Terrace Gardens Apartments
1601, 1605, 1611, 1617 Gold Ave SE, Albuquerque, NM
1601, 1605, 1611, 1617 Gold Ave SE, Albuquerque, NM
Terrace Gardens Apartments – Value-Add Investment in Prime UNM Corridor. Strategically located near UNM and Central New Mexico Community College (CNM), Terrace Gardens benefits from persistent off-campus student housing demand. With UNM enrollment ranging from 25,000 to 30,000 students and most students moving off-campus after their freshman year, walkable vintage apartments like this continue to enjoy strong occupancy and low turnover.
Request Information1601, 1605, 1611, 1617 Gold Ave SE, Albuquerque, NM · R-ML Zoning · Four Lots +/- 35,000 SF (.803 Acres)
Open in Google Maps48 Units in the UNM/CNM Area Value-Add Investment in Prime UNM Corridor Projected 8.97% cap rate at market stabilization GRM of 5.96 Effective gross income of $456,000 Net operating income of $251,000 Walk Score of 84 Near UNM and CNM with strong student housing demand Before Tax Cash on Cash Return 14.52% Before Tax IRR 39.43%
Request Information| Gross Rental Income | 456399 |
| Property Tax | 30000 |
| Insurance | 16896 |
| Management Fee | 26853 |
| Utilities | 57620 |
| Repair & Maintenance | 42341 |
| Total Expenses | 205335 |
| Net Operating Income (NOI) | 251225 |
| Asking Price | $2,800,000 |
| Cap Rate | 9.0% |
| GRM | 5.96 |
| Cash on Cash (w/ Seller Financing) | 14.5% |
| Down Payment (20% — Seller Fin.) | $560,000 |
Terrace Gardens Apartments – Value-Add Investment in Prime UNM Corridor. Strategically located near UNM and Central New Mexico Community College (CNM), Terrace Gardens benefits from persistent off-campus student housing demand. With UNM enrollment ranging from 25,000 to 30,000 students and most students moving off-campus after their freshman year, walkable vintage apartments like this continue to enjoy strong occupancy and low turnover.
48 Units in the UNM/CNM Area Value-Add Investment in Prime UNM Corridor Projected 8.97% cap rate at market stabilization GRM of 5.96 Effective gross income of $456,000 Net operating income of $251,000 Walk Score of 84 Near UNM and CNM with strong student housing demand Before Tax Cash on Cash Return 14.52% Before Tax IRR 39.43%
Site Description
| Unit Mix | 37 Studios, 8 - 1 bed 1 bath, 2 - 2 bed 1 bath, 1 - 3 bed 1 bath, 1 Laundry |
| Building SF | 18,511 SF SF |
| Land Size | Four Lots +/- 35,000 SF (.803 Acres) |
| Floors | 3 |
| Zoning | R-ML |
| Year Built | 1924-1975 |
Contact Tai Alley, CCIM at 505-980-6151 or tai@taialley.com.
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