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click on Thumbnails below to enlarge photos
For More Information Contact the Broker Jack Merrick 505.226.0671
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Arizona Apartments (28 Units) and Garage/Office
Description: Arizona Apartments are located four blocks from Eastern New Mexico University’s main campus - 1508, 1510, 1514, 1540, and 1550 Arizona Drive.
Utilities: New central electric heat and refrigerated air installed in 2003.
Carports: The apartment complex has 6,000 sq. ft. of covered parking. 1510, 1514, and 1540 are 100' x 16' covered units. 1550 is a 75' x 16' covered unit.
Work Barn and Office Area: The work barn is 32' x 60' (1920 sq. ft.) with an office divided from the work area.
Amenities: Each unit has a cook stove and refrigerator, all units are total electric heat pumps, with central heat and refrigerated air. There are no gas connections on the property. Heating and cooling is by relatively new refrigeration units and electric heat pumps installed in June 2001. Each unit has a cook stove and refrigerator, all units are total electric with heat pumps, central heat, and refrigerated air. Water, garbage, sewer, and cable TV are included with the rental payment. Tenant is responsible for electricity and telephone. NO PETS ARE ALLOWED.
1508 Arizona Drive: Total monthly income $2,625.00
3 units are 1 bedroom 1 bath (app. 485 sq. ft.) rent is $400.00 per month 3 units are 2 bedroom 1 bath (app. 667 sq. ft.) rent is $475.00 per month (property includes ten 5' x 7' storage units at north end of apartments)
1510 Arizona Drive: Total monthly income $2,375.00
Five 2 bedroom 1 bath (app. 667 sq. ft.) rent is $475.00 per month (property includes five 5' x 7' storage units at north end of apartments)
1514 Arizona Drive: Total monthly income $2,375.00
Five 2 bedroom 1 bath (app. 667 sq. ft.) rent is $475.00 per month (property includes five 5' x 7' storage units at north end of apartments)
1540(A) Arizona Drive: Total monthly income $1,800.00
Four 2 bedroom 1 bath (app. 628 sq. ft.) rent is $450.00 per month
1540(B) Arizona Drive: Total monthly income $1,800.00
Four 2 bedroom 1 bath (app. 628 sq. ft.) rent is $450.00 per month
1550 Arizona Drive: Total monthly income $1,800.00
Four 2 bedroom 1 bath (app. 628 sq. ft.) rent is $450.00 per month
Deposit: each unit has a $300.00 refundable deposit
Total Income from Apartments: Monthly - $12,775.00 Annually $153,300.00
ANNUAL EXPENSES:
Taxes: $ 3,918.71 Insurance: $ 4,136.00 City Utilites: $ 10,530.00 Cable TV: $ 2,856.00 $ 21,440.71
INCOME SUMMARY: Monthly Annually 1508 1 bed 1 bath @ $375.00 $ 1,200.00 $ 13,500.00 1508 2 bed 1 bath @ $450.00 $ 1,425.00 $ 16,200.00 1510 @ $450.00 $ 2,375.00 $ 27,000.00 1514 @ $450.00 $ 2,375.00 $ 27,000.00 1540(A) @ $425.00 $ 1,800.00 $ 20,400.00 1540(B) @ $425.00 $ 1,800.00 $ 20,400.00 1550 @ $425.00 $ 1,800.00 $ 20,400.00 Total $ 12,775.00 $153,300.00 $1,250,000.00 SALE PRICE Cost per sq. ft. $68.73 Total sq. ft. 18,187 Appraised Value: $1,378,000.00 Contact the Broker Jack Merrick 505.226.0671
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