1021 Coal Avenue, Albuquerque, NM 87102

$2,120,000
Property Type: Residential Income Square Footage: 17,700 Lot Size (sq. ft.): 28,750 Status: Closed
Current Price: $2,120,000 List Date: 12/10/2018 Last Modified: 1/21/2020

Overview

Description

Gated community with 29 units, two downtown parking lots, laundry facility and three x 2 car garages plus a management office. Measures of investment performance at ask price of $2,120,000 and current average rent of $615 are a GRM of 10.20, a 6.82% cap rate, $73,103 per unit, $104/sf. If rents are raised to market average of $856, measures of investment performance increase to a GRM of 7.12, and a 9.63% cap rate. Recent downtown rent survey on pages 8-12. Owners are currently renovating unit 28 with an anticipated market rent of $850. Note recent improvements – new roof is being installed, high speed property wide wi-fi internet, and three units undergoing upgrades and rent increases as we speak. Need to close quickly? – check out what this property has done: – recent i

Listing Details MLS# 933862

Status Change Info

Pending Date
2019-12-05
Closing Date
2020-01-21

Contract Information

List Price/SqFt
119.77
Allowance/Concession
No

Location

Street #
1021
Street Name
Coal
St Suffix
Avenue
County
Bernalillo
City/Town Code
Albuquerque
State/Province
NM
Zip Code
87102
Zip +4
5901
MLS Area Major
80 – Downtown Area
Zone Atlas
K13

CityCounty Data

Subdivision Name
Raynolds Add

General Property Description

# of Units
29
5+ Units
Yes
Units for Sale
29
Property Sub-Type
Multi-Family
Living Area
17700
Lot Size Source
On-Line
Acres
0.66
Lot SqFt
28749.6
Directions
From I-25 and Coal/Lead – west on Coal to 816, 1021 and 1116 Coal SW
Stories
2
Total Stories in Bldg
2
Total # of Buildings
6
Year Built
1986
Age
21 – 30
Disability Access
Unknown
LBP Disclosure
No
Builder
Keith
Owner Occupant Unit
Yes
Multiple Lots
Three

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
545
Max Rent
550
Market Rent
705

# of Unit Types (2)

# of Units
26
# of Bedrooms
Yes
# Baths
Yes
Approx. SqFt
400
Actual Rent
545
Max Rent
550
Market Rent
844

# of Unit Types (3)

# of Units
Yes
# of Bedrooms
2
# Baths
Yes
Approx. SqFt
650
Actual Rent
495
Max Rent
550
Market Rent
925

# of Unit Types (4)

# of Units
Yes
# of Bedrooms
3
# Baths
2
Approx. SqFt
800
Actual Rent
550
Max Rent
660
Market Rent
1436

Unit Summary

Total Units
29
Average Unit Size
420.68
Average Actual Rent
543.44
Annualized
189120
Total Actual Rent
15760

Currently Not Used

Bank Owned
No

City/County Data

UPC Code
101305743833611701

Tax & Legal Info

GRT Code
02-100
Tax Exemption
No
Tax Annual Amount
14023.58

Construction Materials

Frame
Yes
Stucco
Yes

Amenities

Laundry Equip. Owned
Yes

Cooling

Evaporative Cooling
Yes

Flooring

Carpet
Yes
Vinyl
Yes

Heating

Gas
Yes

Owner Pays

Other – See Remarks
Yes

Tenant Pays

Other – See Remarks
Yes

Build Description

Resale
Yes

Appliances included

Refrigerator
Yes

Utilities

All City
Yes

Electric Provider

Community
Yes

Finance Considered

Cash
Yes
Conventional
Yes
FHA
Yes

Rental Info

Other – See Remarks
Yes

Zoning

MX-L*
Yes

Property Features

Construction Materials: Frame; Stucco Build Description: Resale Amenities: Laundry Equip. Owned Appliances included: Refrigerator Utilities: All City Heating: Gas Cooling: Evaporative Cooling Flooring: Carpet; Vinyl Electric Provider: Community Owner Pays: Other – See Remarks Tenant Pays: Other – See Remarks Rental Info: Other – See Remarks Finance Considered: Cash; Conventional; FHA Zoning: MX-L*

Documents

Listing Office: NM Apartment Advisors, Inc.
Last Updated: January – 21 – 2020
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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