4322 4th Street NW, Albuquerque, NM 87107 (MLS# 849508) -

4322 4th Street NW, Albuquerque, NM 87107

$2,550,000

Property Type: Residential Income Square Footage: 22,400 Lot Size (sq. ft.): 27,443 Status: Closed

Current Price: $2,550,000 List Date: 9/02/2015 Last Modified: 8/16/2017

Overview

Description

This 24 unit property is a best of class mixed use property, developed and built by local developer, Michael Dreskin in 2014-2015. This gated community was built with the millennial generation in mind offering hip, cool and colorful interiors, large balcony areas, spacious common areas, elevator, and so much more. The construction is of a caliber to support a future condo-conversion. The average apartment rent is $879 per unit or $0.94/sf, with an ask price of $2.55M this offers an astute investor a 6.00% Cap rate, and a 7.56% Cap rate, 13.06% cash on cash, based on proforma income. Don’ t miss out in this rare opportunity to own a new construction community with after tax internal rate of return of 14.9%

Listing Details MLS# 849508

Status Change Info

Pending Date: 2016-01-12
Closing Date: 2016-03-14

Contract Information

List Price/SqFt: 113.84
Allowance/Concession: No

Location

Street #: 4322
Street Name: 4th
St Suffix: Street
Post Direction: NW
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87107
Zip +4: 3601
MLS Area Major: 101 – Near North Valley
Zone Atlas: G14

CityCounty Data

Subdivision Name: Dels Hide-A-Way Park A & B

General Property Description

# of Units: 24
5+ Units: Yes
Units for Sale: 24
Property Sub-Type: Multi-Family
Living Area: 22400
SqFt Source: Floorplan
Lot Size Source: On-Line
Acres: 0.63
Lot SqFt: 27442.8
Directions: From I-25 and Candelaria – west to Fourth street, north to property on east.
Stories: 3
Total Stories in Bldg: 3
Total # of Buildings: Yes
Year Built: 2014
Year Built Exception: New Construction
Age: 1 – 3
Disability Access: Yes
LBP Disclosure: No
Builder: Dreskin
Owner Occupant Unit: No
Multiple Lots: One

Basement

Basement: No

More Information

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 4
# Baths: Yes
Style: Commercial
Approx. SqFt: 1000
Actual Rent: 1000
Max Rent: 1000
Market Rent: 1000

# of Unit Types (2)

# of Units: 4
# of Bedrooms: 2
# Baths: Yes
Style: Small
Approx. SqFt: 800
Actual Rent: 806
Max Rent: 825
Market Rent: 900

# of Unit Types (3)

# of Units: 12
# of Bedrooms: 2
# Baths: 2
Style: Medium
Approx. SqFt: 900
Actual Rent: 848
Max Rent: 900
Market Rent: 1050

# of Unit Types (4)

# of Units: 4
# of Bedrooms: 2
# Baths: 2
Style: Large
Approx. SqFt: 1100
Actual Rent: 925
Max Rent: 975
Market Rent: 1050

Unit Summary

Total Units: 24
Average Unit Size: 933.33
Average Actual Rent: 879.16
Annualized: 253200
Total Actual Rent: 21100

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101406041837913445

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 1283.82

Construction Materials

Stucco: Yes

Amenities

Balconies/Deck: Yes

Cooling

Refrigerated: Yes

Flooring

Vinyl: Yes

Heating

Central: Yes
Forced Air: Yes

Owner Pays

Other – See Remarks: Yes

Tenant Pays

Electric: Yes

Income & Expenses

Annual Gross Income: 242940
Operating Expenses: 89900

Appliances included

Dishwasher: Yes
Refrigerator: Yes
Self Cleaning Oven: Yes

Utilities

All City: Yes

Metering

Individual Electric: Yes
Individual Gas: Yes

Operating Expenses

All: Yes

Parking

1 Garage: Yes
Covered: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Current Lse Agreemnt: Yes

Zoning

C-2: Yes
SU-2: Yes

Property Features

Construction Materials: Stucco Amenities: Balconies/Deck Appliances included: Dishwasher; Refrigerator; Self Cleaning Oven Utilities: All City Heating: Central; Forced Air Cooling: Refrigerated Flooring: Vinyl Metering: Individual Electric; Individual Gas Operating Expenses: All Owner Pays: Other – See Remarks Tenant Pays: Electric Parking: 1 Garage; Covered Rental Info: Current Lse Agreemnt Finance Considered: Cash; Conventional Zoning: C-2; SU-2

Documents

APOD-Flyer ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: August – 16 – 2017

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.