Homes by Carolyn Fischman

3617 Wellesley & 3621 Drive NE, Albuquerque, NM 87107 (MLS# 948775)

3617 Wellesley & 3621 Drive NE, Albuquerque, NM 87107

$820,000
Property Type: Residential Income Lot Size (sq. ft.): 8,712 Status: Closed
Current Price: $820,000 List Date: 7/08/2019 Last Modified: 11/13/2019

Overview

Description

Built in 1980 and completely renovated in the last couple of years, these all two bedroom large (1,079 sf) two story, town house style apartments are owner occupant quality with numerous upgrades and improvements. Located at 3617 & 3621 Wellesley NE, near Albuquerque's Brewery District and within a 5 mile radius of over 75,000 jobs, this property is well positioned to be close to everything Downtown, UNM, Uptown and North I-25 corridor. Measures of investment performance at ask price of $820,000 and current average rents of $771 are a GRM of 11.08, a 5.59% cap rate, before tax IRR Of 14.90% and an after tax IRR of 11.70%, $102,500 per unit, and $95/sf. If rents were increased to the market average (for large units) of $973, measure of investment performance improve to a cap rate o

Listing Details MLS# 948775

Status Change Info

Pending Date
2019-10-14
Closing Date
2019-11-13

Location

Street #
3617
Street Name
Wellesley & 3621
St Suffix
Drive
Post Direction
NE
County
Bernalillo
City/Town Code
Albuquerque
State/Province
NM
Zip Code
87107
Zip +4
6901
MLS Area Major
41 - Uptown
Zone Atlas
G16

CityCounty Data

Subdivision Name
B Of Indian Acres Sub

General Property Description

# of Units
8
5+ Units
Yes
Property Sub-Type
Multi-Family
Lot Size Source
On-Line
Acres
0.2
Lot SqFt
8712
Directions
From I-40 Carlisle, north to Comanche, west to Wellesley, south to property
Stories
2
Total # of Buildings
2
Year Built
1980
Age
Select One
Disability Access
Unknown
LBP Disclosure
No
Builder
Pruvis
Owner Occupant Unit
Yes

Basement

Basement
No

More Information

Sales Info

Trade/Xch Considered
No

# of Unit Types (1)

# of Units
8
# of Bedrooms
2
# Baths
1.5
Style
Townhouse
Approx. SqFt
1079
Actual Rent
771
Max Rent
825
Market Rent
973

Unit Summary

Total Units
8
Average Unit Size
1079
Average Actual Rent
771
Annualized
74016
Total Actual Rent
6168

Currently Not Used

Bank Owned
No

City/County Data

UPC Code
101606042122940807

Tax & Legal Info

GRT Code
02-100
Tax Exemption
No
Tax Annual Amount
2894.06

Construction Materials

Frame
Yes
Stucco
Yes

Amenities

Fireplace Some Units
Yes
Owners Unit
Yes
Private Patios
Yes

Cooling

Other
Yes

Flooring

Carpet
Yes
Tile
Yes

Heating

Other
Yes

Owner Pays

Other - See Remarks
Yes

Tenant Pays

Other - See Remarks
Yes

Build Description

Resale
Yes

Appliances included

Refrigerator
Yes

Utilities

Cable Available
Yes
Electricity Connected
Yes
Natural Gas Connected
Yes
Phone Connected
Yes
Sewer Connected
Yes
Water Connected
Yes

Electric Provider

Public Utility
Yes

Finance Considered

Cash
Yes
Conventional
Yes

Rental Info

Other - See Remarks
Yes

Zoning

R-ML*
Yes

Property Features

Construction Materials: Frame; Stucco Build Description: Resale Amenities: Fireplace Some Units; Owners Unit; Private Patios Appliances included: Refrigerator Utilities: Cable Available; Electricity Connected; Natural Gas Connected; Phone Connected; Sewer Connected; Water Connected Heating: Other Cooling: Other Flooring: Carpet; Tile Electric Provider: Public Utility Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: R-ML*
Listing Office: NM Apartment Advisors, Inc.
Last Updated: November - 13 - 2019
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.

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