3409 Tulane Drive NE, Albuquerque, NM 87107

$825,000

Virtual Tour

http://www.nmapartment.com/tulanes3d6

Virtual Tour

http://www.nmapartment.com/tulanes3d2

Property Type: Residential Income Lot Size (sq. ft.): 15,682 Status: Closed

Current Price: $825,000 List Date: 8/07/2019 Last Modified: 3/12/2020

Overview

Description

On behalf of the owner, NM Apartment Advisors Inc., and PS Properties are pleased to present this opportunity to acquire ten architecturally unique two-bedroom units in the centrally located Alta Monte neighborhood. The building was designed by the legendary Albuquerque-based architect Bart Prince, one of the foremost international practitioners of organic architecture. Gated and fenced, the building offers secure resident parking. A central courtyard provides a gathering place. Recent improvements during the last two years include seven new gas furnaces, a partial roof replacement, re-stuccoing, exterior paint and a laundry room upgrade. Measures of investment performance at ask price of $825,000 and current average rents of $739 are a GRM of 9.31, a 6.97% cap rate, IRR =18.60%

Listing Details MLS# 951252

Status Change Info

Pending Date: 2019-12-30
Closing Date: 2020-03-09

Contract Information

Allowance/Concession: No

Location

Street #: 3409
Street Name: Tulane
St Suffix: Drive
Post Direction: NE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87107
Zip +4: 4486
MLS Area Major: 41 - Uptown
Zone Atlas: G16

CityCounty Data

Subdivision Name: Indian Acres Sub

General Property Description

# of Units: 10
5+ Units: Yes
Property Sub-Type: Multi-Family
Lot Size Source: On-Line
Acres: 0.36
Lot SqFt: 15681.6
Directions: From I-25 and Montgomery exit - east to Carlisle, south to Comanche, west to Tulane, south to property. From I-40 and Carlisle property - north on Carlisle to Comanche, west to Tulane, south to property
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 3
Year Built: 1979
Year Built Exception: Unknown
Age: 31 - 40
Disability Access: Unknown
LBP Disclosure: No
Builder: Unknown
Owner Occupant Unit: Yes
Multiple Lots: Two

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 10
# of Bedrooms: 2
# Baths: Yes
Approx. SqFt: 864
Actual Rent: 714
Max Rent: 779
Market Rent: 779

Unit Summary

Total Units: 10
Average Unit Size: 864
Average Actual Rent: 714
Annualized: 85680
Total Actual Rent: 7140

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101606045015240904

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: Unknown
Tax Annual Amount: 3213.02

Construction Materials

Brick: Yes
Frame: Yes
Stucco: Yes

Amenities

Owners Unit: Yes

Cooling

Other: Yes

Flooring

Carpet: Yes

Heating

Other: Yes

Owner Pays

Other - See Remarks: Yes

Tenant Pays

Other - See Remarks: Yes

Income & Expenses

Annual Gross Income: 81981
Operating Expenses: 29292

Build Description

Resale: Yes

Appliances included

Refrigerator: Yes

Utilities

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

Electric Provider

Community: Yes

Electric

None: Yes

Miscellaneous Info

No Sign: Yes

Metering

Individual Electric: Yes
Individual Gas: Yes

Operating Expenses

Other - See Remarks: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Other - See Remarks: Yes

Source

Actual Record: Yes

Zoning

R-ML*: Yes

Property Features

Construction Materials: Brick; Frame; Stucco Build Description: Resale Amenities: Owners Unit Appliances included: Refrigerator Utilities: Cable Connected; Natural Gas Connected; Phone Connected; Sewer Connected; Water Connected Heating: Other Cooling: Other Flooring: Carpet Electric Provider: Community Electric: None Miscellaneous Info: No Sign Metering: Individual Electric; Individual Gas Operating Expenses: Other - See Remarks Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Source: Actual Record Zoning: R-ML*

Documents

Flyer & APOD ›

LO SO Letter to Buyer, Buyers Broker ›

Layout ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: March - 12 - 2020

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