213 63Rd St Albuquerque, NM 87105
- Apartment buildings
- 2,400 SF
Current Use by Public Records
- Apartment buildings
Property Details for 213 63Rd St
- Year built
- 1984
- Property size
- 2,400 SF
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a four-unit apartment building located at 213 63rd St NW, Albuquerque, NM 87105. Built in 1984 and renovated in 2018, this single-story, 2,400 square foot property boasts 100% occupancy as of August 26, 2024. Each of the four one-bedroom, one-bathroom units features an open floor plan and updated kitchens and bathrooms. The property's strategic location offers convenient access to shopping centers, restaurants, and Interstate 40, enhancing its appeal to tenants. Currently generating a Net Operating Income (NOI) of $18,009, resulting in a 5.46% cap rate, the property's potential is further amplified by a pro-forma NOI of $24,292 and a pro-forma cap rate of 7.36%, achievable through market rent adjustments. The current price per square foot is $137.46, and the price per unit is $82,475. This represents a significant value proposition, considering current construction costs and comparable unit sales prices. The property is classified as a Class C multifamily investment, offering a stabilized income stream and substantial upside potential. This is a turnkey investment ideal for a seasoned investor or someone looking to enter the Albuquerque real estate market. The property is priced well below market value, presenting a compelling opportunity for a quick sale.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Albuquerque
- County
- Bernalillo
- State
- New Mexico
- Longitude
- -106.708
- Latitude
- 35.0826
