Multifamily Property for Sale in Albuquerque, NM

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Albuquerque, NM 87107

Description

Marcus & Millichap is pleased to present the exclusive listing of Midtown Mesa Multifamily Conversion, a 348-unit adaptive reuse opportunity located in Albuquerque, New Mexico. The property is currently a vacant hotel and presents a rare opportunity to reposition into multifamily housing, student housing, or assisted living, supported by existing infrastructure and favorable zoning for change of use. Investors can acquire the asset at a basis significantly below replacement cost and stabilized multifamily values, creating substantial upside through conversion and lease-up. Approximately 70 units have already been converted with kitchenettes, providing a head start on execution, while the remaining units offer a clear and scalable path to completion. Located near the University of New Mexico and supported by major employment drivers including healthcare systems, aerospace, and technology sectors, the asset benefits from strong long-term demand fundamentals. Midtown Mesa represents a compelling opportunity to capitalize on a proven conversion model within a supply-constrained and growing market. Investment Highlights: • Low-basis acquisition with scalable conversion plan and significant value creation potential • 70 units already converted plus clear path to complete remaining units • Supported by UNM, healthcare systems, and Albuquerque's growing tech and bioscience sectors

Market Context

This multifamily in Albuquerque, NM is listed for sale. It is offered at an approximate 12.1% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 54 days. Compare it against other multifamily listings for sale in Albuquerque, NM — <a href="/search/sale/multifamily/new-mexico/albuquerque">view the full market</a>.

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