421 Edith Blvd SE

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Address: 421 Edith Blvd SE, Albuquerque, NM 87102, USA
Created date: October 19, 2023
Date last updated: July 9, 2024

Historic Gem –  7 units in EDO – 6.59%a actual cap rate, proforma cap rate of 8.04%

On behalf of the Owners, NM Apartment Advisors and Deacon Property Services are honored to bring this unique 7 unit apartment complex market.

The main, two story 4-plex is one of East Downtown’s cherished historical properties featuring very well-preserved Victorian architecture and a true Widows Walk Roof. The building offers spacious and unique 1 bedroom apartments, as each apartment also provides a bonus room / office space beyond separate bedrooms and nice-sized living areas. Residents also love the raised ceilings, the great natural light through huge windows, the original casework, built-ins, fixtures, and the large plank wood floors.

 

Looking for Value Add Opportunity?  The 4-plex also offers an enormous unfinished attic space with vaulted ceilings that offers the next buyer the potential to dramatically expand 2nd floor units into 2-Story 2-3 Bedroom penthouse apartments with phenomenal panoramic views.

The single-story duplex, located at 415 Coal SE, sits just west of the main building and features two large 1-bedroom apartments with hardwood floors and well-preserved vintage finishes throughout. Both units offer plenty of value add opportunities beyond cosmetic makeovers with potential to create easy backyards and add washer / dryers to the units.

411 Coal SE is a 1,147 sf former commercial storefront offering an open and very flexible space. Gleaming hardwood floors throughout with an updated, open kitchen, a full bath, forced central heating, new stackable washer / dryer, and a small, private back-yard. All apartments are separately metered for gas and electric.

Extremely rare opportunity to own such a beautiful historical property in such a stellar location.

At the ask price of $790,844 and an average rent of $906 measure of investment performance include a GRM of 10.39, a price per unit of $112,978, price per square foot of $169/sf, a Cap rate of 6.36% and an after tax IRR 14.6%. If rents are raised to the market of $1,157, the cap rate improves to 8.04%.

Available for the first time in 30+ years, do not miss out on this opportunity to buy into an adored neighborhood and a high rent growth market created by all of the new Netflix, Facebook, Amazon and Intel employment.

Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
[email protected]

and

Kyle Deacon
Qualifying Broker
Deacon Property Services, LLC
(505) 878-0100 Ext. 204
[email protected]

 

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Property Types: Apartment Buildings
Price: $790,844
No. of Units: 7
Cap Rate: 6.59%
GRM /GIM: 10.39
Year Built: 1935
Building Size: 4,622 Sq ft
Lot Size: 0.14 Acres
No. of Stories: 2
APN: 1014057419236643603
Zoning Code: R-ML
Buy Side Fee: 2%
Opportunity Zone: No
Price per unit: $112,978
Property Website Click Here
Address: 421 Edith Blvd SE, Albuquerque, NM 87102, USA

Additional contacts

Full name Phone number Email address
Kyle Deacon 505-878-0100 [email protected]

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