Albuquerque, NM 87114

Property Description

Six units on nearly 1/2 an acre in Albuquerque's North Valley, the newest small multifamily property to reach this corner of the market in some time. The potential for strong future growth is tremendous. Two unique buildings sit well apart on a 0.48-acre parcel, a site size that is genuinely rare at this unit count and leaves room to breathe. The mix: 2 one-bedrooms, 1 two-bedroom and 3 studios, with three of those studios showing documented STR operating history. Built in 1979, this is not the 1940s and 1950s stock that makes up nearly all of the city's small multifamily inventory. The comparable 5-to-10 unit properties that have closed in this market average roughly 80 years old, whereas this one is only 47 years young.The Setting: Established on 4th St. corridor between Paseo Del Norte and Alameda: low-density, tree-lined, under 2 miles from Balloon Fiesta Park. I-25 puts the metro core, Kirtland and Sandia Labs within an easy drive, while the Rio Rancho employment corridor, Intel's expanding campus and Presbyterian Rust Medical Center sit minutes across the river. County drainage, bike lane and ADA improvements are underway on 4th itself.There is real room to run here. Two units are currently leased meaningfully below what comparable space commands, and the furnished studios have been operated as short-term units. Either continue with that model OR place the entire property on traditional long-term leases. Newer than average construction, an unusually generous site, income in place and potential upside clearly identified, all in a corridor that has held solid demand for decades.