5304 Summer Avenue Ne, Albuquerque

$450,000

2 Beds
1 Bath
3,700 Sqft
.2 Acre
0 Garage

Property is under contract (PENDING) - contract allows owner to accept back up offers up until buyers contingencies are removed.This charming triplex is embedded in an area of mostly single-family homes. The property has (2) 3 bedroom, one bath apartment units, a 2 bedroom one bathroom unit and a garage. Measures of investment performance at ask price of $450,000 with a current average rent of $1,079 are a GRM of 12.30, a 5.35% cap rate before reserves, 5.35% cap rate after reserves (both include management - if you owner occupy, your cap rate could increase to 6.23%!), 15.40% after tax IRR, $150,000 per unit, and a price per sf of $121.62.If rents are raised to market of $1,300 the measures of investment performance improve to an investor cap rate of 7.03%

Essential Information
MLS® #998530
Price$450,000
Bedrooms2
Bathrooms1.00
Square Footage3,700
Acres0.20
Year Built1949
TypeResidential Income
Sub-TypeTriplex
StatusPending
Community Information
Address5304 Summer Avenue Ne
Area70 - Fairgrounds
SubdivisionAlbuquerque Highlands Addition
CityAlbuquerque
CountyBernalillo
StateNM
Zip Code87110
Utilities

Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected

Interior
InteriorCarpet, Vinyl
AppliancesRefrigerator
HeatingCentral, Forced Air
CoolingEvaporative Cooling
# of Stories2
StoriesTwo
Exterior
ConstructionFrame
Additional Information
Date ListedAugust 9th, 2021
Days on Market99
Listing Details
OfficeNM Apartment Advisors, Inc.
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Listing information last updated on December 6th, 2021 at 4:47pm MST.