1920 Lead Ave Albuquerque, NM 87106

Property Details for 1920 Lead Ave

Year built

1935

Lot size

0.21 lot acres

Property size

2,050 SF

Property type

Commercial real estate

APN

101505743017641621

Description

This exceptional Albuquerque fourplex, located at 1920 Lead Ave SE, presents a compelling investment opportunity. Situated near Roosevelt Park, CNM, UNM Hospital, and downtown, this property boasts a prime location just two blocks from Presbyterian Hospital. Built in 1935 and extensively renovated in 2023, the property features two buildings, each two stories high, encompassing a total of 2,050 square feet on a 0.209-acre lot. Recent upgrades include a new roof, thermal windows, updated electrical service, and zoned mini-split heating and cooling systems in all four units. Each apartment showcases a unique floor plan with contemporary finishes. The property offers significant value-add potential through the creation of additional common and private yard spaces or the addition of more apartments. A large lot provides ample off-street parking accessible from both the alley and Lead Avenue. A detached garage, separately metered for electricity, could be converted into an additional unit or rented for extra income. The property is zoned R-ML. The asking price is $599,237, representing a price per unit of $149,809.25 and a price per square foot of $292.31. The current NOI is $35,379, with a pro-forma NOI of $44,694, resulting in a current cap rate of 5.90% and a pro-forma cap rate of 7.46%. This property offers a rare combination of location, recent renovations, and significant upside potential in a rapidly growing market.