317 Adams St Albuquerque, NM 87108

This exceptional 26-unit apartment building, situated in Albuquerque's desirable Nob Hill neighborhood at 317 Adams St SE, presents a compelling investment opportunity. The property boasts 13,050 square feet across a 0.537-acre lot, encompassing a mix of 17 studio and 9 one-bedroom apartments. Built in 1985, this two-story building features recently updated interiors and exteriors, including contemporary finishes and mini-split HVAC systems in each unit. Amenities include a secure communal space, ample parking (including covered options), and a shared laundry room. Each unit offers a private patio/yard or balcony with exterior storage. Individual electric meters are installed, while water, sewer, garbage, and hot water are provided by the landlord. The current NOI is $169,782, with a pro-forma NOI of $207,235, reflecting a potential for significant rent increases. The property's current average rent is $792 per month, with market rents significantly higher, presenting a substantial value-add opportunity. The asking price is $2,661,159, representing $102,352 per unit and $203.92 per square foot. The property's zoning is MX-T. This core asset offers stabilized cash flow and significant upside potential, making it an ideal investment in a rapidly growing market experiencing substantial rent growth. The property's location in Nob Hill, coupled with its updated units and strong potential for increased profitability, makes it a highly attractive investment. The current cap rate is 6.38%, with a pro-forma cap rate of 7.79%.