311 Princeton Dr Albuquerque, NM 87106

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.