7600 Central Avenue Se Albuquerque, NM 87108

22 Units
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$1,425,000 Est. $5,247 / mo.*
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Property Type: Multifamily
Status: Active
Year Built: 1946
Days on Website: 127

Courtesy of NAI SunVista Commercial RE.

Description

The Pioneer Apartments (7600 Central Ave. SE) price has been reduced to $1,425,000, a $100,000 reduction. Respectively, the in-place investment returns are robust relative to market competitors. At $64,773/Unit, the August 2024 Gross Rent Multiplier (GRM) is 7.03. A GRM below 8.50 is highly unusual for a fully renovated property. Since 2018, The Pioneer Apartments have undergone substantial renovations to provide secure and clean housing for low-income Albuquerque residents. Over the past fifteen (15) months, the owner invested nearly $120,000 in capital improvements, including a 6-ft tall wrought iron perimeter fence and new electrical panel.Cap Rate: 7.86%Pre-Tax Cash-on-Cash Return: 8.50%-10.72% *See Flyer for Acquisiton Financing Assumptions.*

Open House

Property Details and Features

  • Description: Cooktop,Microwave,Refrigerator,RangeHood
  • Total Bathrooms: 1
  • Area: 10515
  • Building Area: 10515
  • Levels: One
  • Year Built: 1946
  • Year Built Details: Converted from Hotel to Multifamily in 2018.
  • Details: EvaporativeCooling,VariesByUnit,WindowUnits
  • Flooring: Laminate,Tile,Vinyl
  • Heating: FloorFurnace
  • Days on Market: 46
  • Listing Price: 1425000
  • Status: Active
  • Address: 7600 Central Avenue SE
  • Area: 71 - Southeast Heights
  • City: Albuquerque
  • State: NM
  • Zip: 87108
  • County: Bernalillo
  • Directions: Southeast Corner of Central Ave. SE & San Pablo Dt. SE.
  • Acres: 0.63
  • Size: 0
  • Size Source: Survey
  • Utilities: ElectricityConnected,NaturalGasConnected,SewerConnected,WaterConnected

Location

$1,425,000 - 7600 Central Avenue Se, Albuquerque, NM 87108
7600 Central Avenue Se Albuquerque, NM 87108
Address: 7600 Central Avenue SE

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