Value-Add Apartment Investment
For Sale
$1,325,000
7600 Central Ave SE, Albuquerque, NM 87108
Competitively priced apartment complex with value-add potential in Albuquerque.
Property Size8,831 SF
Price / SF$150.04
Days on Market242
Property Features for 7600 Central Ave SE
General Information
Standard status
Active
Size
8,831 SF
Property subtype
Multifamily
Zoning
Mixed-Use Moderate Intensity (MX-M)
Site & Location
Neighborhood
Svw
Building Details
Year Built
1946
Listing Agency:
NAI SunVista
Listed By:
Luke Scarpa · License #REC-2023-0302
(505) 504-8883
Source:
Carnm.resimplifi
Added: Feb 25
Changed: Oct 25
Last Checked: Oct 24 at 1:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI SunVista
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The Pioneer Apartments present a value-added investment opportunity in the undersupplied affordable housing multifamily sector. Substantial renovations have been completed since 2018 to provide secure and clean housing. The owner has invested nearly $120,000 in capital improvements over the past fifteen months, including a 6-ft tall wrought iron perimeter fence, welded crawl space covers, a new electrical panel, exterior paint, stucco repair, and unit awning replacements. A shell space has been converted into a unit, and a former maintenance/laundry room is being converted into a 23rd unit. Upon completion, the property will have 23 residential units. The 22-unit building is an excellent candidate for an alliance with subsidized housing agencies. The owner invested near $42,000 in interior unit repairs and upgrades across 13 of the existing units. Between 2018 and 2019, the property underwent a hotel/motel to multifamily conversion, which included new TPO roofs, windows, doors, security doors, PVC sewer lines, and automatic gates. The Pioneer Apartments include master (single) electrical, gas, and water meters. Heating is provided by wall-mounted furnaces, and air conditioning is supplied by roof-mounted evaporative coolers and through-the-wall AC units in the studio units. The property contains 8,831 square feet and is located in Albuquerque. The building is an excellent candidate for alliance with subsidized housing agencies.
Key Highlights
- Significant Value‑Add Potential: Lease rates below market standards.
- High Cash‑on‑Cash Return: Boasting a 15.06% pre‑tax return.
- Reduced Price: Price reduced by $200,000 with a favorable GRM of 5.87.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$74,593
Cap Rate
5.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,491,860
$1.5M
Cap Rate 7%
$1,065,614
$1.1M
Cap Rate 9%
$828,811
$828.8K
Market Conditions
NOI Build-Up for 8,831 SF
Gross rent
$143.1K $16.20/SF
− Vacancy
−$7.4K −$0.84/SF
EGI
$135.6K $15.36/SF
− OpEx
−$61.0K −$6.91/SF
NOI
$74.6K $8.45/SF
Area
Albuquerque, NM
Vacancy
5.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,491,860
Cap Rate 7%
$1,065,614
Cap Rate 9%
$828,811
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$932.4K – $1.24M
NOI $74,593 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.87M – $2.49M
NOI $149,548 @ 7.0% cap · market cap 11.29%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
Explore this area
Business Placement
Demographics for 87108, NM
36,773
Population
19,153
Households
1.9
Avg Household Size
39
Median Age
33%
College-Educated
85%
High-School Grad
5.9 sq mi
ZIP Area
6,233
Density / Sq Mi
$39,578
Median Household Income
$31,478
Median Earnings
$828
Median Rent
$227,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Competitively priced apartment complex with value-add potential in Albuquerque.
Where is this apartment building located?
The property is located at 7600 Central Ave SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Significant Value‑Add Potential: Lease rates below market standards.; High Cash‑on‑Cash Return: Boasting a 15.06% pre‑tax return.; Reduced Price: Price reduced by $200,000 with a favorable GRM of 5.87.
