516 Palomas DR SE Pending Save Request In-Person Tour Request Virtual Tour
Albuquerque,NM 87108
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Pending
Purchase Type For Sale
Square Footage 4,917 sqft
Price per Sqft $112
Subdivision Mendelsberg, Baron Burg Heights
MLS Listing ID 1065491
Bedrooms 1
Construction Status Resale
HOA Y/N No
Year Built 1954
Annual Tax Amount $3,795
Lot Size 0.310 Acres
Acres 0.31
Lot Dimensions Public Records
Property Description
Property being sold using BID Process.Tour date is 9/11 at noon, buyer must be registered. Extreme value add 9 unit property with rents that are 32% below market. Located on 2 lots at 516 & 520 Palomas SE, this 5plex+4plex is being offered as a package using the BID process with one date/time for tours (noon on 9/11/2024) and a fixed deadline for offers (noon on 9/12/ 2024).At the current average rents of $537, and an ask price of $555,227 the measures of investment performance include a price per unit of $61,692, price per square foot of $112.92, a GRM of 9.58, an after reserves cap rate of 6.25%, and an after-tax IRR of 16.20%. If rents are raised to the market average of $762, the measures of investment performance improve to a cap rate of 10.66%.
Location
State NM
County Bernalillo
Area 71 - Southeast Heights
Interior
Heating Wall Furnace
Cooling Evaporative Cooling
Flooring Tile, Vinyl
Fireplace No
Appliance Refrigerator
Exterior
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Accessibility None
Building
Story 1
Entry Level One
Level or Stories One
New Construction No
Construction Status Resale
Others
Tax ID 101805610850522815
Acceptable Financing Cash,Conventional
Green/Energy Cert None
Listing Terms Cash,Conventional