Unlock the potential of this exceptional vacant lot, perfectly situated for your next development project. Located in a thriving area close to major employers, this lot offers accessibility and convenience making it an ideal site. Seize this rare opportunity to develop in a prime location where accessibility and growth potential converge.Buyer to verify utilities and covenants.
Employment in this area is on a uphill trajectory due to the recent expansion of Netflix, Intel, Amazon and Northrop Grumman which recently moved into its new office building a few blocks away.Measures of investment performance at ask price of $963,138 and current average rent of $917 are a GRM of 8.75, a 5.98% cap rate, $96,314 per unit, $128.42/sf. Rents have increased 13.7% in the last year.If rents are raised to the market of $1,075, the measures of investment performance improve to a cap rate of 7.37%.The prior owner remodeled the property with new soffits, new windows, synthetic stucco, new solid laminate flooring, updated lighting, updated electrical, as well as replacing some of the hot water heaters, and new central forced air furnaces.
potential owner occupant, courtyard style fourplex with two bedroom, one bathroom units each with washer/dryer hookups or washer/dryers.The prior owner remodeled the property with a new roof, new windows, synthetic stucco, hard surface flooring, new lighting, new vanities, washer/dryers new evaporative coolers updated electrical, wrought iron security fence, new toilets as well as replacing some of the hot water heaters and furnaces.This 4-plex is located in an area of that has had major announcements of new employment. Measures of investment performance at ask price of $433,651 and current average rent of $906 are a GRM of 9.97, a 6.71% cap rate, $108,413 per unit, $144.55/sf.If rents are raised to closer to market rates of $1,075 the cap rate improves to 8.10%
Prime Charming, Unique Retail or Office Space on Central Ave., High Traffic Count Area. Very Well Constructed Pueblo Style Building, Courtyard, Storage, 2 Fireplaces, Small Kitchen, Plenty of parking! Large 0.7833 Acre Gated Paved Lot. Perfect for a Car Dealer, Office, Retail or Restaurant. There has been some fire damage. Owners are willing to build to suit. The property is not move in ready.PROPERTY IS 3 LOTS.
DO NOT DISTURB TENANTS.Shown by appointment ONLY and will only be shown with accepted deal.8.00% CAP RATE ON NOI. See broker for financial information.Fully Leased! Recently Remodeled! This Property has been recently remodeled with a number of improvements including new roofs, stucco, windows, doors.Landscaping, paving, and gravel driveway is all new.The units have kitchen remodels including countertops, cabinets, backsplashes, stainless appliances. Apt 1 received a full interior renovation.Apt 2 received a kitchen & living renovation. Apt 3: kitchen renovation, flooring, The 3 bed Home received updates throughout including a kitchen renovation and 3 new refrigerated air units and has a private walled yard area.
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Daria Derebera
Real Estate Broker in Albuquerque, NM
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