1143 Gatewood Avenue SW, Albuquerque, NM 87105 (MLS# 1041000)

NAI SunVista is delighted to present Gatewood Mobile Home Park, situated at 1143 Gatewood Ave. SW in Albuquerque, NM. This mobile home park is well positioned at a mere 0.15 miles away from one of the seven major river crossings in the metropolitan area, affording convenient accessibility to Interstate 25. Residents of this park benefit from an array of nearby amenities, including restaurants, schools, services, and parks, enhancing the overall living experience. Notably, the subject site is situated in the southwest trade area, an underserved market with a high demand for affordable housing. Encompassing a total of ±2.69 acres within an established neighborhood off Bridge Blvd, a prominent east/west commuter corridor, the mobile home park boasts 12 mobile homes,

Supplements: 1 manufactured home, and a duplex with two separate living units. All dwellings within the park are tenant-owned, with the exception of four mobile homes and one manufactured home, which are under the ownership of the Seller. A noteworthy feature is the half-acre parcel of vacant land, accessible through a separate newly constructed metal gate, which holds tremendous value-add potential. County approval could pave the way for the development of four to five additional mobile home sites (or another preferred development) on this vacant land, leading to increased revenue and overall property value. Additionally, the property offers the advantage of potentially converting four mobile homes into Section 8 housing, requiring specific updates/criteria and allowing for increased rents in line with the New Mexico Section 8 program. Presently, third-party management oversees the operations of the mobile home park, as indicated in the operating statement. The owner is also extending owner financing terms for the acquisition to qualified buyers. The investment stands to benefit from a history of robust occupancy rates and the enticing potential of the vacant land. Moreover, Gatewood Mobile Home Park boasts strong real estate fundamentals, positioning it favorably for future prospects. The property's minimal vacancy rate (currently zero vacancy) and the prospect of utilizing the excess land make it a compelling investment opportunity for investors seeking to capitalize on its potential.