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Listed by Berger Briggs RE & Prop Mgmt
$3,250,000
Est. payment /mo
0.8 Acres Lot
UPDATED:
Key Details
Property Type Single Family Home, Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1087551
HOA Y/N No
Annual Tax Amount $14,873
Lot Size 0.800 Acres
Acres 0.8
Lot Dimensions Other
Property Sub-Type Other
Property Description
Terrace Gardens Apartments is a 48-unit multifamily asset located just blocks from the University of New Mexico in Albuquerque's highly sought-after student housing corridor. Comprising 36 studios, 8 one-bedroom one bathroom, 2 two-bedrooms, one bathroom, and 1 three-bedroom one bathroom units, the property spans four contiguous lots totaling +/-35,000 SF with 18,511 SF of rentable area.With current average rents at $710.00/unit and 77% occupancy, this property presents significant upside. The UNM submarket boasts average studio rents of $860 and one-bedrooms at $1,168, highlighting a clear opportunity for rental growth. A 2026 pro forma projects a stabilized cap rate of 7.71% and GRM of 8.27, with a net operating income of $262,925.
Location
State NM
County Bernalillo
Area 42 - Unm South
Interior
Heating Floor Furnace, Radiant Floor, Wall Furnace
Cooling Evaporative Cooling
Fireplace No
Exterior
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Available, Water Connected
Water Access Desc Community/Coop
Total Parking Spaces 40
Building
Story 3
Water Community/ Coop
Others
Tax ID More than one
Acceptable Financing Cash
Listing Terms Cash
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