Rare city lot in the heart of historic Nob Hill to build your dream home. Close to shopping, restaurants, UNM and hospitals. All utilities on the property except gas which is in the street. Curb cut and sidewalks in place.Sellers will consider Owner Financing with 20% down payment.
CORE AssetMeasures of investment performance at the ask price of $5,317,173 and current average rents of $878 a month are a GRM of 8.06, a 6.19% cap rate, $106,343 per unit, $163/sf, and an after tax internal rate of return is 17.0%And Value AddThe property is currently 20.3% below market rents and that does not take into account the double digit annual rent growth the market is enjoying. If the rents are raised to the market of $1,100, the metrics of investment performance improve to a cap rate of 8.82% and a cash on cash of 12.17%.This community is located facing Zia park and Zia Elementary school and within walking distance of the Nob Hills 80+ restaurants. The property is also within biking distance of the University of NM and sits between two major transit corridors
Where Home Meets Opportunity in Nob Hill. This unique MX-L zoned property blends residential warmth with professional flexibility, perfect for anyone seeking a seamless live-work lifestyle. With a versatile floorplan, this property is ready to inspire your next chapter, whether it's wellness, design, tech, or something entirely your own.Enjoy modern comforts like refrigerated air, updated windows, and upgraded plumbing. Just a stroll away from UNM and the heart of Nob Hill, this property isn't just a place to live, it's a place to thrive.
The current owner has prospective plans for 95 Multi-family units on the site, with surface parking. Your development could potentially have more units if you included structured parking or take advantage of the flexible zoning that includes a provision for UC-MS-PT, or Urban Centers, Main Street areas, and Premium Transit areas that allows for an additional density, parking reductions, building concept plans.The property is conveniently located directly in the heart of Albuquerque's most walkable neighborhood, full of restaurants, brew pubs, distilleries and boutique stores.The property is located 2 blocks of the Nob-Hill stop for the Albuquerque Rapid Transit, and has a walk score of 83, transit score of 45, and a ''biker's paradise'' bike score of 92.The asking price is $895
Daria Derebera
Real Estate Broker in Albuquerque, NM
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