421 Broadway Boulevard SE, Albuquerque, NM 87102

$1,335,236

Virtual Tour

www.nmapartment.com/broadwaymarket1

Virtual Tour

http://www.nmapartment.com/broadwaymarketD

421-Broadway-Unit-1-Dollhouse-View-white

Property Type: Residential Income Square Footage: 9,250 Lot Size (sq. ft.): 13,939 Status: Closed

Current Price: $1,335,236 List Date: 5/27/2024 Last Modified: 11/12/2024

Overview

Description

The Broadway Market Building, located at 421 Broadway SE, was built in the early 20th century and originally served as both a neighborhood retail anchor for the Huning Highlands area and one of the city's first live work communities. It housed a classic neighborhood grocery for over 60 years along with many other local shops and an ever vibrant, always fully-occupied apartment community above. In over a hundred years the property has had just two owners. Based on the current average rents of $891 per month, and ask price $1,335,236, the property's measures of investment performance include a 8.45 GRM, 6.97% cap rate before reserves, before tax IRR of 18.0% and an after-tax IRR of 14.3%.

Listing Details MLS# 1063960

Status Change Info

Pending Date: 2024-07-31
Closing Date: 2024-11-12

Contract Information

List Price/SqFt: 144.35

Location

Street #: 421
Street Name: Broadway
St Suffix: Boulevard
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87102
Zip +4: 3452
MLS Area Major: 80 - Downtown Area
Zone Atlas: K14

CityCounty Data

Subdivision Name: Huning's Highland Addition

General Property Description

# of Units: 15
5+ Units: Yes
Units for Sale: 15
Property Sub-Type: Multi-Family
Living Area: 9250
Lot Size Source: On-Line
Acres: 0.32
Lot SqFt: 13939.2
Directions: From I-25 and Coal west to property.
Stories: 2
Total # of Buildings: 2
Year Built: 1920
Age: Select One
Disability Access: No
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: No
Flood Zone: X

Cooling

Centrally Ducted: No
Evaporative Cooling: Yes

More Information

Basement

Basement: Yes

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 5
# Baths: Yes
Style: Studio small
Approx. SqFt: 530
Actual Rent: 820
Max Rent: 925
Market Rent: 925

# of Unit Types (2)

# of Units: 3
# Baths: Yes
Style: Studio large
Approx. SqFt: 1067
Actual Rent: 1292
Max Rent: 1350
Market Rent: 1450

# of Unit Types (3)

# of Units: 7
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 486
Actual Rent: 771
Max Rent: 1050
Market Rent: 1125

Unit Summary

Total Units: 15
Average Unit Size: 616.86
Average Actual Rent: 891.53
Annualized: 160476
Total Actual Rent: 13373

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101405734225610104

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: Unknown
Tax Annual Amount: 5093.48

Construction Materials

Adobe: Yes
Brick: Yes
Brick Veneer: Yes
Frame: Yes
Stucco: Yes

Amenities

No Landscaping: Yes

Flooring

Wood: Yes

Heating

Central: Yes
Forced Air: Yes

Owner Pays

None: Yes

Tenant Pays

Other - See Remarks: Yes

Income & Expenses

Annual Gross Income: 147504
Operating Expenses: 51898

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

Electric

None: Yes

Miscellaneous Info

No Sign: Yes

Metering

Other - See Remarks: Yes

Operating Expenses

Other - See Remarks: Yes

Parking

Paved: Yes

Roof

Flat: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Other - See Remarks: Yes

Source

Actual Record: Yes
Broker Provided: Yes
Owner Provided: Yes

Zoning

MX-M*: Yes

Property Features

Construction Materials: Adobe; Brick; Brick Veneer; Frame; Stucco Build Description: Resale Amenities: No Landscaping Appliances included: Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Central; Forced Air Cooling: Evaporative Cooling Flooring: Wood Green Energy Generation: None Electric Provider: Public Utility Electric: None Miscellaneous Info: No Sign Metering: Other - See Remarks Operating Expenses: Other - See Remarks Owner Pays: None Tenant Pays: Other - See Remarks Parking: Paved Roof: Flat Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Source: Actual Record; Broker Provided; Owner Provided Zoning: MX-M*

Documents

Flyer & APOD ›

Lead Based Paint ›

Tax Levy Disclosure ›

LO SO Letter to Buyers, Buyers Broker ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: November - 12 - 2024

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.