7524 2nd Street NW
Property Description
On behalf of the Owner, Deacon Property Services and NM Apartment Advisors are excited to bring to market a private compound style apartment community located in the Albuquerque's north valley. Spread across three buildings, these 12 unique units are located across the street from the new 2nd street lenticular park and a few blocks from the Rio Grande River and its Bosque Forest and nature trails. This is a rare opportunity to own a true value-add apartment compound with so much potential in such a unique area. Reap the benefits of significant recent modernization and property improvements, then continue updating the property with your vision on your timeline to maximize upside. A 3/4 acre lot also offers potential for adding additional units and cool common area amenities. Current unit mix features five studios, six 1-bedrooms, and one 2-bedroom apartment. All apartments are unique with some modern updates and cool / classic character touches. Residents love the ample parking, the thermal windows, the soft-gated compound atmosphere, the rural north valley setting, and the proximity to the Rio Grande Bosque and I-25. The property is also conveniently located 1.5 miles south of Paseo Del Norte (Highway 423 - a major east/west thoroughfare in northern Albuquerque), less than a quarter-mile from a public library, and nearby other local retail, stores, restaurants, and breweries. At the current average rent of $813, and an ask price of $705,675 the measures of investment performance include a price per unit of $58,806, price per square foot of $105.56, a GRM of 6.03, and after reserves cap rate of 10.00%.
Broker Details
NM Apartment Advisors Inc. 505-440-8633
MLS ID: clarkeda State License Number: 13711
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $705,675 |
| No. of Units: | 12 |
| Year Built: | 1946 |
| Opportunity Zone: | No |
| Price per unit: | $58,806 |
| Property Website | Click Here |
| Number of Bedrooms: | 10 |
| Number of Bathrooms: | 0 |
ID: 3yd-GAARNM-1111323
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
Grand Junction, CO
Grand Junction, Colorado
2312 W Platte Avenue
Colorado Springs, ColoradoBrokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout