Investment Overview

Marcus & Millichap is pleased to present the exclusive listing of Midtown Mesa Multifamily Conversion, a 348-unit adaptive reuse opportunity located in Albuquerque, New Mexico. The property is currently a vacant hotel and presents a rare opportunity to reposition into multifamily housing, student housing, or assisted living, supported by existing infrastructure and favorable zoning for change of use. Investors can acquire the asset at a basis significantly below replacement cost and stabilized multifamily values, creating substantial upside through conversion and lease-up. Approximately 70 units have already been converted with kitchenettes, providing a head start on execution, while the remaining units offer a clear and scalable path to completion. Located near the University of New Mexico and supported by major employment drivers including healthcare systems, aerospace, and technology sectors, the asset benefits from strong long-term demand fundamentals. Midtown Mesa represents a compelling opportunity to capitalize on a proven conversion model within a supply-constrained and growing market.