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Template Ten

phil+t10@lofty.com

Listed by NM Apartment Advisors, Inc.

$ 1,424,506

Est. payment -/mo

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New

808 Ortiz DR SE Albuquerque, NM 87108

5 Beds

3 Baths

9,650 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 9,650 sqft

Price per Sqft $147

Subdivision Lots 2, 3 & 4, Block 6, Esparanza Addition

MLS Listing ID 1108861

Bedrooms 5

Construction Status Resale

HOA Y/N No

Year Built 1972

Annual Tax Amount $10,569

Lot Size 0.460 Acres

Acres 0.46

Lot Dimensions Public Records

Property Sub-Type Multi Family

Property Description

Metrics of investment performance at the ask price of $1,424,506 include a price per sf of $129, a price per unit of $118,709, and with current rents at $1,134 per month, it generates a GRM of 8.73, a cap rate after reserves of 6.86% and an after tax IRR of 15.10%.804 & 808 Ortiz SE both feature two-story town home style apartments, which are separately metered for gas and electric and come with bonus, updated detached storage closets. All apartments offer pragmatic floor plans that are significantly larger than other 2 bedrooms in the submarket. Downstairs, residents enjoy spacious, multi-functional living areas, galley kitchens with all appliances (including dishwashers), separate utility rooms with full size washer / dryers, and private backyards & patio spaces. Upstairs, residents enjoy two bright private bedrooms, a full bath, and additional quality storage and built-in storage options. Secured access courtyard provides lots of additional, secured landscaped outdoor space for residents to enjoy. Many of the apartments have been completely renovated as well - with new appliances, new luxury vinyl plank & tile flooring, with new fixtures and finishes throughout. Meanwhile, 812 Ortiz offers an amazing and unique opportunity to own a true mission style hacienda-style compound. Tremendous value add opportunities abound with two 3 bed / 1.5 bath, 2-story floor plans and two 2 bed / 1 bath 2 story floor plans all spilling over into a gorgeous plaza style, shady courtyard oasis surrounded by balconies and patio spaces. This property also features secured, gated entry with lots of common and private outdoor spaces alike for year-round outdoor living opportunities. Apartments are also separately metered for gas and electric and offer separate utility rooms for full size washer/ dryers & and storage, with lots of unique custom features and updates throughout. This fourplex has also undergone significant interior and exterior upgrades. Some apartments have been fully updated and some have been partially updated and have much longer-term residents.Located on a vastly improved block with quick and easy access to parks, shopping, Nob Hill, I-40, Kirtland Air Force Base, and the new Albuquerque Community Services HeadquartersThis unique 12-unit compound is the rare offering of flexible, multi-generational living opportunities, a solid income generating community with further value add potential, and quality secure, townhome style housing in an improving neighborhood.

Location

State NM

County Bernalillo

Area 71 - Southeast Heights

Interior

Heating Forced Air

Cooling Evaporative Cooling

Flooring Vinyl

Fireplace No

Appliance Refrigerator

Exterior

Exterior Feature Landscaping

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected

Accessibility None

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Construction Status Resale

Others

Tax ID 101805604238321015

Acceptable Financing Cash, Conventional

Green/Energy Cert None

Listing Terms Cash, Conventional

Virtual Tour https://www.nmapartment.com/3dortiz808unit3