317 Adams StAlbuquerque, NM 87108

Property Details for 317 Adams St

Year built

1985

Lot size

0.54 AC

Property size (Sq ft)

13,050 SF

Property type

Apartment buildings

Description

This exceptional 26-unit apartment building, situated in Albuquerque's desirable Nob Hill neighborhood at 317 Adams St SE, presents a compelling investment opportunity. The property boasts 13,050 square feet across a 0.537-acre lot, encompassing a mix of 17 studio and 9 one-bedroom apartments. Built in 1985, this two-story building features recently updated interiors and exteriors, including contemporary finishes and mini-split HVAC systems in each unit. Amenities include a secure communal space, ample parking (including covered options), and a shared laundry room. Each unit offers a private patio/yard or balcony with exterior storage. Individual electric meters are installed, while water, sewer, garbage, and hot water are provided by the landlord. The current NOI is $169,782, with a pro-forma NOI of $207,235, reflecting a potential for significant rent increases. The property's current average rent is $792 per month, with market rents significantly higher, presenting a substantial value-add opportunity. The asking price is $2,661,159, representing $102,352 per unit and $203.92 per square foot. The property's zoning is MX-T. This core asset offers stabilized cash flow and significant upside potential, making it an ideal investment in a rapidly growing market experiencing substantial rent growth. The property's location in Nob Hill, coupled with its updated units and strong potential for increased profitability, makes it a highly attractive investment. The current cap rate is 6.38%, with a pro-forma cap rate of 7.79%.

Location Insight

City

Albuquerque

County

Bernalillo

State

New Mexico

Latitude

35.0748

Longitude

-106.595

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