Listed by LPT Realty
$1,375,000
1508 Edith Boulevard NE
Details
Property Type Multifamily, Mixed Use
Sub Type Apartment Building
Square Footage 5,304
Units 8
Cap Rate 8.80%
NOI $14,932
Occupancy 90%
Pro-Forma Cap Rate 9.50%
Pro-Forma NOI $116,956
Class A
Buildings 3
Stories 1
Acreage 0.520
Zoning MX-T
Investment Type Value Add
Ground Lease No
1508 Edith Boulevard NE, Albuquerque, NM 87102
Marketing description
Introducing Academy Casitas, Albuquerque's unique tiny village in the heart of downtown. This 8-unit hacienda-style community sits on a private, scenic .52 acre lot with ample parking and mixed-use zoning. Thoughtfully developed over 20 years, the property blends Southwestern charm with functional design, offering privacy and dedicated outdoor living spaces. Features include an on-site laundry room, a Morton steel building, and an RV pad with hookups. Well maintained with updates to roof, HVAC, appliances, and sewer/water lines. Flexible rental options for short- or long-term use. Turnkey asset with strong cash flow and upside potential. Academy Casitas offers a rare opportunity to acquire a design-forward, income-producing multi-family compound with multiple revenue streams, strong in-place cash flow, and longterm appreciation potential in a high-demand Albuquerque location
Investment highlights
- 1506 Edith Blvd NE – Copper Casita
- 1BR | 1BA | 534 SF | Current Rent: $1,475
- Stand-alone adobe home with downtown views
- Spacious private courtyard with storage shed
- Parking directly in front + additional optional parking
- Doggie door with direct courtyard access
- Eat-in kitchen with dinette set included
- Newer stainless refrigerator
- Bathroom with built-in shelving and tub/shower
- Original Saltillo tile flooring and backsplash
- LG mini-split + gas wall furnace + natural gas water heater
- Upgraded plumbing fixtures
- 2 ceiling fans, window treatments, directional lighting
- 3 security doors, window grills, motion lighting
- Honeywell electronic lock
- Close proximity to UNM, hospitals, Whole Foods
- 1508 Edith Blvd NE Ste A – Casa Grande
- 2BR | 1BA | 1,200 SF | Rent: ~$1,615–$1,725
- Largest unit with expansive living room and scenic views
- Southwestern adobe niches and architectural detail
- Walk-in shower with bench + accessibility features
- Private enclosed courtyard + veranda with volcano views
- Fully equipped laundry room (washer ~2 years old)
- Chef’s kitchen with stainless prep areas and skylight
- Garbage disposal, under-cabinet lighting
- Vinyl plank flooring (water-resistant)
- Gas furnace + evaporative cooler
- 55-gallon water heater + upgraded PEX plumbing
- Multiple lighting upgrades + ceiling fans
- Two parking spaces included
- 1508 Edith Blvd NE Ste B – Writers Studio
- Studio | 332 SF | Rent: ~$1,045–$1,175
- Adorable adobe studio – All about outdoor living oasis!
- Spectacular views from included sundeck!
- Cozy turnkey studio with galley kitchen and roomy bathroom
- Spacious private courtyard with extra storage room included!
- Single parking space parking on gated lot
- Doggie door with direct courtyard access
- Brand new convection/microwave/air fryer
- Stainless 2 burner range and refrigerator
- Bathroom features original built-in shelving and shower
- Southwestern arches throughout
- New ACIQ Mini split for heating/cooling
- Portable kitchen cart – directional lighting
- Backup base board heating
- Ceiling fan/ faux wood blinds / directional lighting
- Upgraded plumbing fixtures
- Security door with privacy screen
- Electronic door lock
- Most windows have security grills – outdoor motion lighting
- Carbon monoxide and smoke detector combo unit
- 1510 Edith Blvd NE Ste A – Luxury Loft
- 1BR | 1BA | 528 SF | Current Rent: ~$1,280–$1,350
- Open floor plan with 10’ pine plank ceilings
- Triple arched windows with custom security grills
- Private end unit with courtyard + street access
- Stainless appliances + island with bar seating
- Hanging pot rack, under-cabinet lighting
- Stained concrete floors + modern finishes
- Built-in shelving and mirrored wardrobe doors
- Mini-split HVAC + upgraded lighting
- Security door, motion lighting, keypad entry
- 1510 Edith Blvd NE Ste B – Tres Archis
- 1BR + Flex | 1BA | 1,060 SF | Current Rent: ~$1,300–$1,500
- Spacious layout with flex space (office or second bedroom)
- High 9.5–10.5 ft ceilings with skylight
- Quiet, private location on property
- Updated kitchen with stainless appliances and prep areas
- Under-cabinet lighting + custom backsplash
- Built-in shelving and multiple storage closets
- Epoxy flooring throughout
- Mini-split HVAC (dual units)
- Hardwired internet + Wi-Fi included
- Security features throughout
- 1506 Edith Blvd NE Ste 1 – Zenita Casita
- 1.5BR | 1BA | 600 SF | Current Rent: ~$1,250–$1,375
- Private casita with courtyard and storage shed
- Flexible layout ideal for home office
- Saltillo tile flooring + Southwestern arches
- Large bathroom with built-in shelving
- Mini-split + gas furnace
- Stainless appliances + prep table
- Ceiling fan, faux wood blinds, directional lighting
- Security door, window grills, motion lighting
- Dedicated parking space
- 1506 Edith Blvd NE Ste 2 – Cook’s Corner
- 1.5BR | 1BA | 550 SF | Current Rent: ~$1,270–$1,375
- Eat-in kitchen with included dinette, hutch, and chef’s cart
- Exposed vigas and Southwestern design
- Vinyl plank flooring + updated plumbing
- Tankless water heater
- Stainless appliances
- Private courtyard with storage
- Ceiling fan, directional lighting
- Security door + window grills
- Two parking spaces
- 1506 Edith Blvd NE Ste 3 – Beach Bungalow
- 1BR | 1BA | 500 SF | Current Rent: ~$1,200–$1,300
- Coastal-themed casita with unique design finishes
- Large private courtyard + covered veranda
- Downtown skyline and volcano views
- Exposed vigas + tile flooring
- Tankless water heater + mini-split HVAC
- Electronic keypad lock
- Built-in shelving + upgraded lighting
- Security features throughout
- Parking directly outside unit
- Keystone Challenger Fifth Wheel (2007 RV Unit)
- 1BR | 1BA | 36 FT | Current Rent: ~$1,150
- Additional income-producing unit or on-site management office
- 36’ triple-slide fifth wheel with expanded residential-style living space
- Spacious layout with flush-floor slide-outs providing full standing height
- Living area includes sleeper sofa, dinette, recliners, and built-in entertainment center
- Full kitchen with double-door refrigerator, 3-burner range/oven, microwave, and ample cabinet storage
- Large double-bowl sink with high-rise faucet and prep space
- Private master suite with queen bed and under-bed storage
- Mirrored wardrobe closet with washer/dryer prep
- Split bathroom layout with glass-enclosed shower and separate toilet area
- Ducted A/C and furnace for year-round climate control
- Laminated fiberglass exterior with aluminum frame construction
- Enclosed and heated underbelly for extended seasonal use
- Exterior shower, security lighting, rear ladder, and power landing jacks
- 50-amp service with multiple ventilation fans
- Estimated private resale value ~$11,500 (2026)
Listing Contacts
Listed by LPT Realty
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Loan Amount
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Annual Cash Flow
$14,931.56
$1,244.30/mo
Valuation Metrics
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DSCR
1.09%
Cap Rate
1.09%
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