This is a core asset with stabilized cash flows that could also be a value-add opportunity if an investment was made in upgraded finishes for the balance of the units.CORE AssetMeasures of investment performance at the ask price of $2,661,159 and current average rents of $792 a month are a GRM of 10.77, a 6.62% cap rate, $102,352 per unit, $204/sf, and an after tax internal rate of return is 13.20%And Value AddThe property is currently 24% below market rents and that does not take into account the double digit annual rent growth the market is enjoying. If the rents are raised to the market of $1,023, the metrics of investment performance improve to a cap rate of 8.03% and a cash on cash of 8.98%.
Property Details
Property Features
Property Information:
Year Built: 1985
Stories: 2
Living Area: 13,050 SqFt
Listing Office:
Office Name: NM Apartment Advisors, Inc.
Office Phone: (505) 440-8633
Listing Agent: Todd D Clarke
Interior Features
Interior Information:
Appliances: Refrigerator
Basement: No
Flooring Type: Carpet, Tile, Vinyl
Exterior Features
Exterior Information:
Exterior: Landscaping
Lot Features
Lot Information:
Lot Size: 0.54 Acres
Utilities
Utilities Information:
Heating: Central, Forced Air
Cooling: Evaporative Cooling
Other
Directions Information:
Directions: From I-25 and Coal, west to Adams north to property.
Price Information
Listing Price Info
Price Summary:
List Price: $2,661,159
Price Per SqFt: $204/SqFt
Tax Information:
Annual Amount: $6,382
Tax Year: 2020
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Housing Market Comparison
See how this home compares to others in Albuquerque, NM.
This property is $2.3M more than the Median Sold Price and $1/SqFt less than other homes in Albuquerque, NM.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: SWMLS
MLS Number: #1074795
Listing Office:
Office Name: NM Apartment Advisors, Inc.
Office Phone: (505) 440-8633
Listing Agent: Todd D Clarke
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Southwest Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
6
/10
Zia Elementary School
440 Jefferson St NE
Distance between this listing and this school0.77 miles
Public District Grades KG-5
4
/10
Whittier Elementary School
1110 Quincy St SE
Distance between this listing and this school0.79 miles
Public District Grades PK-5
6
/10
Bandelier Elementary School
3309 Pershing Ave SE
Distance between this listing and this school0.79 miles
Public District Grades KG-5
Nearby Schools
4
/10
Wilson Middle School
1138 Cardenas Dr SE
Distance between this listing and this school1.29 miles
Public District Grades 6-8
4
/10
Jefferson Middle School
712 Girard Blvd NE
Distance between this listing and this school1.36 miles
Public District Grades 6-8
4
/10
Van Buren Middle School
700 Louisiana Blvd SE
Distance between this listing and this school1.63 miles
Public District Grades 6-8
Nearby Schools
3
/10
Highland High School
4700 Coal Ave SE
Distance between this listing and this school0.13 miles
Public District Grades 9-12
6
/10
Media Arts Collaborative Charter
4401 Central Ave NE Bldg 2
Distance between this listing and this school0.34 miles
Public Charter Grades 6-12
1
/10
Cesar Chavez Community School
1325 Palomas Dr SE
Distance between this listing and this school1.22 miles
The neighbors living near this home have an average income of $38,179. The most common annual income of people living in Albuquerque, NM is less than $35k. Most families are single, no kids. Typical level of education for residents in this area is post secondary degree.
By checking this box and submitting your personal information, you agree to our Terms of Use and Privacy Policy. You also expressly consent to having Rocket Homes Real Estate LLC, its Family of Companies, Rocket Homes Network Partners, and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system, AI voice, or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Rocket Homes Real Estate, LLC or its partners. By communicating with us by phone, you consent to calls being recorded and monitored. You also agree that we can share your personal data and contact information with third parties such as mortgage partners, partner companies, and affiliates, and that these parties may use your personal data and contact information for marketing and analytic purposes, and to improve your experience.
This home is located at 317 Adams St SE in Albuquerque, NM and zip code 87108 in the Southeast Albuquerque neighborhood. This 13,050 square foot home, which was built in 1985, sits on a 0.54 acre lot. Features: 1 bathroom. It has been listed on Rocket Homes since December 06, 2024 and is currently priced at $2,661,159.
While more than 86 listings in Albuquerque, NM in November 2024 were sold above asking price, there were more than 127 listings sold at asking price, and more than 225 were sold below. The number of listings in Albuquerque, NM decreased by 14.7% between October 2024 and November 2024. In November 2024, listings were on the market for 34 days. During the same period, the median list price in this real estate market was $344,759.
From Rocket Homes Real Estate and based on county public records data.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Southwest Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. 
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