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1069 Bonita Street

Grants, NM 87020

$4,000,000

2 bd • 1 ba • 40,752 sqft • 2.84 acres

2 Story

Stories

$98

Per SQFT

1980

Year Built

12/11/2024

Listing Date

1075104

Listing #

87020

Zip Code

About This Property

CORE AssetAt full occupancy, the measures of investment performance at the ask price of $4,000,000 and current average rents of $665 a month are a GRM of 10.67, a 5.69% cap rate, $85,106 per unit, $106.39/sf, and an after-tax internal rate of return is 14.70% July 2024 appraisal indicated a value of $4,000,000.And Value AddThe property is currently 26% below market rents and that does not take into account the potential to offer furnished units to the adjacent hospital. If the rents are raised to the market of $901, the metrics of investment performance improve to a cap rate of 8.47% and a cash on cash of 12.73%.With runway - page 6 of the flyer outlines the steps for taking the 40 unrenovated units through renovation to market rents, with a value after renovation of $5.1M

Interior

Bathrooms Total: 1

Appliances: Refrigerator

Flooring: Carpet, Tile

Building And Construction

Property Type: Residential Income

Building Area Total: 40,752 sqft

Year Built: 1980

Construction Materials: Frame, Stucco

Builder Name: Hanosh

Levels: Two

Number Of Units Total: 47

Stories: 2

Property Condition: Resale

Exterior And Lot

Lot Size Acres: 2.84

Lot Size Square Feet: 123666.84

Provisional

MLS #: 1075104

Gross Income: 362230

Listing Terms: Cash, Conventional

Number Of Buildings: 12

Occupant Type: Owner

Operating Expense: 145396

Tenant Pays: Other, See Remarks

Area And Schools

Community Features: Laundry Facilities

City: Grants

Postal Code: 87020

MLS Area Major: Cibola

Subdivision: VALENCIA

County: Cibola

Parcel Number: 2054063114349

Utilities

Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected

Cooling: Evaporative Cooling

Heating: Central, Forced Air

Heating (Y/N): Yes

Location

Directions: From ABQ - west on I-40 to Grants, exit 85 north to McBride Road, east on 1st street, right on East Roosevelt, north on Lobo Canyon, right on Bonita to property.

Listing courtesy of NM Apartment Advisors, Inc.

Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers’ personal, non-commerical use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.

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Daria Derebera

Real Estate Agent in Albuquerque, NM

(505) 521 8550

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