317 Palomas Dr NE

Subject: First time in over 3 decades - 16 units - $1,455,103 – 6.50% Cap rate – 8.22% proforma cap rate

On behalf of the Owner, NM Apartments Inc. are honored to bring this unique, iconic and architectural gem of a property with 16 units.  This amazing 1970’s vintage Albuquerque garden apartment community is located at 317 Palomas NE and just east of Nob-Hill and along two major transit/biking corridors to the University of New Mexico, the property it well situated to serve retirees, the UNM/CNM submarkets or Uptown submarkets.

Welcome to Mardi Villas, a three story, double loaded corridor with a garden style atrium.  This property is known for its unique architecture, ducked under parking and commanding presence on its corner location.

The property amenities include an on site laundry, covered parking and extra spaces for potential community amenities.

Detailed 18 page flyer is available at http://www.nmapartment.com/apt/NMAA-Palomas317SE.pdf

Please do not disturb residents.  Take a Virtual Tour of a one bedroom apartment here:  http://www.nmapartment.com/palomas3d317

Measures of investment performance at the ask price of $1,455,103 and current average rent of $810 are a GRM of 9.36, a 6.50% cap rate, an after Tax IRR of 16.1%,  $90,944 per unit, and $151.57/sf. If rents were raised to market rents of $1,075, measures of investment performance could increase to a GRM of 9.36, and a 8.22% cap rate, and that assumes a three fold increase in the property taxes.

Qualified Investors can register for additional confidential information at http://www.nmapartment.com/mardivillas

The property is ideal for an investor looking to capitalize on providing quality housing for Kirtland Air Force Base, the newly announced Touro College of Dental Medicine, local nearby hospitals, the new Max Q development project, The Aviation Center of Excellence, Netflix, UNM/CNM and the multitude of new jobs coming to the Albuquerque Metro’s booming south side. 

Do not wait to take advantage this high rent growth/appreciation market and value add property with rents that are 26% below market

Thanks,

Todd Clarke CCIM CIPs

CEO

NM Apartment Advisors Inc.

(505) 440-TODD

PS – download the 20 page update on the latest changes in property tax assessments at https://redirect.nmapartment.com/proptax2025

These major changes will be covered in a 4 hour CE course “Understanding NMs Property Tax System” held via zoom on  Register at https://redirect.nmapartment.com/courses

(this includes why we are now underwriting apartment investment sales with a future property tax assessment at 79% of sales price). (course date 1/14/26)