5900 Marble Avenue NE, Albuquerque, NM 87110

$1,360,000

5900-Marble-NE-Unit-101-Dollhouse-View-w

Property Type: Residential Income Square Footage: 18,312 Lot Size (sq. ft.): 33,977 Status: Closed

Current Price: $1,360,000 List Date: 6/29/2023 Last Modified: 1/18/2024

Overview

Description

Located halfway between UNM and Uptown at 5900 Marble NE, this 24 unit offers the rare opportunity to acquire an investment property that is 36% under market rents. The property has spacious unit floorplans with unique architectural details including kiva fireplaces and a unit mix containing one studio apartment, 22 one bedroom /one bathroom units and a large 2 bedroom / 1 bathroom casita. At the current average rents of $704, and an ask price of $1,360,00 the measures of investment performance include a price per unit of $56,667, price per square foot of $74.32, a GRM of 6.71, an after reserves cap rate of 6.32%, and an after-tax IRR of 19.59%. If rents are raised to the market average of $1,051 and RUBS is implemented, the measures of investment performance improve cap 15.74%

Listing Details MLS# 1037093

Status Change Info

Pending Date: 2023-07-21
Closing Date: 2023-09-19

Contract Information

List Price/SqFt: 74.27
Allowance/Concession: No

Location

Street #: 5900
Street Name: Marble
St Suffix: Avenue
Post Direction: NE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87110
Zip +4: 6635
MLS Area Major: 70 - Fairgrounds
Zone Atlas: J18

CityCounty Data

Subdivision Name: PuebloAlto Addition

General Property Description

# of Units: 24
5+ Units: Yes
Units for Sale: 24
Property Sub-Type: Multi-Family
Living Area: 18312
SqFt Source: Floorplan
Lot Size Source: On-Line
Acres: 0.78
Lot SqFt: 33976.8
Directions: From I-40 and San Mateo south to Marble, East to property.
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 2
Year Built: 1968
Year Built Exception: Unknown
Age: 51 - 60
Disability Access: No
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: Yes
# Baths: Yes
Approx. SqFt: 350
Actual Rent: 700
Max Rent: 700
Market Rent: 895

# of Unit Types (2)

# of Units: 22
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 775
Actual Rent: 695
Max Rent: 800
Market Rent: 1050

# of Unit Types (3)

# of Units: Yes
# of Bedrooms: 2
# Baths: Yes
Approx. SqFt: 900
Actual Rent: 900
Max Rent: 900
Market Rent: 1225

Unit Summary

Total Units: 24
Average Unit Size: 762.5
Average Actual Rent: 703.75
Annualized: 202680
Total Actual Rent: 16890

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101805816406730715

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: Unknown
Tax Annual Amount: 12020.04

Construction Materials

Frame: Yes
Stucco: Yes

Amenities

Some Landscaping: Yes

Cooling

Evaporative Cooling: Yes

Flooring

Carpet: 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: 192557
Operating Expenses: 106672

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

All Master Metering: 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

R-ML*: 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; Vinyl Green Energy Generation: None Electric Provider: Public Utility Miscellaneous Info: No Sign Metering: All Master Metering Operating Expenses: Other - See Remarks Owner Pays: Other - See Remarks 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: R-ML*

Documents

Flyer & APOD ›

LO SO Letter to Buyers, Buyers Broker ›

Tax Levy Disclosure ›

Lead Based Paint ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: January - 18 - 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.