1002 Central Ave Albuquerque, NM 87102

Property Details for 1002 Central Ave

Year built

1916

Lot size

0.44 lot acres

Property size

22,280 SF

Property type

Commercial real estate

Description

This exceptional 16-unit apartment building, located at 1002 Central Ave SW in Albuquerque, New Mexico, presents a compelling investment opportunity. Built in 1916 and renovated in 1991, this Class B property boasts 22,280 square feet across two, two-story buildings situated on a 0.44-acre lot. Currently operating at 100% occupancy, the property generates a NOI of $168,911, representing a 6.56% cap rate. Pro-forma projections indicate a significant increase in NOI to $219,291 and an 8.52% cap rate. The asking price is $2,570,000, or $160,625 per unit. The property features preserved Victorian architectural details alongside modern updates, including copper plumbing, updated electrical, and partially replaced sewer lines. Amenities include two parking passes per unit, interior storage, on-site laundry, and complimentary internet. Each unit has a gas furnace and evaporative cooling, with tenants responsible for electricity and gas. Water, sewer, and trash are included in rent. The property is zoned MX-L and benefits from its location in the desirable Raynolds Addition neighborhood, close to Huning Castle, Albuquerque Country Club, and several recent redevelopment projects. The proximity to Washington Middle School Park and Manzano Day School adds to its appeal. The property's historical significance, as a registered landmark, adds to its unique character and investment potential. This is a rare opportunity to acquire a well-maintained, historically significant multifamily property in a rapidly developing area of Albuquerque.