1920 Lead Ave Albuquerque, NM 87106

This exceptional Albuquerque fourplex, located at 1920 Lead Ave SE, presents a compelling investment opportunity. Situated near Roosevelt Park, CNM, UNM Hospital, and downtown, this property boasts a prime location just two blocks from Presbyterian Hospital. Built in 1935 and extensively renovated in 2023, the property features two buildings, each two stories high, encompassing a total of 2,050 square feet on a 0.209-acre lot. Recent upgrades include a new roof, thermal windows, updated electrical service, and zoned mini-split heating and cooling systems in all four units. Each apartment showcases a unique floor plan with contemporary finishes. The property offers significant value-add potential through the creation of additional common and private yard spaces or the addition of more apartments. A large lot provides ample off-street parking accessible from both the alley and Lead Avenue. A detached garage, separately metered for electricity, could be converted into an additional unit or rented for extra income. The property is zoned R-ML. The asking price is $599,237, representing a price per unit of $149,809.25 and a price per square foot of $292.31. The current NOI is $35,379, with a pro-forma NOI of $44,694, resulting in a current cap rate of 5.90% and a pro-forma cap rate of 7.46%. This property offers a rare combination of location, recent renovations, and significant upside potential in a rapidly growing market.