5116 Eastern & 5120 and 1309-1315 M Avenue SE
Property Description
Excited to introduce a truly distinctive 16-unit community at 5116 and 5120 Eastern SE and 1309 and 1315 Madeira SE in Albuquerque. Four fourplex buildings, four parcels--and a direct connection to one of New Mexico's most extraordinary engineering achievements. The ATLAS-I connection. The original developer of this community was Dr. Carl E. Baum, an internationally respected scientist who helped lead the engineering of ATLAS-I, better known as the Trestle. Built at Kirtland Air Force Base during the Cold War, this enormous, approximately 12-story-tall laminated-wood structure allowed the military to test aircraft against simulated electromagnetic pulses. It remains renowned as the world's largest all wood structure. Now consider the remarkable contrast: the same creative mind that helped shape this monumental research facility also designed and developed these very human-scale apartments. According to the property history, Dr. Baum lived in one of the residences from its construction until his death in 2010. His design priorities--space, function, privacy and livability--still distinguish the community today. A better rental experience. These residences live more like patio homes than conventional apartments, with secured courtyard entries and meaningful private outdoor spaces. Most are updated two-bedroom/one-bath homes with efficient layouts, full-size washers and dryers, updated kitchens and dishwashers. Two distinctive three-bedroom/two-bath residences feature vaulted ceilings, custom finishes and oversized private yards. The location is close to Kirtland Air Force Base, Sandia National Laboratories, neighborhood retailers and restaurants, and the MAX-Q development. The investment case. Offered at $1,880,814 ($117,551 per unit), the flyer reports an 8.82 gross rent multiplier and a 7.10% cap rate before reserves (6.91% after reserves). Its five-year underwriting models a 10.70% after-tax IRR; the 2027 pro forma projects a 7.95% cap rate before reserves. Buyers should review the operating statements, pro forma assumptions and supporting materials. The opportunity may be unrepeatable. Albuquerque can build more apartments. It cannot recreate a development personally designed and built by the man behind the Trestle. When this particular collection changes hands, the chance to acquire this precise combination of history, livability, location and income goes with it. If this story fits your investment goals, now is the time to take a serious look--not after somebody else owns it.
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: | $1,880,814 |
| No. of Units: | 16 |
| Year Built: | 1979 |
| Opportunity Zone: | No |
| Price per unit: | $117,551 |
| Property Website | Click Here |
| Number of Bedrooms: | 25 |
| Number of Bathrooms: | 0 |
ID: 3yd-GAARNM-1113493
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