815 W Picard Avenue, Belen, NM 87002 (MLS# 996019)

815 W Picard Avenue, Belen, NM 87002

$1,349,000

Property Type: Residential Income Lot Size (sq. ft.): 14,680 Status: Closed

Current Price: $1,349,000 List Date: 7/07/2021 Last Modified: 12/21/2021

Overview

Description

New Mexico's 30,000 available and affordable home shortage coupled with the arrival of Netflix, Facebook, Intel, and Amazon is driving double digit growth in single-family home prices and rent increases, making these 20-units an excellent investment opportunity. Measure of investment performance at the current rent of $613 include a GRM of 9.17, before reserves cap rate of 6.85%, and after tax IRR of 11.30%. If rents are raised to market average of $875, measure of investment performance improve to proforma cap rate of 10.52%, and an amazing cash on cash of 21.74%. A value-add investor who commits to modest renovations and good management can reposition the property and potentially realize 20% upside.

Listing Details MLS# 996019

Status Change Info

Pending Date: 2021-09-15
Closing Date: 2021-12-21

Contract Information

Allowance/Concession: No

Location

Street #: 815
Direction: W
Street Name: Picard
St Suffix: Avenue
County: Valencia
City/Town Code: Belen
State/Province: NM
Zip Code: 87002
Zip +4: 3833
MLS Area Major: 741 - Belen
Zone Atlas: QQQ7

CityCounty Data

Subdivision Name: CTS

General Property Description

# of Units: 20
5+ Units: Yes
Units for Sale: 20
Property Sub-Type: Multi-Family
Lot Size Source: On-Line
Acres: 0.34
Lot SqFt: 14679.72
Directions: From ABQ south to Belen, 2nd exit, east to main, north to Picard, west to property.
Stories: Yes
Total Stories in Bldg: Yes
Total # of Buildings: 5
Year Built: 1992
Age: 21 - 30
Disability Access: Unknown
LBP Disclosure: No
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X

Basement

Basement YN: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 20
# of Bedrooms: 2
# Baths: Yes
Approx. SqFt: 750
Actual Rent: 570
Max Rent: 750
Market Rent: 875

Unit Summary

Total Units: 20
Average Unit Size: 750
Average Actual Rent: 570
Annualized: 136800
Total Actual Rent: 11400

Property Features

Construction Materials: Frame; Stucco Build Description: Resale Amenities: No Landscaping Appliances included: Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Phone Connected; Sewer Connected; Water Connected Heating: Other Cooling: Other Flooring: Carpet; Tile Electric Provider: Public Utility Electric: None Miscellaneous Info: No Sign Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Roof: Flat Rental Info: Other - See Remarks Finance Considered: Cash; Conventional Zoning: R-3

Documents

Flyer & APOD ›

LO SO Letter to Buyers, Buyers Brokers ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: December - 21 - 2021

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.