6Plex-North Valley-Value Add Play!
9238 4th St NW, North Valley, NM 87114
- $665K
- 3,575 SF building
- 0 ac
Six units on nearly 1/2 an acre in Albuquerque's North Valley, one of the newest small multifamily property to reach this corner of the market in some time. The potential for strong future growth is tremendous. Two unique buildings sit well apart on a 0.48-acre parcel, a site size that is genuinely rare at this unit count and leaves room to breathe. The mix: 2 one-bedrooms, 1 two-bedroom and 3 studios, with three of those studios showing documented STR operating history. Built in 1979, this is not the 1940s and 1950s stock that makes up nearly all of the city's small multifamily inventory. The comparable 5-to-10 unit properties that have closed in this market average roughly 80 years old, whereas this one is only 47 years young.The Setting: Established on 4th St. corridor between Paseo Del Norte and Alameda: low-density, tree-lined, under 2 miles from Balloon Fiesta Park. I-25 puts the metro core, Kirtland and Sandia Labs within an easy drive, while the Rio Rancho employment corridor, Intel's expanding campus and Presbyterian Rust Medical Center sit minutes across the river. County drainage, bike lane and ADA improvements are underway on 4th itself.There is real room to run here. Two units are currently leased meaningfully below what comparable space commands, and the furnished studios have been operated as short-term (AirBnB) units. Either continue with that model OR place the entire property on traditional long-term leases. Newer than average construction, an unusually generous site, income in place and potential upside clearly identified, all in a corridor that has held solid demand for decades. 9238 4th St NW — Investment Highlights$110,833 a door on 0.48 acres — a site size that's rare at six units, with two buildings set well apart.47 years young — built 1979, against a comp set of 5-to-10 unit sales averaging roughly 80 years old.Parking - plenty of parking accessibility on front portion of the property.$55,808 collected in the trailing twelve — documented on the seller's P&L, all units - STR/AirBnB and executed leases.$18,720 a year additional in two units — both 1-bedrooms leased at $700 against $1,480 for comparable space 2 bed space. Future potential to convert current 1 bedroom units into 2 bed/1 bath units.$85,680 at full long-term market rent — 7.76 GRM and a 7.94% cap on the asking price.Short-term, Mid-term or Long-term — three studios furnished STR (AirBnB) with documented booking history.North Valley 4th Street corridor — under 2 miles from Balloon Fiesta Park, I-25 to Kirtland and Sandia, Intel and Presbyterian Rust minutes across the river.
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