924 Valencia Drive SE, Albuquerque, NM 87108

$1,955,736

924-Valencia-SE-Unit-9-Dollhouse-View-wh

Property Type: Residential Income Square Footage: 17,600 Lot Size (sq. ft.): 33,541 Status: Closed

Current Price: $1,955,736 List Date: 7/25/2023 Last Modified: 9/29/2023

Overview

Description

Measures of invest performance at the ask price of $1,955,736 and average current rents of $828 per unit, per month, include a GRM of 9.84, 5.01% cap rate and an after tax internal rate of return of 18.5%. If rents are moved to 80% of area median income, and an average of $1,248, measures of investment performance improve to a cap rate of 9.35%, and a cash on cash of 17.11%. The owner, Ventana Fund, is a non-profit CDFI and loan fund that specializes in the creation/preservation of affordable housing and is willing to offer financing with an initial interest rate of 3.95% , 30 year amortization, 5 year call, at 70% loan to value, with a list price offer. Financing would be subject to restrictions on allowable rents and resident income. Recent appraisal at $2.03M

Listing Details MLS# 1038616

Status Change Info

Pending Date: 2023-08-03
Closing Date: 2023-09-29

Contract Information

List Price/SqFt: 111.12
Allowance/Concession: No

Location

Street #: 924
Street Name: Valencia
St Suffix: Drive
Post Direction: SE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87108
Zip +4: 4994
MLS Area Major: 71 - Southeast Heights
Zone Atlas: L18

CityCounty Data

Subdivision Name: Virginia Place Addition

General Property Description

# of Units: 20
5+ Units: Yes
Units for Sale: 20
Property Sub-Type: Multi-Family
Living Area: 17600
Lot Size Source: On-Line
Acres: 0.77
Lot SqFt: 33541.2
Directions: From I-25 and Gibson, east to Valencia and north to property.
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 2
Year Built: 2000
Age: 21 - 30
# Parking Spaces: 24
Disability Access: Yes
LBP Disclosure: No
Builder: Erickson
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: 16
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 800
Actual Rent: 803
Max Rent: 975
Market Rent: 1200

# of Unit Types (2)

# of Units: 4
# of Bedrooms: 2
# Baths: Yes
Approx. SqFt: 1200
Actual Rent: 929
Max Rent: 1400
Market Rent: 1440

Unit Summary

Total Units: 20
Average Unit Size: 880
Average Actual Rent: 828.2
Annualized: 198768
Total Actual Rent: 16564

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101805617321832501

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 13264.72

Construction Materials

Brick Veneer: Yes
Frame: Yes

Amenities

Some Landscaping: Yes

Cooling

Central Air: Yes

Flooring

Carpet: Yes
Tile: Yes

Heating

Heat Pump: Yes

Owner Pays

Other - See Remarks: Yes

Tenant Pays

Other - See Remarks: Yes

Income & Expenses

Annual Gross Income: 197999
Operating Expenses: 104447

Build Description

Resale: Yes

Appliances included

Refrigerator: Yes

Utilities

Cable Connected: Yes
Electricity Connected: Yes
Water Connected: Yes

Green Energy Generation

None: Yes

Electric Provider

Public Utility: Yes

Miscellaneous Info

No Sign: Yes

Metering

Individual Electric: Yes
Individual Gas: Yes

Parking

1.5 Spaces Per Unit: Yes

Roof

Pitched: Yes
Shingle: Yes

Finance Considered

Cash: Yes
Conventional: Yes
Owner Financing: Yes

Rental Info

Other - See Remarks: Yes

Source

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

Zoning

R-MH*: Yes

Property Features

Construction Materials: Brick Veneer; Frame Build Description: Resale Amenities: Some Landscaping Appliances included: Refrigerator Utilities: Cable Connected; Electricity Connected; Water Connected Heating: Heat Pump Cooling: Central Air Flooring: Carpet; Tile Green Energy Generation: None Electric Provider: Public Utility Miscellaneous Info: No Sign Metering: Individual Electric; Individual Gas Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Parking: 1.5 Spaces Per Unit Roof: Pitched; Shingle Rental Info: Other - See Remarks Finance Considered: Cash; Conventional; Owner Financing Source: Actual Record; Broker Provided; Owner Provided Zoning: R-MH*

Documents

Flyer & APOD ›

LO SO Letter to Buyers, Buyers Broker ›

Tax Levy Disclosure ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: September - 29 - 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.