Extreme Value Add opportunity on UNM Campus

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30737227
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 32 Units
Building Size (RSF): 15,139 SF
Gross Land Area: 0.48 Acres
Sale Price: $648,000
Unit Price: $20,250 Per Unit
Property Use Type: Investment
Usable Size (USF): 15,139 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/15/2021

Overview / Comments

On behalf of the owners, NM Apartment Advisors and Deacon Property Services are excited to bring to market this rare opportunity to redevelop this building in the heart of the UNM Campus. Located just south of Golden Pride, and a long block from the UNM Presidential house/ duck pond, and along former Greek row, 1801 Mesa Vista NE was a former Greek house dorm with 32 rooms and large public common spaces.
Whether you desire to renovate into a large house with a guest quarters, take on renting it as a residential dorm, scrape the site, or convert it to 24 high end units, the ask price of $648,000 or $42 per gross square foot is an amazing foundation for its rebirth. Could this be your Corazon You(NM), (the heart of you and UNM)?
28 page flyer at http://www.nmapartment.com/apt/NMAA-MesaVista1801NE.pdf
Based on 24 high end apartments, with an average rental price of $816, the potential renovated, leased up value is $2,297,758. The spread between that and the ask price leaves a lot of funds for renovations, financing, contingency, and profit.
Amazing financing available from the Ventana Fund (disclosure, Listing broker volunteers on the board of directors) possible 80% loan to value for the acquisition and 80% of the renovation costs at below market interest rates.

Timelines:
Register for the confidential documents and property tour at http://www.nmapartment.com/mesavisata
- Attend the property tour at noon on Tuesday, June 22nd, 2021 (no other showing times are available, so please do not request one outside this time frame).
- Offer deadline at Noon on Thursday, June 24th, 2021.

Do not miss out on this in a once in a generational opportunity to possess a site on the UNM Campus.

Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD

And

Kyle Deacon
Qualifying Broker
Deacon Property Services, LLC
(505) 878-0100 Ext. 204
kdeacon24@swcp.com

PS: Learn from industry experts why ABQ is undergoing double digit rent and value growth by reviewing the NMAA 2012 Forecast at http://www.nmapartment.com/zoomforecast2021

Attachments & Media

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: University
Taxing Authority: Bernalillo County
Tax ID/APN: 101505847305840801
Zoning: R-MH - Residential: Multi-family High Density
Percent Occupied: 0%
Property Condition: Poor
Number of Stories: 3
Year Built: 1960
Roof Type: Flat

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,659 129,169 296,754
Median Age: 31.56 36.19 36.75
Households: 9,514 58,038 125,857
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