56 Unit Multifamily Investment Offering – Casa Mesilla Apartments

• Property Benefits
• 56 Units
• Convenient location
• Close proximity to shopping, dining, schools and other amenities
• Located just north of Kirtland Air Force Base in the Southeast Heights
• Each unit is individually metered for gas and electric
• Some units have private secured yards
• Well maintained buildings and grounds
• Gas wall panel or electric baseboard heating
• Evaporative cooling
• Investment Highlights
• Desirable and functional unit mix
• Priced well below replacement cost
• Below market rents
• Portfolio is contiguous but is comprised of 10 separate parcels
• Flexible future exit strategies
• High barriers to entry with significant demand
• Strong historical occupancy
• Ability to increase rents and income
• Albuquerque MSA has a strong rental market with low vacancy rates

Property Description

Flanagan Investment Real Estate is pleased to offer for sale Casa Mesilla Apartments located at 609, 613, 616, 618, 631, 633, 635, 637, 639, and 641 Mesilla St SE in Albuquerque, NM. The properties are contiguous but comprised of ten separate parcels. The properties are located in the southeast submarket just north of Kirtland Air Force Base with close proximity to shopping, dining, schools and other amenities. There is significant demand for affordable apartments in this submarket and the entire Albuquerque MSA.  The properties feature a desirable unit mix with functional and efficient units. Casa Mesilla Apartments consists of six studios, 45 1bd/1ba units and five 2bd/1ba units. Some units feature a private, secured yard. In addition, each unit is individually metered for gas and electric; the units feature evaporative cooling and gas wall panel or electric baseboard heating. Each property contains well maintained buildings and grounds. Casa Mesilla Apartments has had strong historical occupancies with current occupancy at 98%. In addition, the rents are below market allowing an investor to increase rents and income. Albuquerque has a strong rental market with extremely low vacancy. This investment benefits from its significant in-place income with high historical occupancy rates with the ability to increase rents. This is a rare opportunity to purchase a contiguous portfolio of assets which offers flexibility. The attributes listed above, combined with the long-term predictability and demand for affordable housing make this portfolio an opportunity on which an investor can capitalize.