1601-1617 Gold Avenue Se Unit 48 Albuquerque, NM 87106

18,511 Sqft
34,848 Sqft lot
0.80 Acre lot
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$3,250,000 Est. $11,967 / mo.*
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Status: Active
Property Type: Other
Days on Website: 6

Courtesy of Berger Briggs RE & Prop Mgmt.

Description

Terrace Gardens Apartments is a 48-unit multifamily asset located just blocks from the University of New Mexico in Albuquerque's highly sought-after student housing corridor. Comprising 36 studios, 8 one-bedroom one bathroom, 2 two-bedrooms, one bathroom, and 1 three-bedroom one bathroom units, the property spans four contiguous lots totaling +/-35,000 SF with 18,511 SF of rentable area.With current average rents at $710.00/unit and 77% occupancy, this property presents significant upside. The UNM submarket boasts average studio rents of $860 and one-bedrooms at $1,168, highlighting a clear opportunity for rental growth. A 2026 pro forma projects a stabilized cap rate of 7.71% and GRM of 8.27, with a net operating income of $262,925.

Open House

Property Details and Features

  • Building Area: 18511
  • Construction Materials: Block,Frame,Stucco
  • Details: EvaporativeCooling
  • Heating: FloorFurnace,RadiantFloor,WallFurnace
  • Days on Market: 1
  • Listing Price: 3250000
  • Status: Active
  • Address: 1601-1617 Gold Avenue SE 48
  • Unit: 48
  • Area: 42 - UNM South
  • City: Albuquerque
  • State: NM
  • Zip: 87106
  • County: Bernalillo
  • Directions: One block south from the corner of University and gold
  • Acres: 0.8
  • Size: 0
  • Size Source: Estimated
  • Parking Total: 40
  • Water Source: CommunityCoop
  • Utilities: CableConnected,ElectricityConnected,NaturalGasConnected,SewerConnected,WaterAvailable,WaterConnected

Location

$3,250,000 - 1601-1617 Gold Avenue Se Unit 48, Albuquerque, NM 87106
1601-1617 Gold Avenue Se Unit 48 Albuquerque, NM 87106
Address: 1601-1617 Gold Avenue SE 48

Street View

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