque, NM 87108

$2,661,159

Property Type: Residential Income Square Footage: 13,050 Lot Size (sq. ft.): 23,522 Status: Closed

Current Price: $2,661,159 List Date: 12/04/2024 Last Modified: 3/06/2025

Overview

Description

This is a core asset with stabilized cash flows that could also be a value-add opportunity if an investment was made in upgraded finishes for the balance of the units. CORE Asset Measures of investment performance at the ask price of $2,661,159 and current average rents of $792 a month are a GRM of 10.77, a 6.62% cap rate, $102,352 per unit, $204/sf, and an after tax internal rate of return is 13.20% And Value Add The property is currently 24% below market rents and that does not take into account the double digit annual rent growth the market is enjoying. If the rents are raised to the market of $1,023, the metrics of investment performance improve to a cap rate of 8.03% and a cash on cash of 8.98%.

Listing Details MLS# 1074795

Status Change Info

Pending Date: 2025-01-01
Closing Date: 2025-03-05

Contract Information

List Price/SqFt: 203.92
Allowance/Concession: No

Location

Street #: 317
Street Name: Adams
St Suffix: Street
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 2859
MLS Area Major: 42 - UNM South
Zone Atlas: K17

General Property Description

# of Units: 26
5+ Units: Yes
Units for Sale: 26
Property Sub-Type: Multi-Family
Living Area: 13050
SqFt Source: Professional
Lot Size Source: On-Line
Acres: 0.54
Lot SqFt: 23522.4
Directions: From I-25 and Coal, west to Adams north to property.
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: Yes
Year Built: 1985
Year Built Source: Public Records
Age: 31 - 40
Accessory Dwelling Unit: No
Disability Access: No
LBP Disclosure: No
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X

Cooling

Centrally Ducted: No
Evaporative Cooling: Yes

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 17
# Baths: Yes
Style: Studio
Approx. SqFt: 450
Actual Rent: 779
Max Rent: 850
Market Rent: 995

# of Unit Types (2)

# of Units: 9
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 600
Actual Rent: 816
Max Rent: 950
Market Rent: 1075

Unit Summary

Total Units: 26
Average Unit Size: 501.92
Average Actual Rent: 791.8
Annualized: 247044
Total Actual Rent: 20587

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101705729107740805

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 6947.98

Construction Materials

Frame: Yes
Stucco: Yes

Amenities

Some Landscaping: Yes

Flooring

Carpet: Yes
Tile: Yes
Vinyl: Yes

Heating

Central: Yes
Forced Air: Yes

Owner Pays

Other - See Remarks: Yes

Tenant Pays

Other - See Remarks: Yes

Income & Expenses

Annual Gross Income: 236235
Operating Expenses: 68453

Build Description

Resale: Yes

Appliances included

Refrigerator: Yes

Utilities

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

No Sign: Yes

Metering

Sub-Metering: Yes

Operating Expenses

Other - See Remarks: Yes

Parking

Covered: Yes
Guest Parking: Yes
Paved: Yes

Roof

Flat: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Other - See Remarks: Yes

Zoning

MX-T*: Yes

Property Features

Construction Materials: Frame; Stucco Build Description: Resale Amenities: Some Landscaping Appliances included: Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Central; Forced Air Cooling: Evaporative Cooling Flooring: Carpet; Tile; Vinyl Green Energy Generation: None Electric Provider: Public Utility Miscellaneous Info: No Sign Metering: Sub-Metering Operating Expenses: Other - See Remarks Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Parking: Covered; Guest Parking; Paved Roof: Flat Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: MX-T*

Documents

LO SO Letter to Buyers, Buyers Broker ›

Flyer & APOD ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: March - 06 - 2025

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.