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1069 Bonita Street

Grants, NM 87020
  • $4,000,000
  • STATUS: Active
  • ON SITE: 68 Days
  • MLS #: 1075104
UPDATED: 67 min ago
$4,000,000
  • 2
    BEDS
  • 2.84
    ACRES
  • 1
    BATHS
  • 0
    1/2 BATHS
  • 40,752
    SQFT
  • $98
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1980
County:
Area:

School Ratings & Info

Description

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

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IDX information © 2025 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 Rush Real Estate Group | Realty One of New Mexico. Data last updated: 2025-02-18T13:05:08.023.
www.albuquerquerealestateservices.com/homes/158685320
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1069 Bonita Street Grants, NM 87020

  • Price: $4,000,000
  • Status: Active
  • On Site: 68 Days
  • Updated: 67 min ago
  • MLS #: 1075104
2
Beds
1
Baths
0
½ Baths
2.84
Acres
40,752
SQFT
$98
$/SQFT
1980
Built
Neighborhood:
Valencia
County:
Cibola
Area:
390 - Cibola
Property Description
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
Exterior Features

Construction Materials Frame Stucco Levels Two Stories Total 2

Interior Features

Appliances Refrigerator Basement YN No Cooling Evaporative Cooling Cooling YN Yes Flooring Carpet Tile Heating Central Forced Air Heating YN Yes

Property Features

Additional Parcels YN Yes Builder Name Hanosh Building Area Total 40752 Community Features Laundry Facilities Green Energy Generation None Gross Income 362230 Listing Agreement Exclusive Agency Listing Terms Cash Conventional New Construction YN No Occupant Type Owner Operating Expense 145396 Property Condition Resale Property Sub Type Multi Family Tax Annual Amount 10629.7 Tenant Pays Other See Remarks Utilities Electricity Connected Natural Gas Connected Sewer Connected Water Connected Zoning Description R-2

Southwest MLS] logo Listing courtesy of NM Apartment Advisors, Inc.: (505) 440-8633. © 2025 Southwest Multiple Listing Service, Inc.


IDX information © 2025 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 Rush Real Estate Group | Realty One of New Mexico. Data last updated: 2025-02-18T13:05:08.023.
 
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Rush Real Estate Group | Realty One of New Mexico
8500 Menaul Blvd. NE, Suite A-240
Albuquerque NM, 87112