1601-1617 Gold Avenue SE 48

Albuquerque, NM 87106

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.

Listing courtesy of Berger Briggs RE & Prop Mgmt



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Data last updated at: 2025-08-14 09:31 AM UTC