1028 Alvarado DrAlbuquerque, NM 87108

Property Details for 1028 Alvarado Dr

Year built

1955

Property type

Apartment buildings

Description

This exceptional 12-unit apartment building presents a compelling investment opportunity in Albuquerque's burgeoning South San Pedro neighborhood. Currently boasting 100% occupancy, the property generates a strong NOI of $70,987, representing a 6.29% cap rate. Pro-forma projections indicate a significant increase to $90,088 NOI and a 7.98% cap rate, showcasing substantial upside potential. The property, built in 1955, comprises two one-story buildings situated on a single lot, zoned MX-M. Each unit commands a price of $94,083.33, contributing to the attractive overall asking price of $1,129,000. Significant recent improvements enhance the property's value and appeal, including a new roof, updated electrical panels, fresh exterior paint, and the installation of all new AC units and some newer wall heaters. Eight units have undergone complete rehabilitation. The property also features convenient off-street parking and shared backyards for tenants. The location benefits from considerable investor activity, leading to rising property values and rental rates in the area. This presents a rare chance to acquire a stabilized, high-performing multifamily asset in a rapidly appreciating Albuquerque neighborhood. The property's strong cash flow, coupled with its significant upside potential, makes it an ideal addition to any investor's portfolio. The property includes signage and is located at 1028 Alvarado Dr SE, Albuquerque, NM 87108.

Location Insight

City

Albuquerque

County

Bernalillo

State

New Mexico

Latitude

35.0624

Longitude

-106.582

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