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501 Pennsylvania St SE, Albuquerque, NM 87108

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For Sale

$1,100,000

1.14 acres

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Apartment
    Property type

  • 1.1 acres
    Lot size

  • Over 50 Years Old
    Age

Explore this Property

Real Estate Advisors is pleased to present a value-add, multifamily investment opportunity in Albuquerque, NM. The property consists of 21-Units in four buildings, on-site laundry, and an additional 1/3-acre vacant lot. Unit mix includes Four (4), 2-Bed I 1-Bath, Nine (9) 1-Bed I 1-Bath and Eight (8) Studio apartments. Each unit has a backyard with personal storage room. All leases are Month-to-Month, providing flexibility for potential adjustments. Three of the four buildings are individually metered for electric with water and gas on master. The four units in building 501 are individually metered for Electric and Gas, water is on master. All utilities are included in the rent. A new owner could require new tenants to pay their own utilities. Recent Capital Improvements include complete roof replacement on all buildings, new laundry room, tile throughout, new water heaters (as they become due) and a complete remodel of all units in building 505. 6 units in building 503 are currently non-operational due to a fire. The seller has taken appropriate steps to stay in compliance with the city through asbestos remediation in two of the units. The seller has also taken the time to get stamped Structural, Mechanical and Electrical plans. This will help streamline the remodeling process facilitating a swift restoration and increased revenue potential. Average sales price per unit in the immediate trade area is $100,00/unit. This property is being offered at almost half the price, $52,000/unit! This property offers an excellent opportunity for investors to capitalize on its value-add potential in the thriving Albuquerque rental market. Contact Real Estate Advisors to learn about this investment opportunity.
MLS# 202401578

Courtesy Of Real Estate Advisors, LLC

(505) 539-3200

Property Features

  • Age
    Over 50 Years Old
  • Architecture Style
    Other
  • Cooling System
    Evaporative
  • Heating Fuel
    Natural Gas
  • Heating System
    Forced Air
  • Lot Size
    1.14 Acres
  • Roof Type
    Unknown

Map and Directions

Directions to 501 Pennsylvania St SE, Albuquerque, NM 87108

Home seller CENTURY 21 Camco Realty

Get to know the neighborhood. A local affiliated CENTURY 21 office will help you set up tours, give advice, and negotiate with sellers.

CENTURY 21 Camco Realty

(505) 292-2021
Learn More About Us

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Monthly Payment Breakdown

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Copyright © 2024 Santa Fe Association of REALTORS ®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified. Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person's eligibility to attend a school or to use or benefit from other city, town or local services.

† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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