IN ESCROW: Lincoln Heights is a two-story apartment community built in 1975, comprising 184 rental units. The unit mix is approximately 13 percent studios, 46 percent one-bedroom and 41 percent two-bedroom units. Lincoln Heights is at 5800 Harper Drive NE in Albuquerque, New Mexico.
The property is situated one block northeast of the intersection of Academy Road NE and San Mateo Boulevard NE, two major thoroughfare lined with several retail centers and restaurants, connecting directly to Interstate 25.
Visit our property website to view the offering memorandum.
Construction is of wood frame, with pitched composite shingle roofs. Heating and cooling is provided by individual ground-mounted HVAC units. The utility costs associated with heating and cooling are the responsibility of the tenant. The property is individually-metered for electricity, and the costs associated with usage inside the dwelling units are the responsibility of the tenant. Hot water is provided by a commercial boiler. The cost of water, sewer charges, and trash collection is paid by the owner.
Residents of Lincoln Heights are close to major employers and points of interest, including shopping, dining, recreational facilities and transportation networks. The immediate neighborhood surrounding Lincoln Heights comprises a mixture of single-family homes, multifamily projects, and commercial developments.
The pedestrian-friendly Uptown Shopping Center, three miles south of Lincoln Heights, features high-end retail, such as Pottery Barn, Apple, Michael Kors, JCrew and upscale restaurants. The Macy’s-anchored Coronado Center is three miles south of the property.
Additional nearby shopping options include the Far North Shopping Center, Fiesta Square Shopping Center and Montgomery Plaza. Whole Foods Market is two miles east of the property on the northwest corner of Academy Road and Wyoming Boulevard.
The Lovelace Women’s Hospital is less than two miles southwest and the University of New Mexico is five miles southwest. Other nearby employment centers include the 180 acres of office at the Journal Center north of the property, and The Balloon Field Industrial Park, one mile northwest of the property.
Property is well maintained and boasts significant value-add opportunities
Currently, 63 units are renovated and leased at significant rent premiums (lease rates are $125 to $220 higher than classic units); value-add program can continue for remaining units
Diverse unit mix of studios, one- and two-bedroom floor plans
Conveniently located in the prestigious Far Northeast Heights submarket, with proximity to Interstate 25
Strong submarket fundamentals; average rents increased over 9 percent since 2014
In proximity to major employment centers, including the Journal Center, Intel, Lovelace Health System, University of New Mexico, Kirtland AFB and downtown Albuquerque
Nearby schools include Del Norte High School, Arroyo Del Oso Elementary School, Governor Bent Elementary School and Cleveland Middle School
Less than a mile west of Arroyo Del Oso Park and Golf Course
Within walking distance of new restaurants and shopping development projects recently opened in the spring of 2017
