Coronado Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30750488
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 36 Units
Building Size (RSF): 23,700 SF
Gross Building Area: See Agent
Sale Price: $1,700,000
Unit Price: $47,222.22 Per Unit
Property Use Type: Investment
Building Name: 8010 Zuni Rd SE - Coronado Apartments
Sale Terms: Undisclosed
Cap Rate: 7.28%
Last Updated: 9/8/2021

Overview / Comments

The apartment consists of 33 one bed, one bath units and 3 two bed, one bath units for a total of 36 units.

The 36-unit property benefits from several key factors including large unit sizes, on-site laundry, perimeter security gate, storage closets and shared yard space. Additional revenue can be created by renting storage units which are currently not being used, charging pro-rata share of utilities and increased rent through renovation of units.

The property is located near several cultural performing arts centers and major entertainment hubs. Expo New Mexico, a venue for markets, rodeos, festivals, and the state fair. The Downs Racetrack and Casino is also near the neighborhood. Travel a mile southeast of the neighborhood for easy access to
Albuquerque International Sunport Airport.

Albuquerque remains a smooth and steady apartment market thanks to a strong rebound from the pandemic-induced downturn. Consistent apartment demand has mitigated minimal supply-driven pressure on fundamentals, pressing down the vacancy rate to a ten-year low. Recent expansions by Netflix, NBCUniversal, TaskUs and Intel are expected to provide an additional boost to apartment demand, as these companies expect to hire thousands of workers over the next several years.

The properties core attributes including large unit size, ample parking, perimeter fencing coupled with local rehab initiatives and favorable market fundamentals make this an excellent value-add opportunity.

Attachments & Media

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Tax ID/APN: 101905632253012116
Property Condition: Average
Number of Stories: 2
Year Built: 1971
Roof Type: Flat
Parking Type: Surface
Laundry: Shared
Heat Type: Natural Gas
Heat Source: Heat Pump
Fuel: Gas
Air Conditioning: Evaporative Cooler
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 28,420 132,519 265,303
Median Age: 30.49 37.4 37.35
Households: 10,446 58,120 117,296

Contact

Photograph of Listing Agent

Jacob Rocker

Marcus & Millichap CARNM CIE Member
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