East Gateway Sub Market - NM Apartment Report

Sub Market Boundaries

The East Gateway sub-market is contained in the following Zone Atlas Pages: K18, K-M/19-23 and is roughly bounded by the following streets: South of Lomas, North of KAFB, West of Louisiana, includes area north of Zuni, East of San Mateo

Community Traits/Identity

With the recent adoption of the City of Albuquerque Metropolitan Redevelopment plan for this area, coupled with the off base expansion of Sandia National Laboratories, this area could witness substantial reinvestment during the next 18 to 24 months. This sub-market contains 9,024 units in 1,002 apartment communities with an average community size of 9 units. Typified by one bedroom and two bedroom units, with some larger three bedrooms, this area appeals to blue collar workers and low income housing.

Major Employers

Along with the Airport and Lovelace sub-markets - this sub-market touches Kirtland Air Force Base and Sandia National Labs who together employ 15,640 people

Occupancy

In line with the improving Albuquerque market conditions, occupancy in this sub-market increased 5.90% from 88.7% to 94.6% in one year, although many of the smaller landlords complain of vacancy rates in the double digits. In most cases, this can be attributed to old and sometimes poorly managed housing stock.

Compiled by NM Apartments Inc.

Todd Clarke CCIM & Daniel Boardman CCIM

(505) 440.TODD