Montecito at Northeast Heights

Property feature image
Address: 5800 Harper Dr NE, Albuquerque, New Mexico, US
Created date: October 4, 2023
Date last updated: December 7, 2023
  • 184-unit, garden-style asset with tremendous upside located in a Class-A submarket of Albuquerque, NM
  • All heavy lifting addressed by current and previous ownership: Over $5 million has been invested into capital improvements since 2018, including but not limited to a full roof replacement, boiler replacements, full exterior paint, HVAC repairs and replacements, resealed and restriped parking lot, electrical sub-panel replacement in all units, interior renovations, and upgraded landscaping and signage
  • 96% of the community has been partially renovated with room for further premium upgrades
  • Organic rent growth opportunity via moving in-place rents to market upon lease expiration: moving in-place rents to current market rents would increase gross revenue by over $390,000
  • Well-amenitized community featuring a swimming pool, community clubhouse, fitness center, barbecue grilling areas, patios and balconies, and scenic views of the Sandia Mountain range

Property Description

  • Opportunity to implement a next generation value-add interior renovation including stainless-steel appliance package, hard surfaced countertops, subway tile kitchen backsplashes, and upgraded hardware with cabinet pull handles
  • Upgraded premium units would generate a $250 premium over current in-place rents, a $552,000 annual income premium and a 47% return on investment
  • Washer and dryer income opportunity: currently 10 one- and two-bedroom units have washers and dryers installed for an $100 rent premium. Installing the appliances in the remaining one- and two-bedroom units would generate a $180,000 annual revenue premium
  • Opportunity to increase monthly RUBS fees to recapture an estimated 90% of utility expenses
  • Installing covered parking spaces would produce an estimated $50/space/month in additional income

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
No. of Units: 184
Year Built: 1981
Building Size: 120,276 Sq ft
Opportunity Zone: No
Address: 5800 Harper Dr NE, Albuquerque, New Mexico, US

Similar Properties in the Area

Walter Apartments

Sebring , Florida
Florida & Gulf Coast + Apartments
Units: 17
Price: $1,820,000

Ridgecrest & Raintree Portfolio

Breckenridge , Texas
Texas + Apartments
Units: 80

3 ACRES in Downtown Coral Springs

Coral Springs , Florida
Florida & Gulf Coast + Apartments
Units: 53
Price: $13,000,000
New call-to-action


View All


View All


View All
popup background image