Real Estate Advisors, LLC

501 Pennsylvania St Se, Albuquerque, NM

$1,100,000

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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
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
Days on Market 27
Zoning RM
Short Sale No
RE / Bank Owned No

Listing Details

AgentJacob Rocker
OfficeReal Estate Advisors, LLC

Listing Map

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