600 Morris Street NE, Albuquerque, NM 87123 (MLS# 1018368) -

600 Morris Street NE, Albuquerque, NM 87123

$4,988,057

Property Type: Residential Income Square Footage: 34,581 Lot Size (sq. ft.): 49,005 Status: Closed

Current Price: $4,988,057 List Date: 7/05/2022 Last Modified: 3/28/2023

Overview

Description

Located across the street from the Presidio, a high end residential gated community, and walking distance to a Walmart Super Center, power boxes, and restaurants, this community has an abundance of retail amenities for their residents. The property is also located in close proximity to Kirtland Air Force Base, Sandia National Laboratories, and Albuquerque’s biking/hiking trail system. This is a core asset with stabilized cash flows that could also be a value-add opportunity if an investment was made in upgraded finishes, high speed internet and the development of private yard spaces. CORE Asset Measures of investment performance at the ask price of $4,988,057 and current average rents of $709 a month are a GRM of 11.28, a 5.98% cap rate, $95,924 per unit, $144/sf.

Listing Details MLS# 1018368

Status Change Info

Pending Date: 2022-09-23
Closing Date: 2022-12-22

Contract Information

List Price/SqFt: 144.24
Allowance/Concession: No

Location

Street #: 600
Street Name: Morris
St Suffix: Street
Post Direction: NE
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87123
Zip +4: 2876
MLS Area Major: 50 – Northeast Heights
Zone Atlas: K21

General Property Description

# of Units: 52
5+ Units: Yes
Units for Sale: 52
Property Sub-Type: Multi-Family
Living Area: 34581
SqFt Source: Professional
Lot Size Source: On-Line
Acres: 1.12
Lot SqFt: 49005
Directions: From I-40 and Eubank, south Chico, east to Morris, property on the NEC Morris and Chico
Stories: 2
Total Stories in Bldg: 2
Total # of Buildings: 5
Year Built: 1982
Age: 31 – 40
Disability Access: No
LBP Disclosure: No
Builder: Dodson
Owner Occupant Unit: No
Multiple Lots: Three
Flood Zone: X

Basement

Basement: No

Sales Info

Trade/Xch Considered: No

More Information

# of Unit Types (1)

# of Units: 48
# of Bedrooms: Yes
# Baths: Yes
Style: Townhouse
Approx. SqFt: 624
Actual Rent: 716
Max Rent: 950
Market Rent: 956

# of Unit Types (2)

# of Units: 3
# of Bedrooms: 2
# Baths: Yes
Style: Townhouse
Approx. SqFt: 1048
Actual Rent: 825
Max Rent: 900
Market Rent: 1250

# of Unit Types (3)

# of Units: Yes
# of Bedrooms: 2
# Baths: Yes
Style: Office Townhouse
Approx. SqFt: 1048
Market Rent: 1250

Unit Summary

Total Units: 52
Average Unit Size: 656.61
Average Actual Rent: 708.51
Annualized: 442116
Total Actual Rent: 36843

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 102105728115141601

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 4972.76

Construction Materials

Frame: Yes
Stucco: Yes

Amenities

Some Landscaping: Yes

Cooling

Evaporative Cooling: Yes

Flooring

Carpet: Yes
Tile: Yes

Heating

Central: Yes
Forced Air: Yes

Owner Pays

None: Yes

Tenant Pays

Other – See Remarks: Yes

Income & Expenses

Annual Gross Income: 426204
Operating Expenses: 139931

Build Description

Resale: Yes

Appliances included

Refrigerator: Yes

Utilities

Electricity Connected: Yes
Natural Gas Connected: Yes
Sewer Connected: Yes
Water Connected: Yes

Electric Provider

Public Utility: Yes

Electric

None: Yes

Metering

Sub-Metering: Yes

Parking

Guest Parking: Yes
Paved: Yes

Roof

Flat: Yes

Finance Considered

Cash: Yes
Conventional: Yes

Rental Info

Other – See Remarks: Yes

Zoning

R-ML*: Yes

Property Features

Construction Materials: Frame; Stucco Build Description: Resale Amenities: Some Landscaping Appliances included: Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Central; Forced Air Cooling: Evaporative Cooling Flooring: Carpet; Tile Electric Provider: Public Utility Electric: None Metering: Sub-Metering Owner Pays: None Tenant Pays: Other – See Remarks Parking: Guest Parking; Paved Roof: Flat Rental Info: Other – See Remarks Finance Considered: Cash; Conventional Zoning: R-ML*

Documents

Flyer & APOD ›

LO SO Letter to Buyers, Buyers Broker ›

Listing Office: NM Apartment Advisors, Inc.

Last Updated: March – 28 – 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.