3308 Fourth Street, Albuquerque, NM 87107 (MLS# 954338) -

3308 Fourth Street, Albuquerque, NM 87107

$6,995,000

Virtual Tour

http://www.nmapartment.com/casadecrossing3d

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Property Type: Residential Income Square Footage: 65,072 Lot Size (sq. ft.): 31,363 Status: Closed

Current Price: $6,995,000 List Date: 9/18/2019 Last Modified: 1/16/2021

Overview

Description

Located in the heart of the north valley along Albuquerque’s original Route 66 and at 3308 Fourth NW, this brand-new construction apartment community offers an amazing chance to own an investment property in an underserved sub-market. The property offers two full floors of covered parking, elevator service, common trash chutes, community library area, and units with w/d hookups, granite counter tops, plank flooring, walk-in closets and upgraded unit finishes. I also have additional good news – the property has outperformed its original proforma and is obtaining rents of $1,052 per unit – which improves the cap rate to 6.21% before reserves, 6.04% after. Recent financing quote obtained indicates a 13.19% cash on cash is possible in year 1!

Listing Details MLS# 954338

Status Change Info

Pending Date: 2020-09-21
Closing Date: 2021-01-15

Contract Information

List Price/SqFt: 107.5
Allowance/Concession: No

Location

Street #: 3308
Street Name: Fourth
St Suffix: Street
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87107
Zip +4: 1324
MLS Area Major: 101 – Near North Valley
Zone Atlas: G14

CityCounty Data

Subdivision Name: Gentry Add

General Property Description

# of Units: 53
5+ Units: Yes
Units for Sale: 53
Property Sub-Type: Multi-Family
Living Area: 65072
SqFt Source: Floorplan
Lot Size Source: On-Line
Acres: 0.72
Lot SqFt: 31363.2
Directions: From I-40 and Sixth street, north to Menaul, east to Fourth Street, north to property
Stories: 5
Total Stories in Bldg: 5
Total # of Buildings: Yes
Year Built: 2019
Year Built Exception: New Construction
Age: <1
Disability Access: Yes
LBP Disclosure: No
Builder: J&S Development
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: 12
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 600
Actual Rent: 900
Max Rent: 900
Market Rent: 900

# of Unit Types (2)

# of Units: 14
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 800
Actual Rent: 960
Max Rent: 960
Market Rent: 960

# of Unit Types (3)

# of Units: 24
# of Bedrooms: 2
# Baths: 2
Approx. SqFt: 925
Actual Rent: 1110
Max Rent: 1110
Market Rent: 1110

# of Unit Types (4)

# of Units: 2
# of Bedrooms: 2
# Baths: 2
Style: ADA
Approx. SqFt: 1200
Actual Rent: 1295
Max Rent: 1295
Market Rent: 1295

# of Unit Types (5)

# of Units: Yes
# Baths: Yes
Style: Commercial
Approx. SqFt: 1000
Actual Rent: 1000
Max Rent: 1000
Market Rent: 1000

Unit Summary

Total Units: 53
Average Unit Size: 830.18
Average Actual Rent: 1027.73
Annualized: 653640
Total Actual Rent: 54470

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101405936053012614

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 2771.8

Construction Materials

Brick: Yes
Frame: Yes
Stucco: Yes

Amenities

Wshr/Dryr HU in Unit: Yes

Cooling

Central Air: Yes

Flooring

Vinyl: Yes

Heating

Electric: Yes

Owner Pays

Other – See Remarks: Yes

Tenant Pays

Other – See Remarks: Yes

Build Description

New Construction: Yes

Appliances included

Refrigerator: Yes

Utilities

Electricity Connected: Yes
Natural Gas Connected: Yes
Phone Connected: Yes
Water Connected: Yes

Electric Provider

Community: Yes

Electric

None: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Other – See Remarks: Yes

Zoning

MX-T*: Yes

Property Features

Construction Materials: Brick; Frame; Stucco Build Description: New Construction Amenities: Wshr/Dryr HU in Unit Appliances included: Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Phone Connected; Water Connected Cooling: Central Air Flooring: Vinyl Electric Provider: Community Electric: None Owner Pays: Other – See Remarks Tenant Pays: Other – See Remarks Rental Info: Other – See Remarks Finance Considered: Cash; Conventional Zoning: MX-T*

Documents

Flyer& Info ›

LO SO Letter to Buyer, Buyers Broker ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: January – 16 – 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.