7600 Central Avenue SE Albuquerque, NM 87108
The Pioneer Apartments (7600 Central Ave. SE) price has been reduced to $1, 425, 000, a $100, 000 reduction. Respectively, the in-place investment returns are robust relative to market competitors. At $64, 773/Unit, the August 2024 Gross Rent Multiplier (GRM) is 7.03. A GRM below 8.50 is highly unusual for a fully renovated property. Since 2018, The Pioneer Apartments have undergone substantial renovations to provide secure and clean housing for low-income Albuquerque residents. Over the past fifteen (15) months, the owner invested nearly $120, 000 in capital improvements, including a 6-ft tall wrought iron perimeter fence and new electrical panel.Cap Rate: 7.86%Pre-Tax Cash-on-Cash Return: 8.50%-10.72% *See Flyer for Acquisiton Financing Assumptions.*
- Property TypeMulti-Family
- NeighborhoodN/A
- CountyBernalillo
- Taxes$5,627
- HOA/Condo/Coop Fees$0
- Days on Site42 Days
- MLS StatusActive
- MLS ID Number1067286
- Home Size Source Plans
- Year Built1946
- Lot Size0.63 Acres
- Full BathsN/A
- Partial BathsN/A
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General Features
- Number of Stories 11
- Acreage 0.63
- Zoning MX-M*
- Security Security Gate
- Property Sub Type Multi Family
- Utilities Electricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected
Interior Features
- Cooling Evaporative CoolingVaries By UnitWindow Units
- Heating Floor Furnace
- Appliances CooktopMicrowaveRefrigeratorRange Hood
- Flooring LaminateTileVinyl
Community Features
- MLS Area 71 - Southeast Heights
- Security Features Security Gate