Montecito at Northeast Heights
- 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 |
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