800 Kent Avenue NW, Albuquerque, NM 87102

$1,251,139
Property Type: Residential Income Square Footage: 7,700 Lot Size (sq. ft.): 13,939 Status: Closed
Current Price: $1,251,139 List Date: 4/11/2022 Last Modified: 6/15/2022

Overview

Description

Rising rents raises all ships. As you may know, ABQ experienced year over year rent growth of 18% and many of our owners are raising rents as units come up for renewal or become vacant. This charming courtyard style property has secure gated access. With wood floors these cute apartment homes are easy to lease. This community is one short block from Robinson park and the growers market. At the ask price $1,251,139 and with an average rent of $718 the measure of investment performance include a price per unit of $104,262, price per square foot of $162.49, a GRM of 12.11, before reserves cap rate of 5.49%, and an after reserves cap rate of 5.25% as well as before tax IRR of 11.30%. If rents are raised to the market of $954, the metrics improve to a before reserves cap rate of 6.89% .

Listing Details MLS# 1012361

Status Change Info

Pending Date
2022-05-03
Closing Date
2022-06-15

Contract Information

List Price/SqFt
162.49
Allowance/Concession
No

Location

Street #
800
Street Name
Kent
St Suffix
Avenue
Post Direction
NW
County
Bernalillo
City/Town Code
Albuquerque
State/Province
NM
Zip Code
87102
Zip +4
3032
MLS Area Major
80 – Downtown Area
Zone Atlas
K14

CityCounty Data

Subdivision Name
N.M. Townsite Addition

General Property Description

# of Units
12
5+ Units
Yes
Units for Sale
12
Property Sub-Type
Multi-Family
Living Area
7700
Lot Size Source
On-Line
Acres
0.32
Lot SqFt
13939.2
Directions
From I-40 and Central, west to 8th street, north to property.
Stories
Yes
Total Stories in Bldg
Yes
Total # of Buildings
3
Year Built
1948
Age
71 – 80
Disability Access
Unknown
LBP Disclosure
Yes
Builder
Unknown
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
10
# of Bedrooms
Yes
# Baths
Yes
Approx. SqFt
600
Actual Rent
696
Max Rent
895
Market Rent
925

# of Unit Types (2)

# of Units
2
# of Bedrooms
2
# Baths
Yes
Approx. SqFt
850
Actual Rent
825
Max Rent
975
Market Rent
1100

Unit Summary

Total Units
12
Average Unit Size
641.66
Average Actual Rent
717.5
Annualized
103320
Total Actual Rent
8610

Currently Not Used

Bank Owned
No

City/County Data

UPC Code
101405702951624406

Tax & Legal Info

GRT Code
02-100
Tax Exemption
No
Tax Annual Amount
1927.7

Construction Materials

Frame
Yes
Stucco
Yes

Amenities

Some Landscaping
Yes

Cooling

Evaporative Cooling
Yes

Flooring

Vinyl
Yes
Wood
Yes

Heating

Central
Yes
Forced Air
Yes

Owner Pays

Other – See Remarks
Yes

Tenant Pays

Other – See Remarks
Yes

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

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: Vinyl; Wood Electric Provider: Public Utility Electric: None Owner Pays: Other – See Remarks Tenant Pays: Other – See Remarks Rental Info: Other – See Remarks Finance Considered: Cash; Conventional Zoning: R-ML*

Documents

Listing Office: NM Apartment Advisors, Inc.
Last Updated: June – 15 – 2022
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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