Award winning live/work Richmond Studios - in Nob Hill Albuquerque
117 Richmond SE, known as the Richmond Studios, belongs on the cover of any real estate coffee table picture book as the ideal example of modern design and millennial living with the mix of work and live spaces in one integrated community.
NM Apartment Advisors and Rembe Development are excited to bring to market this mixed use/live-work 8 unit architectural gem of a property located in midst of Albuquerque Nob-Hill community. Located at 117 Richmond SE, this property has a high walk (89), bike (94), and transit (49) scores.
Developed by Rembe Urban Design+Development, this 2006 built development, won the AIA Albuquerque 2007 Urban Design award.
Building configuration is divided into 8 units ranging from 889 sf to 1,048 sf – two story, hardwood floors, clean, simple, modern lines. Rents range from $1,350 to $1.900 per suite
At the ask price of $2,631,705 and an average rent of $1,531, the measure of investment performance include a GRM of 17.90, a CAP rate of 4.51%, a price per unit of $328,963, a price per square foot of $327.25, if rents were raised to market of $2,500, the measure of investment performance improve to a cap rate of 7.64%.
Virtual tours of the property can be found here:
- www.nmapartment.com/rich3d1 & www.nmapartment.com/rich3d2
This property is co-listed by Jay Rembe of Rembe Development and Todd Clarke of NM Apartment Advisors Inc.
Please let us know if you have any questions or would like to schedule a showing?
Clients and their brokers can register for additional information by completing the on-line confidentially agreement at www.nmapartment.com/rich117D
Don’t let your clients miss out on this once in a life time opportunity to own an amazing, iconic and unique property.
Thanks,
Todd Clarke CCIM
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
