923 Alvarado Dr Albuquerque, NM 87108

Property Details for 923 Alvarado Dr

Year built

1972

Lot size

0.37 lot acres

Property size

6,960 SF

Property type

Commercial real estate

APN

101805612123132306, 101805612123732307

Description

This exceptional Albuquerque investment opportunity presents an 8-unit apartment building, ideally situated at 923 Alvarado Dr SE, Albuquerque, NM 87108. Comprising two 2-story buildings on a 0.372-acre lot, this property boasts a total of 6,960 square feet and features eight two-bedroom, one-bathroom units. Currently, units rent for an average of $1,400 per month, generating a current NOI of $82,670 and a 6.48% cap rate. However, with market rents averaging $1,800 per month, the pro-forma NOI increases to $93,706, resulting in a 7.34% pro-forma cap rate. The property's asking price is $1,276,736, translating to $159,592 per unit and $183.44 per square foot. Built in 1972, the property is zoned R-MH and includes in-unit washers and dryers. Seller financing is available with a 20% down payment, a 30-year amortization, a 4.9% interest rate, and a 7-year balloon payment, subject to credit approval. This property offers significant upside potential due to its location and the possibility of increased rental income. The property's APN is 101805612123132306, 101805612123732307. This is a prime opportunity for investors seeking strong returns in a thriving Albuquerque rental market.