About 335 Espanola Street Ne
Do not miss out on this rare value add opportunity to buy a renovated property with rents 29% below market and a below market interest rate loan with appraisal at $930,000 as-is today, and renovated, raised rents appraisal of $1,070,000). Rents have increased 6% this year and are scheduled to increase from $783 to $906 by November 1st, 2024.Measures of investment performance with an average rent of $783 and an ask price of $930,000 include $77,500 per unit , $122.47/sf, 6.91% cap rate, and an after tax IRR of 10.8%.This 12 unit community is located in an area of that has had major announcements of new employment. Couple that with the impact of the citywide expansion of Netflix, Facebook, Intel and Amazon and this property is well positioned to enjoy the forthcoming wave of appre
Features of 335 Espanola Street Ne
| MLS® # | 1044432 |
|---|---|
| Price | $930,000 |
| Bathrooms | 1.00 |
| Square Footage | 7,500 |
| Acres | 0.46 |
| Year Built | 1946 |
| Type | Residential Income |
| Sub-Type | Multi Family |
| Status | Active |
Community Information
| Address | 335 Espanola Street Ne |
|---|---|
| Area | 70 - Fairgrounds |
| Subdivision | La Mesa Addition |
| City | Albuquerque |
| County | Bernalillo |
| State | NM |
| Zip Code | 87108 |
Amenities
| Utilities | Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected |
|---|---|
| Is Waterfront | No |
| Has Pool | No |
Interior
| Interior | Carpet, Wood |
|---|---|
| Appliances | Refrigerator |
| Heating | Central, Forced Air, Wall Furnace, Floor Furnace |
| Cooling | Evaporative Cooling |
| Fireplace | No |
| # of Stories | 1 |
| Stories | One |
Exterior
| Construction | Block, Frame, Stucco |
|---|
Additional Information
| Date Listed | November 7th, 2023 |
|---|---|
| Days on Market | 192 |
| RE / Bank Owned | No |
Listing Details
| Office | NM Apartment Advisors, Inc. |
|---|