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Multifamily

Albuquerque Multifamily Conversion Opportunity

25 Hotel Cir NE, Albuquerque, NM 87123

Listing Price: $7,484,000

Number of Units
218
Price/Unit
$34,330
Price/Gross SF
$80.79
Gross SF
92,637

Investment Overview

Marcus & Millichap has been chosen to exclusively market for sale the Albuquerque Multifamily Conversion, a proposed 199-unit apartment complex that has been rezoned for multifamily use with 218 units, located on over 5 acres in Albuquerque, New Mexico. The subject property is currently the vacant Ramada Inn & Event Center and the Amberly Suites, which comprise of 210 rooms, a banquet hall, onsite restaurant and outdoor pool. The proposed conversion will maintain the current two-story, 6-building layout. The project will focus on upgrading all exterior facades and landscaping to showcase elements of the Southwest, with the inspiration of native landmarks/sites and the general feel of New Mexico. This new apartment complex will include amenities such as an onsite restaurant, heated outdoor pool & spa, common area with firepit, spacious interior commons, and tenant laundry facilities. Each unit will include a living/eat-in area, Murphy bed, modern bathroom with rain showerhead & floating vanity, and kitchen equipped with quartz countertops & stainless steel appliances.

Investment Highlights

  • Opportunity to Convert Existing Property to Modern Apartment Complex
  • Property is Currently Vacant and Sits on 5+ Acres in the Desirable Albuquerque MSA
  • Parcel Already Rezoned for Multifamily Utilization
  • Short Drive to The University of New Mexico and Several Medical Centers
  • 8 Miles to Kirtland Air Force Base (23k+ Employees) and Albuquerque International Sunport (5.4M+ Passengers in 2019)
  • Nearby Attractions Include The Downs Racetrack & Casino, Cliff's Amusement Park, ABQ BioPark, and the Albuquerque Balloon Fiesta, which Brings 800k+ Visitors to the Area Each Year
  • Ideally Located Along Interstate 40, Minutes to Downtown Albuquerque
  • New Developments in the Area Include Max-Q Mixed-Use Project at Kirtland AFB, the Orion Center, and the Netflix Studios Expansion

Exclusively Listed By

Broker of Record

  • Ryan Sarbinoff

    First Vice President/Regional Manager

    (505) 445-6333

    License(s) NM: 20675

    New Mexico

Multifamily

Albuquerque Multifamily Conversion Opportunity

Listing Price: $7,484,000

Number of Units
218
Price/Unit
$34,330
Price/Gross SF
$80.79
Gross SF
92,637

Investment Highlights

  • Opportunity to Convert Existing Property to Modern Apartment Complex
  • Property is Currently Vacant and Sits on 5+ Acres in the Desirable Albuquerque MSA
  • Parcel Already Rezoned for Multifamily Utilization
  • Short Drive to The University of New Mexico and Several Medical Centers
  • 8 Miles to Kirtland Air Force Base (23k+ Employees) and Albuquerque International Sunport (5.4M+ Passengers in 2019)
  • Nearby Attractions Include The Downs Racetrack & Casino, Cliff's Amusement Park, ABQ BioPark, and the Albuquerque Balloon Fiesta, which Brings 800k+ Visitors to the Area Each Year
  • Ideally Located Along Interstate 40, Minutes to Downtown Albuquerque
  • New Developments in the Area Include Max-Q Mixed-Use Project at Kirtland AFB, the Orion Center, and the Netflix Studios Expansion

Investment Overview

Marcus & Millichap has been chosen to exclusively market for sale the Albuquerque Multifamily Conversion, a proposed 199-unit apartment complex that has been rezoned for multifamily use with 218 units, located on over 5 acres in Albuquerque, New Mexico. The subject property is currently the vacant Ramada Inn & Event Center and the Amberly Suites, which comprise of 210 rooms, a banquet hall, onsite restaurant and outdoor pool. The proposed conversion will maintain the current two-story, 6-building layout. The project will focus on upgrading all exterior facades and landscaping to showcase elements of the Southwest, with the inspiration of native landmarks/sites and the general feel of New Mexico. This new apartment complex will include amenities such as an onsite restaurant, heated outdoor pool & spa, common area with firepit, spacious interior commons, and tenant laundry facilities. Each unit will include a living/eat-in area, Murphy bed, modern bathroom with rain showerhead & floating vanity, and kitchen equipped with quartz countertops & stainless steel appliances.

Exclusively Listed By

Broker of Record

  • Ryan Sarbinoff

    First Vice President/Regional Manager

    (505) 445-6333

    License(s): NM: 20675

    New Mexico

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