1101-1121 Palomas Dr SE
Albuquerque, NM 87108
The French Quarter Apartments · Multifamily Property For Sale
·
84 Units
Property Facts
| No. Units | 84 | Building Size | 52,954 SF |
| Property Type | Multifamily | Average Occupancy | 94% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1963 |
| Building Class | C | Parking Ratio | 1.61/1,000 SF |
| Lot Size | 1.85 AC | ||
| Zoning | R-3 | ||
| No. Units | 84 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.85 AC |
| Building Size | 52,954 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.61/1,000 SF |
| Zoning | R-3 |
Amenities
Unit Amenities
- Air Conditioning
- Disposal
- Washer/Dryer Hookup
- Refrigerator
- Range
Site Amenities
- Courtyard
- Property Manager on Site
- Gated
- Grill
About 1101-1121 PALOMAS DR SE , ALBUQUERQUE, NM 87108
THE OFFERING The French Quarter is a recently renovated investment opportunity in Albuquerque’s Southeast submarket. It is stabilized after a recent $660,000 renovation, and provides a new buyer with a unique opportunity to own a stabilized property with an opportunity to increase cash flows immediately. The French Quarter has great visibility and quick access to major thoroughfares, including interstates 25 and 40. The property is well positioned within the submarket, with access to major employment centers, including Kirtland Air Force Base (AFB), the University of New Mexico (UNM), and Sandia National Laboratories; a total employee base of over 40,000 people. Recent historical vacancies are higher than market due to the renovations, and many of the contracted rents are below the competitive properties. The French Quarter presents a clear opportunity to achieve double digit cash-on-cash returns immediately by accelerating income growth through increased management, and tactically reducing expenses by implementing items like a much-needed RUBS program for utilities.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $500.00 | 420 |
| 1+1 | 80 | $640.00 | 630 |
| 2+1 | 2 | $750.00 | 760 |
Property Taxes
| Parcel Number | 1-018-056-088168-3-15-07 | Improvements Assessment | $802,358 |
| Land Assessment | $117,580 | Total Assessment | $919,938 |
Property Taxes
