Bought with Keller Williams Realty
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Key Details
Sold Price $284,999
Property Type Multi-Family
Sub Type Triplex
Listing Status Sold
Purchase Type For Sale
Square Footage 924 sqft
Price per Sqft $308
Subdivision Atlantic & Pacific
MLS Listing ID 1006361
Sold Date 12/14/22
Bedrooms 1
Construction Status Resale
HOA Y/N No
Year Built 1946
Annual Tax Amount $1,264
Lot Size 6,969 Sqft
Acres 0.16
Lot Dimensions Public Records
Property Sub-Type Triplex
Property Description
The property has a street address of 609 5th SW and is on a corner lot with about 15 extra parking spaces.Measures of investment performance at ask price of $284,999 with a current average rent of $717 (a 30% increase over the former $550 rents) are a GRM of 11.63, a 5.47% cap rate before reserves, 5.23% cap rate after reserves, 17.50% before tax IRR, $95,000 per unit, and a price per sf of $308.44.If all of the unit rents are raised to the market of $875, the measure of investment performance improve to a cap rate of 6.68%, if the extra parking is leased at $50 a space a month, the cap rate increases to well over 10%! Buyer to confirm parking lot and/or extra unit potential with the City of ABQ for permissible uses.
Location
State NM
County Bernalillo
Area 80 - Downtown Area
Interior
Heating Wall Furnace
Cooling Evaporative Cooling
Flooring Vinyl
Fireplace No
Appliance Refrigerator
Exterior
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected
Accessibility None
Building
Story 1
Entry Level One
Level or Stories One
New Construction No
Construction Status Resale
Others
Tax ID 101405709824632950
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
Financing Conventional
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