1018-1022 Silver Ave SW
Albuquerque, NM 87102
Multifamily Property For Sale · 11 Units

Rare treasure in downtown Albuquerque - a 10 unit apartment + a large 2,824 house and garages. NM Apartment Advisors and Rembe Development are excited to bring to market this 11 unit gem of a property located in downtown Albuquerque. Located at 1018-1020-1022 Silver and 400-404 11th SW, this property has a high walk (88), bike (82), and transit (54) scores. Developed by the Plunkett family in 1930s and 1950s, this apartment community offers live-in amenities that are unparalleled in downtown living. The large, 2,824 house contains a family room, a living doom, a dining room, a bonus room and four bedrooms (we have listed it as a 3 bedroom as you enter one bedroom through another room) and 2/5 baths. The property has lush garden areas, spacial areas full of grass, a laundry room, a car port and five garages. At the request of the listing broker, the owner has agreed to hold the house vacant and available for showings as well as a furnished vacation rental unit (#4). At the ask price of $1,212,000 and an average rent of $1,018, the measure of investment performance include a GRM of 9.02, a CAP rate of 6.35%, a price per unit of $110,182, a price per square foot of $124.23 a before tax IRR of 14.70% and an after tax IRR of 11.80%. If rents were raised to market of $1,084, the measure of investment performance improve to a cap rate of 6.84%, a before tax IRR of 14.7% and an after tax IRR of 11.80%.