311 Princeton Dr Albuquerque, NM 87106

Property Details for 311 Princeton Dr

Year built

1940

Lot size

0.16 lot acres

Property size

2,709 SF

Property type

Commercial real estate

APN

101605616313631608

Description

This exceptional Albuquerque investment opportunity presents a 3-unit apartment building ideally situated near the University of New Mexico and Central New Mexico Community College campuses. Built in 1940, this single-story, 2,709 square foot property sits on a 0.163-acre lot and is zoned R-ML. The building offers three units, with an asking price of $459,974, translating to $153,324.67 per unit and $169.79 per square foot. Current average rent is $1,133 per unit, yielding a 6.01% cap rate and a gross rent multiplier (GRM) of 11.27. Potential for increased profitability exists through market-rate rent increases for furnished units, which could elevate the cap rate to 7.46% and lower the GRM to 9.18. The property's prime location boasts a Walk Score of 77, a Bike Score of 85, and a Transit Score of 43, providing convenient access to public transportation, shopping, and entertainment. This property is well-suited for owner-occupants seeking a high-return investment or investors looking to capitalize on a strong rental market. The property's proximity to the universities ensures consistent tenant demand. Detailed financial information is available upon request. This is a rare opportunity to acquire a well-located, income-producing property in a thriving Albuquerque neighborhood.