8-Unit Apartment
For Sale
$1,375,000
1508 Edith Boulevard NE, Albuquerque, NM 87102
ResidentialIncome, Albuquerque, NM
Property Size5,304 SF
Lot Size0.52 Acres
Price / SF$259.24
Days on Market170
Property Features for 1508 Edith Boulevard NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
MX-T*
Bedrooms
11
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 4, Bedroom 3, Bathroom 5, Bedroom 11, Bathroom 6, Bedroom 5, Bedroom 1, Bathroom 7, Bedroom 9, Bedroom 10, Bedroom 4, Bedroom 8, Bathroom 3, Bedroom 6, Bathroom 8, Bedroom 2, Bedroom 7, Bathroom 1, Bathroom 2
Security features
Security
Interior features
CeilingFans
Fireplace
1
Accessibility
Accessible Approach with Ramp
Appliances
Dryer, FreeStandingGasRange, Microwave, Refrigerator, Washer
Directions
From Mountain & Broadway, east to Edith, South on Edith to property.
Subdivision
80 - Downtown Area
Standard status
Active
APN
101505803839220401
Size
5,304 SF
Lot size
0.52 Acres
Taxes and HOA fees
Tax Annual Amount
4171
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Amenities
on-site laundry
Morton steel building
RV pad with hookups
Building Details
Year built
1949
Floors in Building
1
Number of units
8
Flooring type
Tile, Laminate
Building materials
Frame, Stucco
Listing Agency:
LPT Realty
(877) 366-2213
Listed By:
Vertical Real Estate
(877) 366-2213
Added: Mar 13
Changed: Aug 28
Last Checked: Aug 29 at 6:06PM
MLS# 1101065
Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Academy Casitas is an 8-unit apartment community occupying a private 0.52-acre parcel in Albuquerque. The 5,304-square-foot property includes apartment residences, dedicated outdoor areas, an on-site laundry room, a Morton steel building, and an RV pad with hookups. Construction features frame and stucco materials, while interior finishes include laminate and tile flooring. Appliances include washers, dryers, refrigerators, microwaves, and freestanding gas ranges. A fireplace, forced-air heating, ceiling fans, and an accessible ramped approach are also present.
The property is located at 1508 Edith Boulevard NE in the 87102 postal area, near downtown Albuquerque. Mixed-use zoning supports the existing residential income configuration, and the site includes ample parking. Updates have been completed to the roof, HVAC, appliances, and sewer and water lines. The Academy Casitas domain conveys with the property.
The property is located at 1508 Edith Boulevard NE in the 87102 postal area, near downtown Albuquerque. Mixed-use zoning supports the existing residential income configuration, and the site includes ample parking. Updates have been completed to the roof, HVAC, appliances, and sewer and water lines. The Academy Casitas domain conveys with the property.
Key Highlights
- 8‑unit apartment community on 0.52 acres
- 5,304 SF property with mixed‑use zoning
- On‑site laundry room and Morton steel building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,801
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.26%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$896,020
$896.0K
Cap Rate 7%
$640,014
$640.0K
Cap Rate 9%
$497,789
$497.8K
Market Conditions
NOI Build-Up for 5,304 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$85.9K $16.20/SF
− Vacancy
−$4.5K −$0.84/SF
EGI
$81.5K $15.36/SF
− OpEx
−$36.7K −$6.91/SF
NOI
$44.8K $8.45/SF
Area
Albuquerque, NM
Vacancy
5.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$896,020
Cap Rate 7%
$640,014
Cap Rate 9%
$497,789
Alternative Uses
Best Use
Apartment 5plus
$640.0K
$560.0K – $746.7K
NOI $44,801 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,820 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
986
Businesses Nearby
Explore this area
Business Placement
Demographics for 87102, NM
20,610
Population
11,346
Households
1.8
Avg Household Size
38
Median Age
34%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,171
Density / Sq Mi
$37,276
Median Household Income
$29,184
Median Earnings
$868
Median Rent
$174,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use-zoned rental property with on-site laundry, dedicated outdoor areas, and parking on a private parcel.
Where is this apartment building located?
The property is located at 1508 Edith Boulevard NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: 8‑unit apartment community on 0.52 acres; 5,304 SF property with mixed‑use zoning; On‑site laundry room and Morton steel building
