1112 Palomas & 1116 Drive SE Albuquerque, NM
$ 592,000
Property Attributes
  • MLS#967512
  • TypeMulti-Family
  • CityAlbuquerque
  • AreaSoutheast Heights
  • NeighborhoodVirginia Place Addition
  • Zip87108
  • StyleMulti Family
  • Year Built1958
  • Taxes3078
  • Price$ 592,000
  • Bedrooms2
  • Full Bathrooms1
  • Half Bathrooms0
  • Sqr Footage5514
  • Lot Size8,276 SqFt
Listing Provided Courtesy Of:
NM Apartment Advisors, Inc.
Property Description

This is a core asset with stabilized cash flow and recent renovations, with large two bedroom units and hardwood floors, ceramic tile, with built-in washer/dryer, and covered parking.The seller is offering financing to qualified buyers with a 22.5% down payment, 5.5% interest, 30 year amortization and a 5 year call.Measures of investment performanceThe measures of investment performance at ask price of $592,000 for these 6 units and current average rent of $769 are a GRM of 10.69, a 6.70% cap rate, $98,667 per unit, and $107/sf. If rents are improved to market average of $858, the measure of investment performance improve to a cap rate of 7.90% and a cash on cash of 10.70%.

Price History
5/4/2020 Listed $592,000

General Features

Additional Parcels Y/N Yes
Appliances Refrigerator
Construction Materials Frame
Cooling Evaporative Cooling
Electric None
Exterior Features Privacy Wall
Flooring Tile, Wood
Heating Forced Air
MLS Area 71 - Southeast Heights
Property SubType Multi Family
Property Type Residential Income
PropertyCondition Resale
Stories 1
Subdivision Name Virginia Place Addition
Terms Cash, Conventional, FHA
Total Units 6
Utilities Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Zoning Description MH

Interior Features

Heating Y/N Yes
Laundry Features Washer Hookup
Living Area 5514
Total Baths 1
Total Bedrooms 2

Exterior Features

Fencing Wall
Lot Size Acres 0.19
Lot Size Source Public Records
Lot Size Square Feet 8102
Number of Buildings 1
Total Parking 6


  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 87108

AVG $410K
AVG $2,801
AVG 31
Year Built
AVG 1967
AVG 69
Data Provided by Walkscore ® not using MLS data

Looking for a more comfortable experience?

Download our mobile app for a personalized browsing experience.