517 1St StAlbuquerque, NM 87102

Property Details for 517 1St St

Property type

Land

Description

This exceptional 0.488-acre commercial land parcel in Albuquerque's Central Business District (CBD) presents a unique investment opportunity. Located at 517 1st St SW, 87102, this property boasts a Mixed Use High Intensity zoning designation, allowing for the development of up to 100 multi-family units. Preliminary plans include first-floor parking and a rooftop deck amenity. The site's strategic location offers unparalleled access to key amenities and infrastructure. It sits directly west of the planned $70 million Rail Trail, south of the Alvarado Transportation Hub, southwest of the ABQ Innovation District, and northwest of the under-development NM Media Academy. The asking price is $1,750,000, translating to an estimated price per unit of $17,500 and a price per square foot of $82.33. Comparable sales suggest a potential value closer to $2,150,983. This property may qualify for financing through the NMFA Opportunity Enterprise Housing Development Fund, with applications open from September 4th to October 16th. The current housing shortage in Albuquerque, with a need for over 23,000 new rental units, makes this a compelling investment with significant potential for strong returns. The property's prime location and development potential make it an ideal opportunity for investors seeking to capitalize on Albuquerque's thriving real estate market. Latitude and longitude coordinates are 35.07920856252252, -106.64933060844989 respectively.

Location Insight

City

Albuquerque

County

Bernalillo

State

New Mexico

Latitude

35.0792

Longitude

-106.649

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