The City of Albuquerque is moving to put up for sale a more than 32,000 square-foot downtown structure that has had many tenants, but no single long-lasting owner.
Located at 508 First Street NW, the structure decades ago served as an office furniture warehouse before becoming a nude strip club, and finally in the last decade, a youth center.
That youth center, officially called Warehouse 508, became reality in 2009 not long after the City of Albuquerque purchased the building for around $500,000.
Now the city wants to sell the structure, located in an industrial neighborhood populated with other warehouse structures, near the intersection with Marquette Avenue NE.
The structure, sitting on just under half an acre of property, underwent a roughly $800,000 renovation 14 years ago. A recent appraisal pegged the property at $1.3 million.
The city’s General Services department has characterized the building as being “not essential for municipal services,” paving the way for its listing on the open market.
According to city documents, the building and property have been appraised for a value of $1.3 million.
By Garry Boulard
