517 1st Street SW Albuquerque, NM 87102

Listing agent Todd D Clarke License #13711 Show Phone

Listing office NM Apartment Advisors, Inc. t***@nmapartment.com 524 Central Ave. SW Suite 801, Albuquerque, NM Show Phone

Listing date Oct 8, 2024

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MLS# 1072123 Listing URL

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Investment Insights

Based on property information with market context.

This 0.49-acre commercial land is located in Albuquerque, New Mexico. The property is situated 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, on the east side of the Central Business District. The current owner has plans for 100 multi-family units on the site, with first-floor parking and a rooftop deck amenity. The property might qualify for the first round of $30,000,000 of financing from the NMFA Opportunity Enterprise Housing Development Fund; applications are open.

Key Highlights

• Plans for 100 multi‑family units with first‑floor parking and a rooftop deck amenity.
• Potential for significant value increase based on comparable sales (estimated value closer to $2,150,983).
• Possible eligibility for financing from the NMFA Opportunity Enterprise Housing Development Fund.

Property Analytics

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FAQs

What type of property is this?

Commercial land - Land near planned Rail Trail, close to downtown Albuquerque.

Where is this commercial land located?

The property is located at 517 1st Street SW Albuquerque, NM.

What is the asking price?

The asking price for this property is $1,390,000.

What are key features of this property?

This property features: Plans for **100 multi‑family units with first‑floor parking and a rooftop deck amenity.**; Potential for significant value increase based on comparable sales (estimated value closer to $2,150,983).; Possible eligibility for financing from the NMFA Opportunity Enterprise Housing Development Fund.