12229 Menaul Blvd Albuquerque, NM 87112
- Commercial real estate
- 3,107 SF
- 0.19 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 12229 Menaul Blvd
- Year built
- 1977
- Lot size
- 0.19 lot acres
- Property size
- 3,107 SF
- Property type
- Commercial real estate
- APN
- 102205943630110604
Description
This exceptional 3-unit apartment building, situated in Albuquerque's desirable Northeast Heights, presents a compelling investment opportunity. The property boasts a total of 3,107 square feet, encompassing three distinct units: a spacious 1,274 sq ft, 3-bedroom, 2-bathroom unit with a 2-car garage; a 1,100 sq ft, 2-bedroom, 1-bathroom unit; and an 829 sq ft, 2-bedroom, 1-bathroom unit. Each unit features its own private outdoor space. Built in 1977, this single-story building sits on a 0.19-acre lot zoned R-T. Currently generating a NOI of $30,399, representing a 5.25% cap rate at an asking price of $579,429 ($193,143 per unit and $186.49 per square foot). Pro-forma NOI is projected at $37,656, indicating a 6.50% pro-forma cap rate. The property's location offers proximity to Sandia foothills trails and shopping conveniences. This is a rare opportunity to acquire a well-maintained, owner-occupied triplex in a highly sought-after neighborhood with significant potential for increased rental income and improved investment metrics. The property's current average rent is $1,325 per unit. With market rents estimated at $1,633 per unit, the investment performance would significantly improve. The property's APN is 102205943630110604.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Albuquerque
- County
- Bernalillo
- State
- New Mexico
- Longitude
- -106.50148181437
- Latitude
- 35.108853856238
