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815 W Picard Avenue

Belen, NM 87002
  • $1,349,000
  • STATUS: Active
  • ON SITE: 19 days
  • MLS #: 996019
UPDATED: 42 min ago
$1,349,000
  • 2
    BEDS
  • 0.34
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Cts
Type:
Multi-Family
Built:
1992
County:
Area:

School Ratings & Info

Description

New Mexico's 30,000 available and affordable home shortage coupled with the arrival of Netflix, Facebook, Intel, and Amazon is driving double digit growth in single-family home prices and rent increases, making these 20-units an excellent investment opportunity. Measure of investment performance at the current rent of $613 include a GRM of 9.17, before reserves cap rate of 6.85%, and after tax IRR of 11.30%. If rents are raised to market average of $875, measure of investment performance improve to proforma cap rate of 10.52%, and an amazing cash on cash of 21.74%.A value-add investor who commits to modest renovations and good management can reposition the property and potentially realize 20% upside.

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IDX information © 2021 The Southwest Multiple Listing Service, Inc. 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. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or Berkshire Hathaway HomeServices. Data last updated: 2021-07-28T00:04:49.427.
www.propertiesofsantafe.com/homes/119083457
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815 W Picard Avenue Belen, NM 87002

  • Price: $1,349,000
  • Status: Active
  • Updated: 42 min ago
  • MLS #: 996019
2
Beds
0
Baths
0
½ Baths
0.34
Acres
1992
Built
Neighborhood:
Cts
County:
Valencia
Area:
741 - Belen
Property Description
New Mexico's 30,000 available and affordable home shortage coupled with the arrival of Netflix, Facebook, Intel, and Amazon is driving double digit growth in single-family home prices and rent increases, making these 20-units an excellent investment opportunity. Measure of investment performance at the current rent of $613 include a GRM of 9.17, before reserves cap rate of 6.85%, and after tax IRR of 11.30%. If rents are raised to market average of $875, measure of investment performance improve to proforma cap rate of 10.52%, and an amazing cash on cash of 21.74%.A value-add investor who commits to modest renovations and good management can reposition the property and potentially realize 20% upside.
Exterior Features

Construction Materials Frame Levels One Stories Total 1

Interior Features

Appliances Refrigerator Basement YN No Bathrooms Total Integer 1 Cooling OtherSee Remarks Electric None Flooring CarpetTile Heating OtherSee Remarks

Property Features

Additional Parcels YN Yes Builder Name Unknown Disclosures Ranm 2100 Disclosure Gross Income 147864 Listing Agreement Exclusive Right To Sell New Construction YN No Operating Expense 59936 Property Condition Resale Property Sub Type Multi Family Tax Annual Amount 9246 Tenant Pays OtherSee Remarks Utilities Electricity ConnectedNatural Gas ConnectedPhone ConnectedSewer ConnectedWater Connected Zoning Description R-3

Listing courtesy of Nm Apartment Advisors, Inc.. © 2021 Southwest Multiple Listing Service, Inc.


IDX information © 2021 The Southwest Multiple Listing Service, Inc. 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. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or Berkshire Hathaway HomeServices. Data last updated: 2021-07-28T00:04:49.427.
 
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