815 W Picard Avenue, Belen, NM 87002
$1,349,000
Property Type:
Residential Income
Lot Size (sq. ft.):
14,680
Status:
Closed
Current Price:
$1,349,000
List Date:
7/08/2021
Last Modified:
12/21/2021
Description
New Mexico's 30,000 available and affordable home shortage coupled with the arrival of Netflix, Facebook, Intel, and Amazon is driving double digit growth in single-family home prices and rent increases, making these 20-units an excellent investment opportunity.
Measure of investment performance at the current rent of $613 include a GRM of 9.17, before reserves cap rate of 6.85%, and after tax IRR of 11.30%. If rents are raised to market average of $875, measure of investment performance improve to proforma cap rate of 10.52%, and an amazing cash on cash of 21.74%.
A value-add investor who commits to modest renovations and good management can reposition the property and potentially realize 20% upside.
More Information MLS# 996019
Status Change Info
Pending Date: 2021-09-15
Closing Date: 2021-12-21
Contract Information
Listing Price: 1349000
Current Price: $1,349,000
Status: Closed
Allowance/Concession: No
Bank Owned: No
Location
Street #: 815
Direction: W
Street Name: Picard
St Suffix: Avenue
County: Valencia
City/Town Code: Belen
State/Province: NM
Zip Code: 87002
Zip +4: 3833
Geo Lat: 34.664872
Geo Lon: -106.777083
Area: 741 - Belen
Zone Atlas: QQQ7
City/County Data
UPC Code: 1 007 028 110 440 000000
Subdivision: CTS
General Property Description
# of Units: 20
5+ Units: Yes
Units for Sale: 20
Property Sub-Type: 9 or More Units
Lot Size Source: On-Line
Acres: 0.34
Lot SqFt: 14679.72
Directions: From ABQ south to Belen, 2nd exit, east to main, north to Picard, west to property.
Stories: 1
Total Stories in Bldg: 1
Total # of Buildings: 5
Year Built: 1992
Age: 21 - 30
Disability Access: Unknown
LBP Disclosure: No
Builder: Unknown
Owner Occupant Unit: No
Multiple Lots: One
Flood Zone: X
Tax & Legal Info
GRT Code: 14-129
Current Taxes: 9246.2
Tax Exemption: No
Basement
Basement: No
Income & Expenses
Annual Gross Income: 147864
Operating Expenses: 59936
Sales Info
Trade/Xch Considered: No
# of Unit Types (1)
# of Units: 20
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 750
Actual Rent: 570
Max Rent: 750
Market Rent: 875
Unit Summary
Total Units: 20
Average Unit Size: 750
Average Actual Rent: 570
Annualized: 136800
Total Actual Rent: 11400
Property Features
Construction: Frame
Exterior Material: Stucco
Build Description: Resale
Amenities: No Landscaping
Appliances included: Refrigerator
Utilities: Electricity Connected; Natural Gas Connected; Phone Connected; Sewer Connected; Water Connected
Heating: Other - See Remarks
Cooling: Other
Flooring: Carpet; Tile
Electric Provider: Public Utility
Electric: None
Miscellaneous Info: No Sign
Owner Pays: Other - See Remarks
Tenant Pays: Other - See Remarks
Roof: Flat
Rental Info: Other - See Remarks
Finance Considered: Cash; Conventional
Zoning: R-3
Flyer & APOD ›Listing Office: NM Apartment Advisors, Inc.
Last Updated: December - 21 - 2021
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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