1014 Arno St NE (1014 1/2)

Multi-Family

1014 Arno St NE, AlbuquerqueNM 87102

Property Details

Location

Address
1014 Arno St NE, AlbuquerqueNM 87102
County
Bernalillo
Submarket
Downtown

Building Size

Building Size
1,400 SF

Building Details

Type
 Multi-Family
Number of Buildings
1
Occupancy Type
Single Tenant
Percent Occupied
100%
Building Class
Building Status
Existing
Floors
1
Year Built
1951
Sprinklers
Parking Ratio

Land & Utilities

Land (Acres)
0.48 Acres
Land (SF)
20,909 SF
Zoning
Lot Depth
Lot Width

Contacts

Current Listings

Redevelopment in Martinez Town

Good morning!

NM Apartment Advisors Inc. is excited to bring to market this house with 20,908 sf of extra land in 4 separate but adjoining parcels. Located one block east of the Main post office downtown and in the heart of Martinez Town at 1014 1/12 Arno NE, this land faces Arno but has access to Franiscan Street, and Marble Avenue via an alley that is partially owned by the Seller. This downtown/Martinez Town is walking distance to Starbucks and the Central Business district and biking distance to UNM or CNM and Downtown Medical Clusters.

The residence contains three bedrooms + an office, two bathrooms and has a long-term resident who has been paying $600. Market rent for the unit is closer to $1,500, but the major play on this property is the redevelopment opportunity and ability to add additional residential units. Based on a R-T zoning, and the ease of access to a street in 3 different directions, it seems likely the property could support an additional 4 units. The listing broker valued the extra land at $25,000 per unit and the main residence at $200,000 for a total price of $300,000.

The City of Albuquerque GIS and IDO websites indicate that the property could have a Mixed Use Light (MX-L) zoning. MX-L encourages a higher density and 8 units might be possible. The listing broker has a zonal certificate letter in to the city for review, and the Seller reserves the right to increase the price to $400,000 if the letter indicates the zoning is MX-L. That said, the Seller has written correspondence from the City that an R-T zone changed might have occurred early on in the IDO process.

Virtual tour at http://www.nmapartment.com/arno3d

Qualified investors and developers can complete an online confidentially agreement at www.nmapartment.com/arno to obtain access to the document center which contains surveys, photos, floorplans and copies of the zoning correspondence.

Do not wait - an infill redevelopment adjacent to the Central Business District, with an income producing investment are extremely rare.

Thanks,

Todd Clarke CCIM CIPs

CEO

NM Apartment Advisors Inc.

(505) 440-TODD

NM Apartment Advisors, Inc.

Good morning!

NM Apartment Advisors Inc. is excited to bring to market this house with 20,908 sf of extra land in 4 separate but adjoining parcels. Located one block east of the Main post office downtown and in the heart of Martinez Town at 1014 1/12 Arno NE, this land faces Arno but has access to Franiscan Street, and Marble Avenue via an alley that is partially owned by the Seller. This downtown/Martinez Town is walking distance to Starbucks and the Central Business district and biking distance to UNM or CNM and Downtown Medical Clusters.

The residence contains three bedrooms + an office, two bathrooms and has a long-term resident who has been paying $600. Market rent for the unit is closer to $1,500, but the major play on this property is the redevelopment opportunity and ability to add additional residential units. Based on a R-T zoning, and the ease of access to a street in 3 different directions, it seems likely the property could support an additional 4 units. The listing broker valued the extra land at $25,000 per unit and the main residence at $200,000 for a total price of $300,000.

The City of Albuquerque GIS and IDO websites indicate that the property could have a Mixed Use Light (MX-L) zoning. MX-L encourages a higher density and 8 units might be possible. The listing broker has a zonal certificate letter in to the city for review, and the Seller reserves the right to increase the price to $400,000 if the letter indicates the zoning is MX-L. That said, the Seller has written correspondence from the City that an R-T zone changed might have occurred early on in the IDO process.

Virtual tour at http://www.nmapartment.com/arno3d

Qualified investors and developers can complete an online confidentially agreement at www.nmapartment.com/arno to obtain access to the document center which contains surveys, photos, floorplans and copies of the zoning correspondence.

Do not wait - an infill redevelopment adjacent to the Central Business District, with an income producing investment are extremely rare.

Thanks,

Todd Clarke CCIM CIPs

CEO

NM Apartment Advisors Inc.

(505) 440-TODD

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Commercial Location Score (CLS) is a scoring system developed by Moody's Analytics to help commercial real estate professionals gain a quick understanding of the major factors that affect the value of a location. It's designed as a means to consistently evaluate a location's suitability/desirability for a particular use based on a number of factors.

BROKER

Source: CARNM

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