403 SAN FELIPE Street NW, Albuquerque, NM 87104 (MLS# 1028365)

This investment opportunity, located in Historic Old Town, is a three-unit mixed-use income property with a target IRR of 20.49% and capitalization rate of 5.71% at full optimization. The current owner has made significant repairs, including installing a new roof, fixing the plumbing, sewer, and electrical systems, adding a concrete slab foundation in one unit, repairing framing, sheetrock, and flooring, and installing new air conditioning systems. The property also offers off-street parking for up to 9 vehicles and a detached garage that can be used for parking or commercial purposes. The primary building is a charming adobe home with two bedrooms and two living areas that can also be used as retail or office space. Also included is a duplex building with a studio and 1 bedroom apartment.

Supplements: Historic Old Town is a neighborhood in Albuquerque, New Mexico that is known for its well-preserved 19th century architecture and rich cultural history. The area was originally settled in 1706 by Spanish colonists, and it served as the city's original town center. Today, Old Town is a popular tourist destination, attracting visitors with its colorful adobe buildings, museums, art galleries, and shops selling traditional Native American and Mexican crafts. The area also features several historic landmarks, including the San Felipe de Neri Church, which was built in 1793 and is the oldest church in Albuquerque, and the Old Town Albuquerque Plaza, which is a National Historic Landmark and the city's oldest public space. Additionally, Old Town hosts several annual events and festivals celebrating the city's diverse cultural heritage, such as the Albuquerque International Balloon Fiesta.