1810 Broadway Boulevard SE, Albuquerque, NM 87111
sale
$939,900
|
Other
Courtesy Of Maestas Real Estate Services of Rio Rancho
Nestled on the South Broadway corridor between Downtown and the University of New Mexico, 1810 and 1814 Broadway Blvd SE sit at the center of one of Albuquerque's most active reinvestment areas, with the Rail Yards and the Sunport close by and UNM's Target-anchored Lobo Crossing under construction about a mile away, bringing fresh energy and investment to the blocks around it. Two parcels, four spaces, and flexible MX-L zoning that lets retail, warehouse, office, and residential uses live side by side, a combination that is hard to find and harder to assemble. Run your business from the street-front retail and warehouse space while two residences sit on the same dirt paying rent, or hold it as a pure investment and let the mix of commercial and residential tenants spread your risk. This is Broadway frontage with room to grow into the corridor's future.The financials tell the same story. The property is fully occupied and producing $79,200 a year in gross rent, and every space is leased below market. At market rents it produces $109,045 a year, lifting net operating income from $48,254 today to a projected $75,192, and the cap rate from 5.13% to 8.00%. Priced at about $87 per square foot against nearby comparables at $93 to $200 per square foot, it sits well below replacement cost and below the corridor's own sales. Expenses run lean at $26,986 a year with no management fee in the numbers, so nearly every dollar of rent growth falls to the bottom line. Buy the income that is already there, at a price per foot the corridor has already passed by, and let the neighborhood's momentum close the rest of the gap.Property Highlights1. Four income streams on two MX-L parcels, retail, warehouse, and two residences, risk spread across commercial and residential tenants2. Fully occupied at below-market rents, $79,200 a year in place against $109,045 at market3. NOI upside from $48,254 to a projected $75,192, cap rate from 5.13% to 8.00% at market rents4. Priced at about $87 per square foot, below nearby comparables at $93 to $200 per square foot5. Lean expense base of $26,986 a year, no management fee carried, so rent growth flows to the bottom line6. Built for an owner-user, operate from the retail and warehouse while the residences help carry the mortgage7. Steps from the corridor's momentum, Lobo Crossing under construction about a mile away, 1.6 miles to Downtown, 2.6 miles to the Sunport
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Property Features
- Exterior Type: Frame
- Floors: 2
- Heating System: Natural Gas
- Legal Description: Lots 9 & 10, Block 1, Eastern Addition 2nd Extension South
- MLSID: 1112848
- Parking Spaces: 8
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