This Multifamily Property is Off-Market.

7100 Constition NE
Albuquerque, NM 87110 ·

101 Units · Multifamily For Sale

N/A

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Casa Placida & Crystal Garden Apartments

Price N/A Commission Split 1%
No. Units 101 Gross Rent Multiplier 11.79
Building Size 116,260 SF Occupancy 100%
Property Type Multifamily Year Built 1966
Property Sub-type Garden/Low-Rise Lot Size 6.90 AC
Property Use Type Investment
Listing ID: 14742308 Date Created: 08/09/2006 Last Updated: 09/24/2008

Description

These properties can now be purchased separately, or together. Price for Casa Placida alone is $7,326,733. Price for Crystal Gardens alone is $2,673,267. Potential condo conversion with these large 2 and 3 bedroom units. First time on the market! This opportunity includes two properties: Casa Placida Apartments (74 units) at 7100 Constitution NE and Crystal Garden Apartments (27 units) at 1300 NE in Albuquerque, New Mexico. These properties were built in 1966 and 1968. All units are spacious two and three bedroom units. There are carports and storage areas for each unit.

Since January 2007 there has been a $55 rent increase on all units.

The Cystal Garden property would be ideal to convert to condominiums. They are all one-story two and three bedroom units.

There is also upside in the rents. Both properties are well below the market in rents on a square footage basis.

These properties are ideally located in the southeast section of Albuquerque within a short distance from Sunport International Airport, University of New Mexico, parks, shopping, and restaurants. The Jerry Cline Tennis Complex is just across the street from the Casa Placida Apartments.

Highlights

  • Priced Below Replacement Cost
  • Uptown's Largest Floorplans
  • Great Location and Neighborhood
  • 07 Revenue significantly up due to rent increase in Jan. Another rent increase of $30 per unit scheduled for September 1st.
  • Pride of Ownership Quality, Beautiful Landscaping
  • Consistantly runs at 100% Occupancy!

Research

7100 Constition NE, Albuquerque, NM 87110 (Bernalillo County)

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