1200 Ortiz Drive Se, Albuquerque, 87108

1Bed
1Bath
25,560Sqft
1.48Acres
1964Built
193DOM

$2,000,000

Todd D Clarke
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NM Apartment Advisors and the Ron Nelson Company is excited to bring to back to market this amazing 1960s & 70s vintage Albuquerque apartments 1116-1132 & 1200-8 Ortiz SE. A core asset with stabilized cash flow and recent renovations, it is also a value add deal with rents that are a bit below market.Measures of investment performance at ask price of $1,967,000 and current average rent of $586 are a GRM of 6.35, a 7.25% cap rate, cash on cash of 9.79% (before interest only component), $44,705 per unit, and $77/sf.If rents were raised to market average of $710, measures of investment performance increase to a GRM of 5.24, and a 8.60% cap rate.Recent neighborhood rent survey on pages 10-11.

Essential Information

MLS® #: 950793
Price: $2,000,000
Bedrooms: 1
Bathrooms: 1.00
Square Footage: 25,560
Acres: 1.48
Year Built: 1964
Type: Residential Income
Sub-Type: Multi Family
Status: Pending

Community Information

Address: 1200 Ortiz Drive Se
Area: 71 - Southeast Heights
Subdivision: Virginia Repl Add
City: Albuquerque
County: Bernalillo
State: NM
Zip Code: 87108

Amenities

Utilities: Cable Connected, Electricity Connected, Natural Gas Connected

Interior

Interior: Carpet, Vinyl
Appliances: Refrigerator
Heating: Other, See Remarks
Cooling: Other, See Remarks
# of Stories: 1
Stories: One

Exterior

Exterior Features: Privacy Wall
Construction: Block

Additional Information

Date Listed: August 1st, 2019
Days on Market: 193

Listing Details

Listing Agent: Todd D Clarke
Listing Office: NM Apartment Advisors, Inc.

Financials

$/SqFt: $78

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Listing information last updated on April 3rd, 2020 at 4:01pm MDT.