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1700 Indian Plaza Drive NE, Albuquerque, NM 87106 (MLS# 874575) - Buyer's Broker of New Mexico

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1700 Indian Plaza Drive NE, Albuquerque, NM 87106

$11,000,000
Property Type: Residential Income Square Footage: 111,927 Lot Size (sq. ft.): 100,624 Status: Closed
Current Price: $11,000,000 List Date: 5/16/2017 Last Modified: 6/26/2017

Description

Well located next to Wholefoods store, one freeway exit from Downtown or Uptown, just north of the UNM legal and medical campus, this low density, 140 unit, completed renovated apartment community offers its residents an ''A'' infill location with 9 different floorplans. Assumable Fannie Mae Financing at 67% loan to value offers an astute investor a before Tax IRR of 18.4%, and after Tax IRR of 14.0%. Property also includes an additional 1.4 acres of land that could be used for future apartment development - see listing agent for more details. Recently renovated, and priced well below replacement cost. Upside potential in adding Wi-Fi, and moving rents up 13% to submarket average. Amenities include: 1 and 2 story town home units, fire places, 2 swimming pools, updated clubhous

More Information MLS# 874575

Status Change Info

Pending Date: 2017-05-16 Closing Date: 2017-06-23

Contract Information

Listing Price: 11000000 Current Price: $11,000,000 List Price/SqFt: 98.28 Status: Closed Allowance/Concession: No Bank Owned: No

Location

Street #: 1700 Street Name: Indian Plaza St Suffix: Drive Post Direction: NE County: Bernalillo City/Town Code: Albuquerque State/Province: NM Zip Code: 87106 Zip +4: 1033 Geo Lat: 35.102709 Geo Lon: -106.605899 Area: 40 - UNM Zone Atlas: H16

City/County Data

UPC Code: 101605947814640211 Subdivision: Indian Plaza Add

General Property Description

# of Units: 140 5+ Units: Yes Units for Sale: 140 Property Sub-Type: 9 or More Units Apx Structured SqFt: 111927 SqFt Source: Per Appraisal Lot Size Source: On-Line Acres: 2.31 Lot SqFt: 100623.6 Directions: From I-40 and Carlisle, south to Indian School, west to Indian Plaza, north property - located just west of Whole Foods. Stories: 2 Total Stories in Bldg: 2 Total # of Buildings: 12 Year Built: 1980 Age: 31 - 40 Disability Access: Unknown LBP Disclosure: No Builder: Unknown Owner Occupant Unit: Yes Multiple Lots: Four

Tax & Legal Info

GRT Code: 02-100 Current Taxes: 14817.5 Tax Exemption: No

Basement

Basement: No

Sales Info

Trade/Xch Considered: No

# of Unit Types (1)

# of Units: 12 # Baths: 1 Approx. SqFt: 380 Actual Rent: 499 Max Rent: 551 Market Rent: 556

# of Unit Types (2)

# of Units: 41 # of Bedrooms: 1 # Baths: 1 Approx. SqFt: 530 Actual Rent: 605 Max Rent: 670 Market Rent: 689

# of Unit Types (3)

# of Units: 4 # of Bedrooms: 1 # Baths: 1 Approx. SqFt: 640 Actual Rent: 678 Max Rent: 720 Market Rent: 689

# of Unit Types (4)

# of Units: 11 # of Bedrooms: 2 # Baths: 1 Approx. SqFt: 860 Actual Rent: 725 Max Rent: 821 Market Rent: 751

# of Unit Types (5)

# of Units: 30 # of Bedrooms: 2 # Baths: 2 Approx. SqFt: 1053 Actual Rent: 800 Max Rent: 922 Market Rent: 881

# of Unit Types (6)

# of Units: 16 # of Bedrooms: 2 # Baths: 1 Approx. SqFt: 946 Actual Rent: 819 Max Rent: 916 Market Rent: 1018

# of Unit Types (7)

# of Units: 13 # of Bedrooms: 2 # Baths: 2 Approx. SqFt: 1015 Actual Rent: 745 Max Rent: 906 Market Rent: 1018

# of Unit Types (8)

# of Units: 13 # of Bedrooms: 2 # Baths: 2 Approx. SqFt: 1054 Actual Rent: 832 Max Rent: 948 Market Rent: 1018

Unit Summary

Total Units: 140 Average Unit Size: 799.52 Average Actual Rent: 707.75 Annualized: 1189020 Total Actual Rent: 99085

Property Features

Construction: Frame Exterior Material: Stucco Amenities: Clubhouse; Laundry Equip Leased; Owners Unit; Swimming Pool Appliances included: Dishwasher; Refrigerator Utilities: All City Heating: Gas Cooling: Evaporative Cooling Flooring: See Remarks Owner Pays: Other - See Remarks Tenant Pays: Other - See Remarks Rental Info: Other - See Remarks Finance Considered: Conventional Zoning: SU-1
Listing Office: NM Apartment Advisors, Inc.
Last Updated: June - 26 - 2017

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