517-521 Silver Ave Sw, Albuquerque, NM 87102

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Todd C.

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Building Details:

• Year Built: 1902

517-521 Silver Ave Sw is amulti-family property for lease in Albuquerque, NM.

The Location
With a Walk score of 98, a Transit Score 57, and a Bike Score 92, this is one of the most millennial friendly apartment locations in Albuquerque. Located near 100+ restaurants, 200+ retail businesses one half block from Rapid Ride stop, five blocks from the Rail Runner and within a mile of two grocery stores (one is under construction and opens Q1-2016).

The Improvements
This 100+ year old apartment contains one large 3 bedroom home, 2 small one bedroom one bath units, and 4 studios that share a kitchen and bathroom. The interior oozes history with hardwood floors, exposed brick walls, built-ins, and a claw-foot tub.

2015 Appraisal
Copy of MAI Appraisal for $650,000 is available to qualified investors who execute confidentiality agreement at www.nmapartment.com/silver .

The Site
The site is 10,454 square feet of gravel parking that contains 16 paid parking spots that are rented to local businesses and rentals.

Possible Development Opportunity
Adjacent property 210-230 6th SW is also available for sale – 8 units for $550,000 – ideal redevelopment opportunity as two properties together provide a quarter block or downtown land. Located in the Downtown 2025 Plan, which has a fast track approval process, no density limitations, 40 story height limitation and no parking requirement. Both properties have stable income and would provide a developer with a steady income stream until they were ready to redevelop the block into a higher and better use.

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