Anthea @ The Granite + Ground Floor Value-Add | 950 4th St NW
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Anthea @ The Granite + Ground Floor Value-Add 950 4th St NW
23 Unit Apartment Building $4,990,000 ($216,957/Unit) Albuquerque, NM 87102
Virtual Tour
Investment Highlights
- Anthea @ The Granite was built in 2014 is priced at $4.99M, comprises 23 existing units at $186k/unit and a 7,950-SF vacant ground floor at $85/SF.
- 7,950-SF vacant ground floor, open to add 11 more living units, a full-service restaurant, office space, life science / health care space, and more.
- Featuring a lobby, management office, fenced parking area, fitness center, conference room, business center, private balconies, and in-unit laundry.
- Ideal for conversion to alternative housing for healthcare, treatment centers, senior/assisted living, etc., with the ground floor open to renovation.
- 23 units: 17 one-bed/one-bath (617 SF), four two-bed/two-bath (925 SF), and two three-bed/two-bath (1,157 SF), some units are fully furnished.
- Pedestrian-friendly location, within a 15-minute walk of Central Avenue, Civic Plaza, First Plaza Galleria, and dozens of restaurants and bars.
Executive Summary
*Price recently reduced by over $300,000*
*Listed at $186,000/unit not including the 7,500-SF vacant ground floor at $85/SF*
Anthea @ The Granite
950 4th Street NW is a three-story property spanning approximately 33,312 square feet and comprised of 23 residential multifamily units. The property was built in 2014 and sits on a 0.9-acre lot zoned for mixed-use; it is subject to a 50-year ground lease with options to 70 years. Anthea features ADA-compliant elevators, a main lobby, and a manager's office. Common amenities include an exercise facility, a conference room, a business center, housekeeping, and a secure, fenced parking area. Floors two and three host the 23 one-, two-, and three-bedroom apartments. It could be delivered vacant, or existing occupants could stay for interim income. Each unit has a full kitchen, a washer, a dryer, stainless steel appliances, and an outside patio. Some units are fully furnished and have contemporary furniture.
Upside Opportunities
One of this asset's highest and best uses would be for organizations in specialized healthcare treatment, assisted living, alternative housing, veterans assistance, senior housing, and adjacent sectors. Anthea’s vacant ground floor has tremendous potential for a value-add improvement plan or renovation. The floor spans 7,950 square feet and could be used to add to the multifamily component with room for 11 additional units. The vacancy is also a great place to house a treatment center, lab space, commercial kitchen, office space, or common amenities that can aid residents Utilities have already been stubbed in for a commercial kitchen, large customer restrooms, and a layout for executive suites. The cost conversion of the property to conform to any organization’s target demographic is offset by the competitive asking price. Since 2019, multifamily properties in the Albuquerque market built after 2014 sold for an average price of over $218,000 per unit. Anthea @ The Granite is priced at $186,000 per unit for the 23 units and $85 per square foot for the vacant ground floor, well below today’s replacement cost, especially given the impact of high construction costs and interest rates.
Learn About the Location
NOLO (North of Lomas) is the north downtown district of Albuquerque. It’s characterized by trendy breweries, boutiques, local services, and beloved restaurants. The district is a short walk from Downtown Albuquerque and Central Avenue, the city’s predominant commercial, cultural, and culinary corridor. Some of the destinations tenants can walk to in 15 minutes include Lowe’s Supermarket, several parks, over 20 restaurants, and Marble Brewery, the largest brewery in Albuquerque. Make a mark in Albuquerque with a multifaceted asset positioned in a popular area by acquiring Anthea @ The Granite today. Get in touch.
*Listed at $186,000/unit not including the 7,500-SF vacant ground floor at $85/SF*
Anthea @ The Granite
950 4th Street NW is a three-story property spanning approximately 33,312 square feet and comprised of 23 residential multifamily units. The property was built in 2014 and sits on a 0.9-acre lot zoned for mixed-use; it is subject to a 50-year ground lease with options to 70 years. Anthea features ADA-compliant elevators, a main lobby, and a manager's office. Common amenities include an exercise facility, a conference room, a business center, housekeeping, and a secure, fenced parking area. Floors two and three host the 23 one-, two-, and three-bedroom apartments. It could be delivered vacant, or existing occupants could stay for interim income. Each unit has a full kitchen, a washer, a dryer, stainless steel appliances, and an outside patio. Some units are fully furnished and have contemporary furniture.
Upside Opportunities
One of this asset's highest and best uses would be for organizations in specialized healthcare treatment, assisted living, alternative housing, veterans assistance, senior housing, and adjacent sectors. Anthea’s vacant ground floor has tremendous potential for a value-add improvement plan or renovation. The floor spans 7,950 square feet and could be used to add to the multifamily component with room for 11 additional units. The vacancy is also a great place to house a treatment center, lab space, commercial kitchen, office space, or common amenities that can aid residents Utilities have already been stubbed in for a commercial kitchen, large customer restrooms, and a layout for executive suites. The cost conversion of the property to conform to any organization’s target demographic is offset by the competitive asking price. Since 2019, multifamily properties in the Albuquerque market built after 2014 sold for an average price of over $218,000 per unit. Anthea @ The Granite is priced at $186,000 per unit for the 23 units and $85 per square foot for the vacant ground floor, well below today’s replacement cost, especially given the impact of high construction costs and interest rates.
