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516 Palomas Drive SE

Albuquerque, NM 87108
  • $555,227
  • STATUS: Active
  • ON SITE: 28 Days
  • MLS #: 1065491
$555,227
  • 1
    BEDS
  • 0.31
    ACRES
  • 1
    BATHS
  • 0
    1/2 BATHS
  • 4,917
    SQFT
  • $113
    $/SQFT
Type:
Multi-Family
Built:
1954
County:

School Ratings & Info

Description

Property being sold using BID Process.Tour date is 7/30 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 July 9th, 2024) and a fixed deadline for offers (noon on July 11th, 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%.

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IDX information © 2024 The Southwest Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or Campbell & Campbell Real Estate Services. Data last updated: 2024-07-19T00:05:23.87.
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516 Palomas Drive SE Albuquerque, NM 87108

  • Price: $555,227
  • Status: Active
  • On Site: 28 Days
  • MLS #: 1065491
1
Beds
1
Baths
0
½ Baths
0.31
Acres
4,917
SQFT
$113
$/SQFT
1954
Built
Neighborhood:
Mendelsberg, Baron Burg Heights
County:
Bernalillo
Area:
71 - Southeast Heights
Property Description
Property being sold using BID Process.Tour date is 7/30 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 July 9th, 2024) and a fixed deadline for offers (noon on July 11th, 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%.
Exterior Features

Construction Materials Block Frame Stucco Levels One Stories Total 1

Interior Features

Appliances Refrigerator Basement YN No Cooling Evaporative Cooling Cooling YN Yes Flooring Tile Vinyl Heating Wall Furnace Heating YN Yes

Property Features

Accessibility Features None Additional Parcels YN Yes Builder Name Unknown Building Area Total 4917 Green Energy Generation None Gross Income 57790 Listing Agreement Exclusive Agency Listing Terms Cash Conventional New Construction YN No Operating Expense 23088 Property Condition Resale Property Sub Type Multi Family Tax Annual Amount 3795 Tenant Pays Other See Remarks Utilities Electricity Connected Natural Gas Connected Sewer Connected Water Connected Zoning Description R- MH*

Southwest MLS] logo Listing courtesy of NM Apartment Advisors, Inc.: (505) 440-8633. © 2024 Southwest Multiple Listing Service, Inc.


IDX information © 2024 The Southwest Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or Campbell & Campbell Real Estate Services. Data last updated: 2024-07-19T00:05:23.87.
 
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Campbell & Campbell Real Estate Services
5716 Osuna Rd NE
Albuquerque NM, 87109