335 Espanola St Albuquerque, NM 87108

Property Details for 335 Espanola St

Year built

1946

Lot size

0.47 lot acres

Property size

7,500 SF

Property type

Commercial real estate

APN

101905712325632311

Description

This exceptional 12-unit apartment building, located at 335 Espanola St NE, Albuquerque, NM 87108, presents a compelling investment opportunity. The property, built in 1946 and extensively renovated in 2020, comprises three one-story buildings situated on a 0.465-acre lot. The complex features a mix of unit sizes: one studio, five one-bedroom, and five two-bedroom apartments, all arranged around a private courtyard. The total square footage is 7,500, with a current asking price of $930,000 ($77,500 per unit and $124 per square foot). The property boasts a current NOI of $52,901, translating to a 5.69% cap rate. However, with rents currently 30% below market value and scheduled increases to $906 per month by November 1st, 2024, a pro-forma NOI of $61,888 and a pro-forma cap rate of 9.69% are projected. The property is zoned R-T and benefits from a recent appraisal supporting the asking price. Furthermore, a term sheet is available for an 80% loan-to-value loan at a 5.35% interest rate, pending buyer approval. This Albuquerque property is ideally positioned to benefit from recent and future employment growth in the area, driven by expansions of major companies. The property's strong potential for rent growth and appreciation makes it an attractive investment for discerning buyers. The property's location in Bernalillo County, with its APN 101905712325632311, further enhances its appeal.