Property being sold using BID Process.Tour date is 9/11 at noon, buyer must be registered. Extreme value add 9 unit property with rents that are 32% below market. Located on 2 lots at 516 & 520 Palomas SE, this 5plex+4plex is being offered as a package using the BID process with one date/time for tours (noon on 9/11/2024) and a fixed deadline for offers (noon on 9/12/ 2024).At the current average rents of $537, and an ask price of $555,227 the measures of investment performance include a price per unit of $61,692, price per square foot of $112.92, a GRM of 9.58, an after reserves cap rate of 6.25%, and an after-tax IRR of 16.20%. If rents are raised to the market average of $762, the measures of investment performance improve to a cap rate of 10.66%.
Sold
Price Unknown
516 Palomas Dr SE #520, Albuquerque, NM 87108
1beds
1baths
4,917sqft
Multi Family
Built in 1954
-- sqft lot
$653,500 Zestimate®
$--/sqft
$1,003 Estimated rent
Home value
$653,500
$582,000 - $738,000
$1,003/mo
Zestimate® history
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Zillow last checked:
Listing updated:
Listed by:
Todd D Clarke 505-440-8633,
NM Apartment Advisors, Inc.,
Kyle E Deacon 505-878-0100,
Deacon Property Services
Bought with:
Toby R Atencio, 18997
Lobo Realty Group
Source: SWMLS,MLS#: 1065491
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 1
- Bathrooms: 1
Heating
- Wall Furnace
Cooling
- Evaporative Cooling
Appliances
- Included: Refrigerator
Features
- Flooring: Tile, Vinyl
- Has basement: No
Interior area
- Total structure area: 4,917
- Total interior livable area: 4,917 sqft
Property
Accessibility
- Accessibility features: None
Features
- Levels: One
Lot
- Size: 0.31 Acres
Details
- Has additional parcels: Yes
- Parcel number: 101805610850522815
- Zoning description: R-MH*
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Block, Frame, Stucco
Condition
- Resale
- New construction: No
- Year built: 1954
Utilities & green energy
- Utilities for property: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Green energy
- Energy generation: None
Community & HOA
Community
- Subdivision: Mendelsberg, Baron Burg Heights
Location
- Region: Albuquerque
Financial & listing details
- Annual tax amount: $3,795
- Date on market: 6/20/2024
- Cumulative days on market: 71 days
- Listing terms: Cash,Conventional
- Tenant pays: Other, See Remarks
Price history
| Date | Event | Price |
|---|---|---|
| 11/7/2024 | Sold | -- |
Source:  SWMLS #1065491 Report a problem | ||
| 8/30/2024 | Pending sale | $555,227$113/sqft |
Source: SWMLS #1065491 Report a problem | ||
| 6/20/2024 | Listed for sale | $555,227$113/sqft |
Source: SWMLS #1065491 Report a problem | ||
Public tax history
Tax history is unavailable.
Neighborhood: South San Pedro
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Nearby schools
GreatSchools rating
- 4/10Whittier Elementary SchoolGrades: PK-5Distance: 0.6 mi
- 3/10Wilson Middle SchoolGrades: 6-8Distance: 0.7 mi
- 2/10Highland High SchoolGrades: 9-12Distance: 0.5 mi
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Estimated market value
$653,500
Get a cash offer in 3 minutes
Find out how much your home could sell for in as little as 3 minutes with a no-obligation cash offer.
Estimated market value
$653,500
- New Mexico
- Bernalillo County
- Albuquerque
- 87108
- South San Pedro
- 516 Palomas Dr SE Unit 520
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