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Union 505

  • Contacr for Price
Albuquerque, Bernalillo County, New Mexico, 87102, United States, ,
Sale

Union 505

Albuquerque, Bernalillo County, New Mexico, 87102, United States, ,
  • Contacr for Price

Description

The Opportunity
​​​​​​​CBRE is pleased to present the opportunity to acquire Union 505; a 1988-built, 572-unit property located at the intersection of Interstate 25 (I-25) and Interstate 40 (I-40). Its prime location sits in the north University of New Mexico (UNM) area, just minutes from Albuquerque’s thriving Downtown and Nob Hill sub-markets. Union 505 is one of the largest multifamily properties in Albuquerque, and is one of the last fully classic properties in the market. Most all of the 572-units are in original condition and primed for value-add. The garden style asset is centrally located within the city and provides excellent access to Albuquerque’s finest entertainment, restaurant, education, and recreation venues. Union 505 has one of the broadest community amenity packages in Albuquerque including expansive exterior common areas, gated access, a large swimming pool & spa, a one-mile jogging path, a car wash station, gas BBQ grills, and a volleyball court. The property also has a renovated laundry facility, a community dog park and a well-equipped and renovated fitness center.

Offering Memorandum Now Available in Virtual Deal Room

Call for Offers: October 13, 2022.

Investment Highlights

Well-Located Value-Add Opportunity

Union 505 is located close to UNM, Downtown Albuquerque, and is the adjacent SW corner of the I-25/I-40 intersection. The offering is one of only a few remaining large value-add opportunities in Albuquerque. Virtually all unit interiors are in original condition, providing the buyer with an exceptional opportunity to increase rents by renovating units. The wide array of community amenities also provides an opportunity to further increase tenant reach and rents. All unit types feature attractive floor plans that are receptive to value-add.

Centralized Location Close to All Major Employment Centers

Union 505’s centralized location makes it desirable to a wide tenant base
including young professionals, students, and medical staff.

  • The Journal Center (±65,000 jobs) is a 10-minute drive north off I-25
    The UNM and UNM Health (±22,000 jobs) is a 5-minute drive to the south
    off Central Avenue
  • (PNM) Public Services New Mexico (±1,700 jobs); corporate offices 2-miles
    southwest on Silver Avenue
  • Presbyterian Healthcare Services (±14,000 jobs) has a flagship hospital
    5-minutes southeast on Central Avenue
  • Kirtland Air Force Base (±23,000 jobs) is a 10-minute drive to the south off
    I-25 and Gibson Avenue
  • Sandia National Labs (±15,000 jobs) is a 10-minute drive to the south off
    I-25 and Gibson Avenue
  •  Uptown Albuquerque (±10,400 daytime jobs, 2.3M SF of commercial
    space, 960 businesses) – A 5-minute drive northeast off I-40 and
    Louisiana Boulevard

Call Billy for more information at +1 (505) 837-4947.

  • Address 801 Locust Place NE
  • Zip/Postal Code 87102

Details

Updated on September 22, 2022 at 5:57 pm
  • Price: Contacr for Price
  • Property Size: 265367 sq ft
  • Year Built: 1988
  • Property Type: Commercial
  • Property Status: Sale

Overview

  • Commercial
  • Property Type
  • 265367
  • sq ft
  • 1988
  • Year Built

Contact Information

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Billy Eagle

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