5116 Eastern & 5120 and 1309-1315 M AVE SE, Albuquerque, NM 87108
5116 Eastern & 5120 and 1309-1315 M AVE SE, Albuquerque, NM 87108
5116 Eastern & 5120 and 1309-1315 M AVE SE, Albuquerque, NM 87108
5116 Eastern & 5120 and 1309-1315 M AVE SE, Albuquerque, NM 87108
5116 Eastern & 5120 and 1309-1315 M AVE SE, Albuquerque, NM 87108
5116 Eastern & 5120 and 1309-1315 M AVE SE, Albuquerque, NM 87108
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Listed by NM Apartment Advisors, Inc.
$ 1,880,814
Est. payment | /mo

5 Beds

3 Baths

13,940 SqFt

Save
$ 1,880,814
Est. payment | /mo
Save

5 Beds

3 Baths

13,940 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 13,940 sqft

Price per Sqft $134

Subdivision Virginia Place Addn

MLS Listing ID 1113493

Bedrooms 5

Construction Status Resale

HOA Y/N No

Year Built 1979

Annual Tax Amount $3,757

Lot Size 0.790 Acres

Acres 0.79

Lot Dimensions Public Records

Property Sub-Type Multi Family

Property Description

Excited to introduce a truly distinctive 16-unit community at 5116 and 5120 Eastern SE and 1309 and 1315 Madeira SE in Albuquerque. Four fourplex buildings, four parcels--and a direct connection to one of New Mexico's most extraordinary engineering achievements.The ATLAS-I connection. The original developer of this community was Dr. Carl E. Baum, an internationally respected scientist who helped lead the engineering of ATLAS-I, better known as the Trestle. Built at Kirtland Air Force Base during the Cold War, this enormous, approximately 12-story-tall laminated-wood structure allowed the military to test aircraft against simulated electromagnetic pulses. It remains renowned as the world's largest all wood structure.Now consider the remarkable contrast: the same creative mind that helped shape this monumental research facility also designed and developed these very human-scale apartments. According to the property history, Dr. Baum lived in one of the residences from its construction until his death in 2010. His design priorities--space, function, privacy and livability--still distinguish the community today.A better rental experience. These residences live more like patio homes than conventional apartments, with secured courtyard entries and meaningful private outdoor spaces. Most are updated two-bedroom/one-bath homes with efficient layouts, full-size washers and dryers, updated kitchens and dishwashers. Two distinctive three-bedroom/two-bath residences feature vaulted ceilings, custom finishes and oversized private yards.The location is close to Kirtland Air Force Base, Sandia National Laboratories, neighborhood retailers and restaurants, and the MAX-Q development.The investment case. Offered at $1,880,814 ($117,551 per unit), the flyer reports an 8.82 gross rent multiplier and a 7.10% cap rate before reserves (6.91% after reserves). Its five-year underwriting models a 10.70% after-tax IRR; the 2027 pro forma projects a 7.95% cap rate before reserves. Buyers should review the operating statements, pro forma assumptions and supporting materials.The opportunity may be unrepeatable. Albuquerque can build more apartments. It cannot recreate a development personally designed and built by the man behind the Trestle. When this particular collection changes hands, the chance to acquire this precise combination of history, livability, location and income goes with it. If this story fits your investment goals, now is the time to take a serious look--not after somebody else owns it.

Location

State NM

County Bernalillo

Area 71 - Southeast Heights

Interior

Heating Forced Air

Cooling Evaporative Cooling

Flooring Carpet, Tile, Vinyl

Fireplace No

Appliance Refrigerator

Exterior

Exterior Feature Patio

Community Features Patio

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected

Porch Patio

Building

Story 1

Entry Level One

Level or Stories One

New Construction No

Construction Status Resale

Others

Tax ID 101805605105830212

Acceptable Financing Cash, Conventional, FHA, VA Loan

Green/Energy Cert None

Listing Terms Cash, Conventional, FHA, VA Loan

Southwest MLS (SWMLS IDX Plus)

Nearby Locations

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5116 Eastern & 5120 and 1309-1315 M AVE SE