3308 Fourth Street, Albuquerque, NM 87107
$6,995,000
![20190918170524261927000000[1]](https://cdn.photos.sparkplatform.com/abq/20190918170536855390000000-o.jpg)
Property Type:
Residential Income
Square Footage:
65,072
Lot Size (sq. ft.):
31,363
Status:
Closed
Current Price:
$6,995,000
List Date:
9/20/2019
Last Modified:
1/16/2021
Description
Located in the heart of the north valley along Albuquerque's original Route 66 and at 3308 Fourth NW, this brand-new construction apartment community offers an amazing chance to own an investment property in an underserved sub-market.
The property offers two full floors of covered parking, elevator service, common trash chutes, community library area, and units with w/d hookups, granite counter tops, plank flooring, walk-in closets and upgraded unit finishes.
I also have additional good news – the property has outperformed its original proforma and is obtaining rents of $1,052 per unit – which improves the cap rate to 6.21% before reserves, 6.04% after. Recent financing quote obtained indicates a 13.19% cash on cash is possible in year 1!
More Information MLS# 954338
Contract Information
List Price/SqFt: 107.5
Bank Owned: No
Allowance/Concession: No
List Price: $6,995,000
Current Price: $6,995,000
Status: Closed
Location
Zip +4: 1324
Zone Atlas: G14
Street #: 3308
Street Name: Fourth
St Suffix: Street
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87107
Geo Lat: 35.116371
Geo Lon: -106.644956
MLS Area Major: 101 - Near North Valley
General Property Description
Property Sub-Type: 9 or More Units
SqFt Source: Floorplan
Acres: 0.72
Lot SqFt: 31363.2
Lot Size Source: On-Line
Flood Zone: X
Stories: 5
Builder: J&S Development
Disability Access: Yes
Age: <1
LBP Disclosure: No
# of Units: 53
5+ Units: Yes
Units for Sale: 53
Directions: From I-40 and Sixth street, north to Menaul, east to Fourth Street, north to property
Total Stories in Bldg: 5
Total # of Buildings: 1
Year Built Exception: New Construction
Owner Occupant Unit: No
Multiple Lots: One
Living Area: 65072
Year Built: 2019
City/County Data
UPC Code: 101405936053012614
Tax & Legal Info
GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 2771.8
Construction Materials
Brick: 1
Frame: 1
Stucco: 1
Amenities
Wshr/Dryr HU in Unit: 1
Cooling
Central Air: 1
Flooring
Vinyl: 1
Heating
Electric: 1
Owner Pays
Other - See Remarks: 1
Tenant Pays
Other - See Remarks: 1
Build Description
New Construction: 1
Appliances included
Refrigerator: 1
Utilities
Electricity Connected: 1
Natural Gas Connected: 1
Phone Connected: 1
Water Connected: 1
Sales Info
Trade/Xch Considered: No
Basement
Basement: No
Electric Provider
Community: 1
Electric
None: 1
Finance Considered
Cash: 1
Conventional: 1
Rental Info
Other - See Remarks: 1
# of Unit Types (1)
# of Units: 12
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 600
Actual Rent: 900
Max Rent: 900
Market Rent: 900
# of Unit Types (2)
# of Units: 14
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 800
Actual Rent: 960
Max Rent: 960
Market Rent: 960
# of Unit Types (3)
# of Units: 24
# of Bedrooms: 2
# Baths: 2
Approx. SqFt: 925
Actual Rent: 1110
Max Rent: 1110
Market Rent: 1110
# of Unit Types (4)
# of Units: 2
# of Bedrooms: 2
# Baths: 2
Style: ADA
Approx. SqFt: 1200
Actual Rent: 1295
Max Rent: 1295
Market Rent: 1295
# of Unit Types (5)
# of Units: 1
# Baths: 1
Style: Commercial
Approx. SqFt: 1000
Actual Rent: 1000
Max Rent: 1000
Market Rent: 1000
Unit Summary
Total Units: 53
Average Unit Size: 830.18
Average Actual Rent: 1027.73
Annualized: 653640
Total Actual Rent: 54470
Zoning
MX-T*: 1
Status Change Info
Pending Date: 2020-09-21
Closing Date: 2021-01-15
CityCounty Data
Subdivision Name: Gentry Add
Property Features
Construction Materials: Brick; Frame; Stucco
Build Description: New Construction
Amenities: Wshr/Dryr HU in Unit
Appliances included: Refrigerator
Utilities: Electricity Connected; Natural Gas Connected; Phone Connected; Water Connected
Heating: Electric
Cooling: Central Air
Flooring: Vinyl
Electric Provider: Community
Electric: None
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional
Zoning: MX-T*
Flyer& Info ›
Listing Office:
NM Apartment Advisors, Inc.
Last Updated: January - 16 - 2021
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.