About 1601-1617 Gold Avenue Se 48
Terrace Gardens Apartments is a 48-unit multifamily asset located just blocks from the University of New Mexico in Albuquerque's highly sought-after student housing corridor. Comprising 36 studios, 8 one-bedroom one bathroom, 2 two-bedrooms, one bathroom, and 1 three-bedroom one bathroom units, the property spans four contiguous lots totaling +/-35,000 SF with 18,511 SF of rentable area.With current average rents at $710.00/unit and 77% occupancy, this property presents significant upside. The UNM submarket boasts average studio rents of $860 and one-bedrooms at $1,168, highlighting a clear opportunity for rental growth. A 2026 pro forma projects a stabilized cap rate of 7.71% and GRM of 8.27, with a net operating income of $262,925.
Features of 1601-1617 Gold Avenue Se 48
| MLS® # | 1087551 |
|---|---|
| Price | $3,250,000 |
| Square Footage | 18,511 |
| Acres | 0.80 |
| Type | Commercial Sale |
| Sub-Type | Other |
| Status | Active |
Community Information
| Address | 1601-1617 Gold Avenue Se 48 |
|---|---|
| Area | 42 - UNM South |
| City | Albuquerque |
| County | Bernalillo |
| State | NM |
| Zip Code | 87106 |
Amenities
| Utilities | Cable Connected, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Available, Water Connected |
|---|---|
| Is Waterfront | No |
| Has Pool | No |
Interior
| Heating | Floor Furnace, Radiant Floor, Wall Furnace |
|---|---|
| Cooling | Evaporative Cooling |
| Fireplace | No |
Exterior
| Construction | Block, Frame, Stucco |
|---|
Additional Information
| Date Listed | July 9th, 2025 |
|---|---|
| Days on Market | 94 |
| RE / Bank Owned | No |
Listing Details
| Office | Berger Briggs RE & Prop Mgmt |
|---|