4611 Central Ave NE 0.55 Acres of Commercial Land Offered at $895,000 in Albuquerque, NM 87108

High density zoning apartment site in Albuquerque’s Nob-Hill supports 95 units, priced at 39% of recent comparable sales
NM Apartment Advisors and Maestas Real Estate Services are proud to offer 4611 Central NE located in Albuquerque, NM. This property is 0.5481 acres and is zoned Mixed Use Medium.
The current owner has prospective plans for 95 Multi-family units on the site, with surface parking. Your development could potentially have more units if you included structured parking or take advantage of the flexible zoning that includes a provision for UC-MS-PT, or Urban Centers, Main Street areas, and Premium Transit areas that allows for an additional density, parking reductions, building concept plans.
The property is conveniently located directly in the heart of Albuquerque’s most walkable neighborhood, full of restaurants, brew pubs, distilleries and boutique stores.
The property is located 2 blocks of the Nob-Hill stop for the Albuquerque Rapid Transit, and has a walk score of 83, transit score of 45, and a “biker’s paradise” bike score of 92.
The asking price is $895,000, with a price per unit of $9,421, and a price per square foot of $37.49. Using price per unit and recent comparable sales supports a value closer to $2,281,408.

Subject property might qualify for the first round of $30,000,000 of financing from the NMFA Opportunity Enterprise Housing Development Fund – more info at https://www.nmfinance.com/opportunity-enterprise-housing-development-revolving-fund/
Qualified developers can register for additional information from the confidential document center by completing the online confidentially agreement at http://www.nmapartment.com/highlandflats
You can help address the current housing shortage – and be a development hero in our market by helping to alleviate the current shortage of over 23,000 new rental units.