Homes by Carolyn Fischman

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600 Morris Street NE, Albuquerque, NM 87123 (MLS# 1018368)

600 Morris Street NE, Albuquerque, NM 87123

$4,988,057
Property Type: Residential Income Square Footage: 34,581 Lot Size (sq. ft.): 49,005 Status: Closed
Current Price: $4,988,057 List Date: 7/05/2022 Last Modified: 3/28/2023

Overview

Description

Located across the street from the Presidio, a high end residential gated community, and walking distance to a Walmart Super Center, power boxes, and restaurants, this community has an abundance of retail amenities for their residents. The property is also located in close proximity to Kirtland Air Force Base, Sandia National Laboratories, and Albuquerque's biking/hiking trail system. This is a core asset with stabilized cash flows that could also be a value-add opportunity if an investment was made in upgraded finishes, high speed internet and the development of private yard spaces. CORE Asset Measures of investment performance at the ask price of $4,988,057 and current average rents of $709 a month are a GRM of 11.28, a 5.98% cap rate, $95,924 per unit, $144/sf.

Listing Details MLS# 1018368

Status Change Info

Pending Date
2022-09-23
Closing Date
2022-12-22

Contract Information

List Price/SqFt
144.24
Allowance/Concession
No

Location

Street #
600
Street Name
Morris
St Suffix
Street
Post Direction
NE
County
Bernalillo
City/Town Code
Albuquerque
State/Province
NM
Zip Code
87123
Zip +4
2876
MLS Area Major
50 - Northeast Heights
Zone Atlas
K21

General Property Description

# of Units
52
5+ Units
Yes
Units for Sale
52
Property Sub-Type
Multi-Family
Living Area
34581
SqFt Source
Professional
Lot Size Source
On-Line
Acres
1.12
Lot SqFt
49005
Directions
From I-40 and Eubank, south Chico, east to Morris, property on the NEC Morris and Chico
Stories
2
Total Stories in Bldg
2
Total # of Buildings
5
Year Built
1982
Age
31 - 40
Disability Access
No
LBP Disclosure
No
Builder
Dodson
Owner Occupant Unit
No
Multiple Lots
Three
Flood Zone
X

Basement

Basement YN
No

Sales Info

Trade/Xch Considered
No

More Information

# of Unit Types (1)

# of Units
48
# of Bedrooms
Yes
# Baths
Yes
Style
Townhouse
Approx. SqFt
624
Actual Rent
716
Max Rent
950
Market Rent
956

# of Unit Types (2)

# of Units
3
# of Bedrooms
2
# Baths
Yes
Style
Townhouse
Approx. SqFt
1048
Actual Rent
825
Max Rent
900
Market Rent
1250

# of Unit Types (3)

# of Units
Yes
# of Bedrooms
2
# Baths
Yes
Style
Office Townhouse
Approx. SqFt
1048
Market Rent
1250

Unit Summary

Total Units
52
Average Unit Size
656.61
Average Actual Rent
708.51
Annualized
442116
Total Actual Rent
36843

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; Tile Electric Provider: Public Utility Electric: None Metering: Sub-Metering Owner Pays: None Tenant Pays: Other - See Remarks Parking: Guest Parking; Paved Roof: Flat Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: R-ML*

Documents

Listing Office: NM Apartment Advisors, Inc.
Last Updated: March - 28 - 2023
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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