1920 Lead AveAlbuquerque, NM 87106

For Sale
$599,237

Charming UNM area 4-plex, high-end rents.

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional Albuquerque fourplex, located at 1920 Lead Ave SE, presents a compelling investment opportunity. Situated near Roosevelt Park, CNM, UNM Hospital, and downtown, this property boasts a prime location just two blocks from Presbyterian Hospital. Built in 1935 and extensively renovated in 2023, the property features two buildings, each two stories high, encompassing a total of 2,050 square feet on a 0.209-acre lot. Recent upgrades include a new roof, thermal windows, updated electrical service, and zoned mini-split heating and cooling systems in all four units. Each apartment showcases a unique floor plan with contemporary finishes. The property offers significant value-add potential through the creation of additional common and private yard spaces or the addition of more apartments. A large lot provides ample off-street parking accessible from both the alley and Lead Avenue. A detached garage, separately metered for electricity, could be converted into an additional unit or rented for extra income. The property is zoned R-ML. The asking price is $599,237, representing a price per unit of $149,809.25 and a price per square foot of $292.31. The current NOI is $35,379, with a pro-forma NOI of $44,694, resulting in a current cap rate of 5.90% and a pro-forma cap rate of 7.46%. This property offers a rare combination of location, recent renovations, and significant upside potential in a rapidly growing market.

Highlights

  • $599,237 asking price for a four-unit apartment building.
  • Multifamily property with four units, totaling 2,050 square feet.
  • Located in Albuquerque, NM, at 1920 Lead Ave SE, in the University area.
  • Features a 5.90% cap rate and a pro-forma cap rate of 7.46%, with a current NOI of $35,379 and a pro-forma NOI of $44,694.
  • Recently renovated in 2023, with a new roof, thermal windows, updated electrical, and mini-split HVAC.
  • Sits on a 0.209-acre lot with off-street parking and a detached garage.

Property Details for 1920 Lead Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
2,050 SF
Year Built/Renovated
1935/2023
Buildings
2
Stories
2
Lot Size (sq. ft)
9,104 SF
Units
4

Location Insight

City
Albuquerque
County
Bernalillo
State
New Mexico
Latitude
35.078106775237
Longitude
-106.6250454496
1920 Lead Ave, Albuquerque, New Mexico

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1920 Lead Ave
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