Homes by Carolyn Fischman

1024 Alvarado Drive SE, APT 6, Albuquerque, NM 87108 (MLS# 1104005)

1024 Alvarado Drive SE, APT 6, Albuquerque, NM 87108

$1,660,470
Property Type: Residential Income Square Footage: 8,360 Lot Size (sq. ft.): 13,504 Status: Active
Current Price: $1,660,470 List Date: 5/21/2026 Last Modified: 7/22/2026

Overview

Description

*Property is being sold as a package with 1008 Alvarado Dr. SE* Offered at $3,400,000 ($79,070/unit), this 43-unit multifamily investment presents a compelling value-add opportunity with a 5.89% acquisition cap rate and a projected 6.42% pro forma cap rate. The property was 100% occupied as of March 2026 and features in-place rents estimated to be approximately 14% below market, providing meaningful revenue upside. Recent interior renovations have been completed throughout the majority of units, reducing near-term capital needs. Located within Albuquerque's established Southeast submarket, the property benefits from proximity to Kirtland Air Force Base, major employment centers, and convenient I-25 access. Seller financing is available.

Listing Details MLS# 1104005

Contract Information

List Price/SqFt
198.62

Location

Street #
1024
Street Name
Alvarado
St Suffix
Drive
Post Direction
SE
Unit #
APT 6
County
Bernalillo
City/Town Code
Albuquerque
State/Province
NM
Zip Code
87108
Zip +4
5537
MLS Area Major
71 - Southeast Heights
Zone Atlas
L18

CityCounty Data

Subdivision Name
Virginia Place Addition

General Property Description

# of Units
21
5+ Units
Yes
Property Sub-Type
Multi-Family
Living Area
8360
Lot Size Source
On-Line
Acres
0.31
Lot SqFt
13504
Directions
From I-40, take the San Mateo Exit and go South for about 2.8 miles. Turn left on Ross Ave, go 4 blocks, then turn right on Alvarado. Property is on the left.
Stories
2
Total # of Buildings
Yes
Year Built
1955
Age
Select One
Accessory Dwelling Unit
No
Disability Access
Unknown
LBP Disclosure
Yes
Builder
N/A
Owner Occupant Unit
No
Flood Zone
X

Cooling

Centrally Ducted
No

Sales Info

Trade/Xch Considered
No

More Information

# of Unit Types (1)

# of Units
14
# of Bedrooms
Yes
# Baths
Yes
Approx. SqFt
330
Actual Rent
667
Max Rent
725
Market Rent
725

# of Unit Types (3)

# of Units
6
# of Bedrooms
Yes
# Baths
Yes
Approx. SqFt
375
Actual Rent
761
Max Rent
750
Market Rent
750

# of Unit Types (4)

# of Units
Yes
# of Bedrooms
Yes
# Baths
Yes
Approx. SqFt
750
Actual Rent
725
Max Rent
1000
Market Rent
1000

Unit Summary

Total Units
21
Average Unit Size
362.85
Average Actual Rent
696.61
Annualized
175548
Total Actual Rent
14629

Property Features

Build Description: Resale Amenities: Laundry Community Appliances included: Dishwasher; Free-Standing Gas Range; Refrigerator Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Wall Unit Cooling: Evaporative Cooling Flooring: Vinyl Green Energy Generation: None Electric Provider: Public Utility Owner Pays: Sewer; Trash Removal; Water Tenant Pays: Electric; Gas Rental Info: Yearly Lease Finance Considered: Cash; Conventional; Owner Financing Showing Requirements: Call Listing Agent Zoning: R-MH*
Listing Office: NAI SunVista Commercial RE
Last Updated: July - 22 - 2026
Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.

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