Learn About the Location
NOLO (North of Lomas) is the north downtown district of Albuquerque. It’s characterized by trendy breweries, boutiques, local services, and beloved restaurants. The district is a short walk from Downtown Albuquerque and Central Avenue, the city’s predominant commercial, cultural, and culinary corridor. Some of the destinations tenants can walk to in 15 minutes include Lowe’s Supermarket, several parks, over 20 restaurants, and Marble Brewery, the largest brewery in Albuquerque. Make a mark in Albuquerque with a multifaceted asset positioned in a popular area by acquiring Anthea @ The Granite today. Get in touch.
Sale Flyer
Property Facts
Unit Amenities
- Balcony
- Washer/Dryer
- Stainless Steel Appliances
- Views
Site Amenities
- Business Center
- Fitness Center
- Conference Rooms
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 17 | - | 617 |
| 2+2 | 4 | - | 925 |
| 3+2 | 2 | - | 1,157 |
Walk Score ®
Very Walkable (82)
Bike Score ®
Very Bikeable (83)
Nearby Amenities
Restaurants |
|||
|---|---|---|---|
| Amerasia Sumo Sushi | Sushi | $$ | 4 min walk |
| Slate Street Cafe | Cafe | $$ | 5 min walk |
| La Familiar Restaurant | Mexican | $ | 9 min walk |
| Stack House Bbq | Barbecue | - | 9 min walk |
| Los Compas Tacos | - | - | 9 min walk |
| Starbucks | Cafe | $ | 13 min walk |
| Friends Coffee & Sandwich Shop | Sandwiches | $$$ | 13 min walk |
| Cellar | Tapas | $$ | 14 min walk |
Retail |
||
|---|---|---|
| Wells Fargo Bank | Bank | 9 min walk |
| United States Postal Service | Business/Copy/Postal Services | 11 min walk |
| Circle K | Convenience Market | 13 min walk |
Hotels |
|
|---|---|
| DoubleTree by Hilton |
295 rooms
2 min drive
|
| Comfort Inn |
82 rooms
3 min drive
|
PROPERTY TAXES
| Parcel Number | 1-014-058-239229-3-53-12 | Improvements Assessment | $703,146 |
| Land Assessment | $106,225 | Total Assessment | $809,371 |
PROPERTY TAXES
Parcel Number
1-014-058-239229-3-53-12
Land Assessment
$106,225
Improvements Assessment
$703,146
Total Assessment
$809,371
zoning
| Zoning Code | MX-M (Mixed-Use) |
| MX-M (Mixed-Use) |
Sale Advisor
Sale Advisor
Terrie Hertweck, Vice President
(505) 228-8818
Contact
With 38 years of experience in commercial leasing, investment sales, land development, and raw land sales, Terrie welcomes new opportunities and challenges as a reputable real estate professional and brings many personal qualities as well as an impressive track record to the table.
As a Vice President with the Collier’s New Mexico brokerage team, Terrie specializes in investment property transactions, including multi-family, assisted living, and vacant land sales, as well as with retail, industrial, and office leasing and sales. Terrie was the first broker in the country to be awarded Walmart 's exclusive broker for excess property sales in New Mexico. This outsourcing assignment then became the retail giant's market-specific protocol.
Terrie has sold some of the largest shopping centers in Albuquerque including; Wyoming Mall ($10,150,000), Market Center East ($12,000,000), Atrisco Plaza ($7,650,000), Fiesta Crossings and Rio Grande Plaza, along with several office complexes including Montgomery Business Park and Candelaria Business Center. She has sold over 300 storage units, several raw land parcels and has handled pad site sales to national retailers such as Walgreen’s, Starbucks Coffee, and Furniture Row.
Over the past 20 years, Terrie has become personally involved in development from the ground up as well as with renovation and restoration of older properties. She developed Cinema Center, an 11,000SF specialty strip center located at the edge of Century 24 Screen Theatre, Slate Street Plaza – a 1940s renovation project for 2 restaurants and the downtown eye care center, Blink!, CarCrafter’s automotive plant, and a VA Counseling Center for GSA.
As a Vice President with the Collier’s New Mexico brokerage team, Terrie specializes in investment property transactions, including multi-family, assisted living, and vacant land sales, as well as with retail, industrial, and office leasing and sales. Terrie was the first broker in the country to be awarded Walmart 's exclusive broker for excess property sales in New Mexico. This outsourcing assignment then became the retail giant's market-specific protocol.
Terrie has sold some of the largest shopping centers in Albuquerque including; Wyoming Mall ($10,150,000), Market Center East ($12,000,000), Atrisco Plaza ($7,650,000), Fiesta Crossings and Rio Grande Plaza, along with several office complexes including Montgomery Business Park and Candelaria Business Center. She has sold over 300 storage units, several raw land parcels and has handled pad site sales to national retailers such as Walgreen’s, Starbucks Coffee, and Furniture Row.
Over the past 20 years, Terrie has become personally involved in development from the ground up as well as with renovation and restoration of older properties. She developed Cinema Center, an 11,000SF specialty strip center located at the edge of Century 24 Screen Theatre, Slate Street Plaza – a 1940s renovation project for 2 restaurants and the downtown eye care center, Blink!, CarCrafter’s automotive plant, and a VA Counseling Center for GSA.
-
Terrie Hertweck -
Colliers New Mexico
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Anthea @ The Granite + Ground Floor Value-Add | 950 4th St NW
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