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Berkley AptsArizona Apts

 

 

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Jack Merrick

505.226.0671

 

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Berkeley Apartments (34 Units)

 

Description:  Berkley Apartments are located at 1025 West 18th Street, Portales, New Mexico.  Berkley is located just two blocks from Eastern New Mexico University’s main campus.  The Apartment complex consists of 34 units with twelve 1 bedroom units and twenty-two 2 bedroom units.  The laundry room and office are located in the center of the apartment complex. No pets are allowed.

  

Utilities:  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. 

  

Carports:  The apartment complex has 7,200 sq. ft. of covered parking that will accommodate approximately 45 vehicles.  Three of the covered lots are 10’ x 16’ and one unit is 150’ x 16’.

  

Roof:  A fiberglass roof  (20,000 sq. ft.) was installed in Aril of 2004.  The previous roof was not a problem but it was several years old and the new roof was installed as preventive maintenance.

  

Apartments 1 thru 12:  One bedroom units with app. 560 sq. ft. of living area.  Included are 6 upstairs units that open to an 8’ x 16’ inside patio with wooden fence.  The 6 downstairs units are also open to  an 8’ x 16’ inside patio with wooden fence.  Each unit has a cook stove and refrigerator, all units are total electric heat pumps, with central heat and refrigerated air.

  

Apartments 14 thru 35:  Two bedroom townhouse units with app. 1024 sq. ft. of living area.  Each unit has a full bath upstairs and ˝ bath downstairs, two bedrooms with large closets upstairs, and living room and kitchen downstairs.

  

Rental:  One bedroom apartment  -  $425.00

                Two bedroom townhouse -  $530.00

  

Deposit: each unit has a $300.00 refundable deposit

  

ANNUAL EXPENSES:

  

     Taxes:            $   5,131.93

     Insurance:       $   8,094.00

     City Utilites:    $ 12,786.72

     Cable TV:       $   3,468.00

                          $  29,480.65

  

INCOME SUMMARY:

                                                                                          Monthly           Annually

12 one bedroom Units @$425.00                  $   5,100.00     $  61,200.00

22 two bedroom townhouses @$530.00           11,660.00       139,920.00

                                      Total                    $ 16,760.00     $201,120.00


$1,750,000.00 SALE PRICE

Cost per sq. ft.    $56.58

Total sq. ft.    30,928

Appraised Value: $1,964,000.00


 

 Contact the Broker

Jack Merrick

505.226.0671

  

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