The property contains a large two bedroom home, 5 two bedroom units, 5 one bedroom units and a studio apartment all in a private courtyard setting facing each other. Current rents are 30% below market.Measures of investment performance with an average rent of $738 and an ask price of $875,997 include $73,000 per unit , $116.80/sf, 6.76% cap rate, and an after tax IRR of 11.2%.If rents are moved closer to the market average of $975, the measures of investment performance improve to a 10.14% cap rate.Recent comparable sales indicate a value of $1,184,884 and the owner has priced these deals under market comparable sales to ensure an expedited closing.
This property is $540.3K more than the Median Sold Price and $83/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: #1044432
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.
Elementary School
3
/10
La Mesa Elementary School
7500 Copper Ave NE
Distance between this listing and this school0.07 miles
Public District Grades PK-5
6
/10
Coronado Elementary School
601 4th St SW
Distance between this listing and this school5.04 miles
Public District Grades KG-5
Middle School
2
/10
Hayes Middle School
1100 Texas St NE
Distance between this listing and this school0.91 miles
Public District Grades 6-8
High School
3
/10
Highland High School
4700 Coal Ave SE
Distance between this listing and this school1.56 miles
Public District Grades 9-12
8
/10
Nex Gen Academy
5323 Montgomery Blvd NE
Distance between this listing and this school3.84 miles
Public District Grades 9-12
Assigned Schools
3
/10
La Mesa Elementary School
7500 Copper Ave NE
Distance between this listing and this school0.07 miles
Public District Grades PK-5
6
/10
Coronado Elementary School
601 4th St SW
Distance between this listing and this school5.04 miles
Public District Grades KG-5
Nearby Schools
2
/10
Emerson Elementary School
620 Georgia St SE
Distance between this listing and this school0.87 miles
Public District Grades KG-5
Assigned Schools
2
/10
Hayes Middle School
1100 Texas St NE
Distance between this listing and this school0.91 miles
Public District Grades 6-8
Nearby Schools
3
/10
Van Buren Middle School
700 Louisiana Blvd SE
Distance between this listing and this school0.90 miles
Public District Grades 6-8
3
/10
Wilson Middle School
1138 Cardenas Dr SE
Distance between this listing and this school1.44 miles
Public District Grades 6-8
Assigned Schools
3
/10
Highland High School
4700 Coal Ave SE
Distance between this listing and this school1.56 miles
Public District Grades 9-12
8
/10
Nex Gen Academy
5323 Montgomery Blvd NE
Distance between this listing and this school3.84 miles
Public District Grades 9-12
Nearby Schools
4
/10
Native American Community Academy
1100 Cardenas Dr SE
Distance between this listing and this school1.48 miles
The neighbors living near this home have an average income of $23,868. The majority of Albuquerque, NM residents have income less than $35k annually. The majority of families are single, no kids. The most common level of education of people living in this area is high school diploma.
This home is located at 335 Espanola St NE in Albuquerque, NM and zip code 87108 in the La Mesa neighborhood. This 7,500 square foot home, which was built in 1946, sits on a 0.46 acre lot. Features: 1 bathroom. It has been listed on Rocket Homes since November 09, 2023 and is currently priced at $875,997.
In March 2024 more than 141 listings in Albuquerque, NM were sold above the asking price. During the same period more than 121 listings were sold at asking price, while more than 217 were sold below. The inventory of homes for sale in Albuquerque, NM between February 2024 and March 2024 decreased by 8.3%. The median list price of listings available in March 2024 was $335,689, while the average time on the real estate market was 27 days.
From Rocket Homes Real Estate and based on county public records data.