517 1st St SW

Subject: High density zoning apartment site in downtown CBD located on Albuquerque’s rail trail supports 124 units – new price

Good morning-

 

NM Apartment Advisors and Maestas Real Estate Services are proud to offer 507 1^st SW located in Albuquerque, NM. This property is 0.488 acres and is zoned Mixed Use High Intensity Zoning district. 

The current owner has potential plans for 124 Multi-family units on the site, with first floor parking, including a roof top deck amenity. The property is conveniently located directly west of the now under construction $70M Rail Trail, south of the Alvarado Transportation Hub, just southwest of the ABQ Innovation district, and north west of the under development NM Media Academy, and on the east side of the Central Business District.

Owner says bring all offers and has lowered the price to $1,390,000 with a price per unit of $11,210, and a price per square foot of $65.39. Using price per unit and recent comparable sales supports a value closer to $2,653,868, so you are able to buy at an almost 50% off retail discount.

The full flyer and info at http://www.nmapartment.com/apt/NMAA-1st517SW.pdf

Subject property might qualify for the next round of $30,000,000 of financing from the NMFA Opportunity Enterprise Housing Development Fund – applications are open from 2/4 to 3/21 – more info at https://www.nmfinance.com/opportunity-enterprise-housing-development-revolving-fund/

Qualified developers can register for additional information from the confidential document center by completing the online confidentially agreement at http://www.nmapartment.com/Railyardflats

You can help address the current housing shortage - our market needs over 23,000 new rental units and until we build them, we will continue to be the #1 market in the country for rent growth.

Thanks,
Todd Clarke CCIM CIPS
CEO
NM Apartment Advisors Inc.
(505) 440-TODD 

 

And

Anita Maestas

Qualifying Broker & Owner

Maestas Real Estate Services, Inc.

505-463-3565

anita@maestasrealty.com

 Visit http://www.nmapartmentland.com for the latest information and listing.

 

- High density site

- Adjacent to rail trail

- in core downtown location

- low price per unit