12229 Menaul BlvdAlbuquerque, NM 87112

Property Details for 12229 Menaul Blvd

Year built

1977

Lot size

0.19 AC

Property size (Sq ft)

3,107 SF

Property type

Apartment buildings

Description

This exceptional 3-unit apartment building, situated in Albuquerque's desirable Northeast Heights, presents a compelling investment opportunity. The property boasts a total of 3,107 square feet, encompassing three distinct units: a spacious 1,274 sq ft, 3-bedroom, 2-bathroom unit with a 2-car garage; a 1,100 sq ft, 2-bedroom, 1-bathroom unit; and an 829 sq ft, 2-bedroom, 1-bathroom unit. Each unit features its own private outdoor space. Built in 1977, this single-story building sits on a 0.19-acre lot zoned R-T. Currently generating a NOI of $30,399, representing a 5.25% cap rate at an asking price of $579,429 ($193,143 per unit and $186.49 per square foot). Pro-forma NOI is projected at $37,656, indicating a 6.50% pro-forma cap rate. The property's location offers proximity to Sandia foothills trails and shopping conveniences. This is a rare opportunity to acquire a well-maintained, owner-occupied triplex in a highly sought-after neighborhood with significant potential for increased rental income and improved investment metrics. The property's current average rent is $1,325 per unit. With market rents estimated at $1,633 per unit, the investment performance would significantly improve. The property's APN is 102205943630110604.

Location Insight

City

Albuquerque

County

Bernalillo

State

New Mexico

Latitude

35.1089

Longitude

-106.501

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