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501 Pennsylvania St Se

Albuquerque, NM 87108
  • $1,100,000
  • STATUS: Active
  • ON SITE: 23 Days
  • MLS #: 202401578
UPDATED: 113 min ago
$1,100,000
  • 0
    BEDS
  • 1.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 13,575
    SQFT
  • $81
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1963
County:

School Information

Elementary School:
Middle School:
High School:

Description

Real Estate Advisors is pleased to present a value-add, multifamily investment opportunity in Albuquerque, NM. The property consists of 21-Units in four buildings, on-site laundry, and an additional 1/3-acre vacant lot. Unit mix includes Four (4), 2-Bed I 1-Bath, Nine (9) 1-Bed I 1-Bath and Eight (8) Studio apartments. Each unit has a backyard with personal storage room. All leases are Month-to-Month, providing flexibility for potential adjustments. Three of the four buildings are individually metered for electric with water and gas on master. The four units in building 501 are individually metered for Electric and Gas, water is on master. All utilities are included in the rent. A new owner could require new tenants to pay their own utilities. Recent Capital Improvements include complete roof replacement on all buildings, new laundry room, tile throughout, new water heaters (as they become due) and a complete remodel of all units in building 505. 6 units in building 503 are currently non-operational due to a fire. The seller has taken appropriate steps to stay in compliance with the city through asbestos remediation in two of the units. The seller has also taken the time to get stamped Structural, Mechanical and Electrical plans. This will help streamline the remodeling process facilitating a swift restoration and increased revenue potential. Average sales price per unit in the immediate trade area is $100,00/unit. This property is being offered at almost half the price, $52,000/unit! This property offers an excellent opportunity for investors to capitalize on its value-add potential in the thriving Albuquerque rental market. Contact Real Estate Advisors to learn about this investment opportunity.

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Santa Fe Association of Realtors logo © 2024 Santa Fe Association of REALTORS®, Inc. MLS. All rights reserved. The data relating to real estate for sale in this web site comes in part from the Internet Data Exchange ("IDX") program of SFAR MLS, Inc. Real estate listings held by brokers other than Berkshire Hathaway HomeServices Santa Fe Real Estate are marked with the IDX Logo. All data in this web site is deemed reliable but is not guaranteed. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2024-05-24T13:51:32.59.
www.propertiesofsantafe.com/homes/150031839
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501 Pennsylvania St Se Albuquerque, NM 87108

  • Price: $1,100,000
  • Status: Active
  • On Site: 23 Days
  • Updated: 113 min ago
  • MLS #: 202401578
0
Beds
0
Baths
0
½ Baths
1.14
Acres
13,575
SQFT
$81
$/SQFT
1963
Built
Neighborhood:
18-Bernalillo Cnty
County:
Bernalillo
Area:
18-Bernalillo Cnty
Elementary School:
Unknown
Middle School:
Unknown
High School:
Unknown
Property Description
Real Estate Advisors is pleased to present a value-add, multifamily investment opportunity in Albuquerque, NM. The property consists of 21-Units in four buildings, on-site laundry, and an additional 1/3-acre vacant lot. Unit mix includes Four (4), 2-Bed I 1-Bath, Nine (9) 1-Bed I 1-Bath and Eight (8) Studio apartments. Each unit has a backyard with personal storage room. All leases are Month-to-Month, providing flexibility for potential adjustments. Three of the four buildings are individually metered for electric with water and gas on master. The four units in building 501 are individually metered for Electric and Gas, water is on master. All utilities are included in the rent. A new owner could require new tenants to pay their own utilities. Recent Capital Improvements include complete roof replacement on all buildings, new laundry room, tile throughout, new water heaters (as they become due) and a complete remodel of all units in building 505. 6 units in building 503 are currently non-operational due to a fire. The seller has taken appropriate steps to stay in compliance with the city through asbestos remediation in two of the units. The seller has also taken the time to get stamped Structural, Mechanical and Electrical plans. This will help streamline the remodeling process facilitating a swift restoration and increased revenue potential. Average sales price per unit in the immediate trade area is $100,00/unit. This property is being offered at almost half the price, $52,000/unit! This property offers an excellent opportunity for investors to capitalize on its value-add potential in the thriving Albuquerque rental market. Contact Real Estate Advisors to learn about this investment opportunity.
Exterior Features

Architectural Style One Story Garage YN No

Interior Features

Basement YN No Cooling Evaporative Cooling Cooling YN Yes Fireplace YN No Heating Forced Air Natural Gas Heating YN Yes Interior Features No Interior Steps

Property Features

Accessibility Features Accessibility Features Disclosures Lead Based Paint Disclosure Lease Considered YN No Listing Terms Cash Property Sub Type Apartment Property Sub Type Additional Apartment Sale Or Lease Indicator For Sale Sewer Public Sewer Utilities Separate Meters Water Source Public Zoning RM Zoning Description R- ML

Santa Fe Association of Realtors logo Listing provided courtesy of Jacob Rocker of Real Estate Advisors, LLC: (505) 539-3200. © 2024 Santa Fe Association of REALTORS®, Inc. MLS. All Rights Reserved.


Santa Fe Association of Realtors logo © 2024 Santa Fe Association of REALTORS®, Inc. MLS. All rights reserved. The data relating to real estate for sale in this web site comes in part from the Internet Data Exchange ("IDX") program of SFAR MLS, Inc. Real estate listings held by brokers other than Berkshire Hathaway HomeServices Santa Fe Real Estate are marked with the IDX Logo. All data in this web site is deemed reliable but is not guaranteed. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 2024-05-24T13:51:32.59.
 
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Berkshire Hathaway HomeServices Santa Fe Real Estate
123 E. Marcy St., Suite 101
Santa Fe NM, 87501