609 5th Street SW Albuquerque NM 87102 $299,999
Courtesy of: NM Apartment Advisors, Inc.
Property Information
- $299,999
- 1 Bedrooms
- 924 Sqft
- Residential Income
- MLS #: 1006361
- For Sale
- 149 Days on market
Property Features
- Neighborhood: Atlantic & Pacific, 80 - Downtown Area
- Floors: 1
- Lot Size: 0.16
- Status: Active
- Year Built: 1946
- Appliances: Refrigerator
- Area: 80 - Downtown Area
- Construction Materials: Frame
- Cooling: Evaporative Cooling
- Flooring: Vinyl
- Property Subtype: Triplex
- Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected
The property has a street address of 609 5th SW and is on a corner lot with about 15 extra parking spaces.Measures of investment performance at ask price of $350,000 with a current average rent of $550 are a GRM of 18.61, a 3.00% cap rate before reserves, 2.81% cap rate after reserves, 8.80% after tax IRR, $116,667 per unit, and a price per sf of $378.79..If all of the unit rents are raised to the market of $795, the measure of investment performance improve to a cap rate of 4.58%, and that still leaves a large undeveloped downtown lot that might be used for parking or to develop additional units (please check with the City of ABQ for permissible uses).Disclosure: Co-listing broker Paul Chavez and owner are related.
The property has a street address of 609 5th SW and is on a corner lot with about 15 extra parking spaces.Measures of investment performance at ask price of $350,000 with a current average rent of $550 are a GRM of 18.61, a 3.00% cap rate before reserves, 2.81% cap rate after reserves, 8.80% after tax IRR, $116,667 per unit, and a price per sf of $378.79..If all of the unit rents are raised to the market of $795, the measure of investment performance improve to a cap rate of 4.58%, and that still leaves a large undeveloped downtown lot that might be used for parking or to develop additional units (please check with the City of ABQ for permissible uses).Disclosure: Co-listing broker Paul Chavez and owner are related.
Description
The property has a street address of 609 5th SW and is on a corner lot with about 15 extra parking spaces.Measures of investment performance at ask price of $350,000 with a current average rent of $550 are a GRM of 18.61, a 3.00% cap rate before reserves, 2.81% cap rate after reserves, 8.80% after tax IRR, $116,667 per unit, and a price per sf of $378.79..If all of the unit rents are raised to the market of $795, the measure of investment performance improve to a cap rate of 4.58%, and that still leaves a large undeveloped downtown lot that might be used for parking or to develop additional units (please check with the City of ABQ for permissible uses).Disclosure: Co-listing broker Paul Chavez and owner are related.
Location Map
Courtesy of: NM Apartment Advisors, Inc.
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Updated: 21st May, 2022 11:58 PM (UTC).
