501 Pennsylvania St Se, Albuquerque, NM
$1,100,000
13,575
Square feet
1.14
Acres
About 501 Pennsylvania St Se
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.
Features of 501 Pennsylvania St Se
MLS® # | 202401578 |
---|---|
Price | $1,100,000 |
Bathrooms | 0.00 |
Total Square Footage | 13,575 |
Acres | 1.14 |
Year Built | 1963 |
Type | Residential Income |
Sub-Type | Apartment |
Style | One Story |
Status | Active |
Community Information
Address | 501 Pennsylvania St Se |
---|---|
Area | 18-Bernalillo Cnty |
City | Albuquerque |
County | Bernalillo |
State | NM |
Zip Code | 87108 |
Amenities
Utilities | Separate Meters |
---|---|
Is Waterfront | No |
Has Pool | No |
Interior
Interior Features | No Interior Steps |
---|---|
Heating | Forced Air, Natural Gas |
Cooling | Evaporative Cooling |
Fireplace | No |
Has Basement | No |
School Information
Elementary | Unknown |
---|---|
Middle | Unknown |
High | Unknown |
Additional Information
Date Listed | April 28th, 2024 |
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Active Days on Market | 17 |
Zoning | RM |
Short Sale | No |
RE / Bank Owned | No |
Listing Details
Associate Broker | Jacob Rocker |
---|---|
Office | Real Estate Advisors, LLC |