146 Glorieta St Albuquerque, NM 87123

Property Details for 146 Glorieta St

Year built

1978

Property type

Commercial real estate

Description

This exceptional value-add multifamily investment opportunity presents a 15-unit apartment building located at 146 Glorieta St NE, Albuquerque, New Mexico, 87123. The property, built in 1978, comprises four one-story buildings situated on a single lot and zoned R-3. Currently boasting 100% occupancy, the property generates a Net Operating Income (NOI) of $88,180, translating to a 7.17% capitalization rate. A pro-forma analysis projects a significant increase in NOI to $117,567, resulting in a compelling 9.56% pro-forma cap rate. The asking price is $1,230,000, or $82,000 per unit. All four buildings feature newer roofs. The property benefits from its prime location in Albuquerque's Northeast Heights, offering convenient access to major employers such as Sandia National Laboratories, Costco, and Home Depot, as well as the Los Altos golf course. This presents a strong opportunity for an investor seeking to enhance profitability through strategic improvements and capitalize on the high occupancy rate and desirable location. The property's strong historical occupancy further underscores its potential for long-term success. This is a rare chance to acquire a well-located, multifamily asset with significant upside potential in a thriving market.