Value-Add Apartment Investment
7600 Central Ave SE Albuquerque, NM 87108
7600 Central Ave SE, Albuquerque, NM, 87108
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For Sale
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Competitively priced apartment complex with value-add potential in Albuquerque.
Property Size8,831 SF
Price / SF$150.04
Days on Market684
Property Features for 7600 Central Ave SE
General Information
- Standard status
- Active
- Size
- 8,831 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1946
Listing Agency
NAI Sun Vista
(505) 878-0001
Listed by
Luke Scarpa · License #REC-2023-0302
Source
Crexi
Added: Sep 3, 2024 Checked: Jul 17 at 8:25 am
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 Sun Vista
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $143.1k | $16.20 |
| − Vacancy | −$7.4k | −$0.84 |
| EGI | $135.6k | $15.36 |
| − OpEx | −$61.0k | −$6.91 |
| NOI | $74.6k | $8.45 |
8,831 SF · lease $16.20/SF/yr · vacancy 5.20% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Pioneer Apartments
Apartment Complex
Similar For Sale Nearby
FAQs
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.
