9238 4th Street NW

Description

6Plex on nearly 1/2 an acre in Albuquerque's North Valley, one of newest small multifamily properties to reach this corner of the market in some time. The potential for strong future growth is tremendous for this location. Two unique buildings sit well apart on a 0.48-acre parcel, a site size that is genuinely rare at this unit count and leaves room to breathe. The mix: 2 one-bedrooms units, these have potential to be renovated from 1 to 2 bedroom apartments, 1 two-bedroom and 3 studios. Those studios are showing documented STR operating history. Built in 1979, this is not the 1940s and 1950s stock that makes up nearly all of the city's small multifamily inventory. The comparable 5-to-10 unit properties that have closed in this market average roughly 80 years old, whereas this one is only 47 years young.Established on 4th St. corridor between Paseo Del Norte and Alameda: low-density, tree-lined, under 2 miles from Balloon Fiesta Park. I-25 puts the metro core, Kirtland and Sandia Labs within an easy drive, while the Rio Rancho employment corridor, Intel's expanding campus and Presbyterian Rust Medical Center sit minutes across the river. County drainage, bike lane and ADA improvements are underway on 4th itself. There is real room to run here. Two units are currently leased meaningfully below what comparable space commands, and the furnished studios have been operated as short-term units. Either continue with that model OR place the entire property on traditional long-term leases. Newer than average construction, an unusually generous site, income in place and potential upside clearly identified, all in a corridor that has held solid demand for decades.See or ask about about our attached PDF Offer Memorandum for many more specific details.