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3400-3404 Wellesley Dr NE
Albuquerque, NM 87107
Multifamily Property For Sale
·
8 Units
Executive Summary
RE: Well located, beautiful condition fourplex – ready for owner occupant
On behalf of the Owners, NM Apartment Advisors and Maestas Real Estate Services are excited to bring to market this core asset located at 3400 Wellesley NE.
Exceptional opportunity to acquire a well-maintained fourplex comprised entirely of 1 bedroom / 1 bathroom units in Albuquerque’s desirable NE heights submarket. The property has been carefully maintained for the last decade by one owner reflecting consistent upkeep and long-term stewardship. The location offers strong rental appeal with convenient access to shopping, services, and major employment and medical centers. This area remains a consistently desirable rental pocket due to its accessibility.
All units offer open, spacious floorplans that feel larger than typical one-bedroom layouts. Interiors feature tile flooring throughout, providing durability, easy maintenance, and clean presentation. Each unit includes in-unit washer and dryer, a highly desirable amenity that enhances tenant retention and supports stable occupancy. Several units have received fresh interior paint, further contributing to the property’s well-cared-for appearance.
Metrics of investment performance at the ask price of $480,805 and average rents of $882 include a GRM of 11.36, a before reserves cap rate of 6.18%, a price per sf of $200, a price per unit of $120,201 with an after tax IRR of 14.5%.
If rents are raised to market rents of $1,103, the potential cap rates increases to 7.68%.
The owner is holding one unit vacant for a potential owner occupant – contact Anita to discuss steps to show that unit. Do not wait, an owner occupant fourplex in the NE heights in this price range will move fast!
Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
and
Anita Maestas
Owner & Qualifying Broker
Maestas Real Estate Services, Inc.
www.maestasrealty.com
505.463.3565
On behalf of the Owners, NM Apartment Advisors and Maestas Real Estate Services are excited to bring to market this core asset located at 3400 Wellesley NE.
Exceptional opportunity to acquire a well-maintained fourplex comprised entirely of 1 bedroom / 1 bathroom units in Albuquerque’s desirable NE heights submarket. The property has been carefully maintained for the last decade by one owner reflecting consistent upkeep and long-term stewardship. The location offers strong rental appeal with convenient access to shopping, services, and major employment and medical centers. This area remains a consistently desirable rental pocket due to its accessibility.
All units offer open, spacious floorplans that feel larger than typical one-bedroom layouts. Interiors feature tile flooring throughout, providing durability, easy maintenance, and clean presentation. Each unit includes in-unit washer and dryer, a highly desirable amenity that enhances tenant retention and supports stable occupancy. Several units have received fresh interior paint, further contributing to the property’s well-cared-for appearance.
Metrics of investment performance at the ask price of $480,805 and average rents of $882 include a GRM of 11.36, a before reserves cap rate of 6.18%, a price per sf of $200, a price per unit of $120,201 with an after tax IRR of 14.5%.
If rents are raised to market rents of $1,103, the potential cap rates increases to 7.68%.
The owner is holding one unit vacant for a potential owner occupant – contact Anita to discuss steps to show that unit. Do not wait, an owner occupant fourplex in the NE heights in this price range will move fast!
Thanks,
Todd Clarke CCIM CIPs
CEO
NM Apartment Advisors Inc.
(505) 440-TODD
and
Anita Maestas
Owner & Qualifying Broker
Maestas Real Estate Services, Inc.
www.maestasrealty.com
505.463.3565
Property Facts Under Contract
| Price Per Unit | $82,146 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 5.99% | Building Size | 5,451 SF |
| Gross Rent Multiplier | 11.36 | No. Stories | 1 |
| No. Units | 8 | Year Built | 1984 |
| Property Type | Multifamily | Parking Ratio | 1.83/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise |
| Price Per Unit | $82,146 CAD |
| Sale Type | Investment |
| Cap Rate | 5.99% |
| Gross Rent Multiplier | 11.36 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 5,451 SF |
| No. Stories | 1 |
| Year Built | 1984 |
| Parking Ratio | 1.83/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | - |
Property Taxes
| Parcel Numbers | Improvements Assessment | $124,138 CAD | |
| Land Assessment | $53,692 CAD | Total Assessment | $177,830 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$53,692 CAD
Improvements Assessment
$124,138 CAD
Total Assessment
$177,830 CAD
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