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Multifamily

Coronado Apartments

8010 Zuni Rd SE, Albuquerque, NM 87108

Listing Price: $1,700,000

Cap Rate
6.68%
Number of Units
36
Occupancy
95.0%
Price/Unit
$47,222
Price/Gross SF
$65.40
Gross SF
25,992

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for the Coronado Apartments located at 8010 Zuni Rd SE, Albuquerque, New Mexico 87108. The apartment consists of 33 one bed, one bath units and 3 two bed, one bath units for a total of 36 units. The investment provides an opportunity to add value through various rehab programs, utility reimbursements, storage rentals and rental increases. The 36-unit property benefits from several key factors including large unit sizes, on-site laundry, perimeter gate, storage closets and shared yard space. The property is located near several cultural performing arts centers and major entertainment hubs. Expo New Mexico, a venue for markets, rodeos, festivals, and the state fair. The Downs Racetrack and Casino is also near the neighborhood. Travel a mile southeast of the neighborhood for easy access to Albuquerque International Sunport. Various programs are available to off-set rehab cost including the MFA’s NM Energy$mart Program which may include insulation, caulking, new windows and/or new heating systems at no charge for the investor. The Ventana Fund that provides mini-perm loans to finance total acquisition/rehabilitation affordable housing projects. iCast provides cash incentives when you make a property energy efficient. PNM is offering cash incentives to building owners that make their property more energy efficient. Albuquerque remains a smooth and steady apartment market thanks to a strong rebound from the pandemic-induced downturn. Consistent apartment demand has mitigated minimal supply-driven pressure on fundamentals, pressing down the vacancy rate to a ten-year low. Recent expansions by Netflix, NBCUniversal, TaskUs and Intel are expected to provide an additional boost to apartment demand, as these companies expect to hire thousands of workers over the next several years. The properties core attributes including large unit size, ample parking, perimeter fencing coupled with local rehab initiatives and favorable market fundamentals make this an excellent value-add opportunity.

Investment Highlights

  • Value Add
  • Large Unit Size
  • Ample Parking

Exclusively Listed By

Listing Price: $1,700,000

Cap Rate
6.68%
Number of Units
36
Occupancy
95.0%
Price/Unit
$47,222
Price/Gross SF
$65.40
Gross SF
25,992

Investment Highlights

  • Value Add
  • Large Unit Size
  • Ample Parking

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for the Coronado Apartments located at 8010 Zuni Rd SE, Albuquerque, New Mexico 87108. The apartment consists of 33 one bed, one bath units and 3 two bed, one bath units for a total of 36 units. The investment provides an opportunity to add value through various rehab programs, utility reimbursements, storage rentals and rental increases. The 36-unit property benefits from several key factors including large unit sizes, on-site laundry, perimeter gate, storage closets and shared yard space. The property is located near several cultural performing arts centers and major entertainment hubs. Expo New Mexico, a venue for markets, rodeos, festivals, and the state fair. The Downs Racetrack and Casino is also near the neighborhood. Travel a mile southeast of the neighborhood for easy access to Albuquerque International Sunport. Various programs are available to off-set rehab cost including the MFA’s NM Energy$mart Program which may include insulation, caulking, new windows and/or new heating systems at no charge for the investor. The Ventana Fund that provides mini-perm loans to finance total acquisition/rehabilitation affordable housing projects. iCast provides cash incentives when you make a property energy efficient. PNM is offering cash incentives to building owners that make their property more energy efficient. Albuquerque remains a smooth and steady apartment market thanks to a strong rebound from the pandemic-induced downturn. Consistent apartment demand has mitigated minimal supply-driven pressure on fundamentals, pressing down the vacancy rate to a ten-year low. Recent expansions by Netflix, NBCUniversal, TaskUs and Intel are expected to provide an additional boost to apartment demand, as these companies expect to hire thousands of workers over the next several years. The properties core attributes including large unit size, ample parking, perimeter fencing coupled with local rehab initiatives and favorable market fundamentals make this an excellent value-add opportunity.

Exclusively Listed By

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