Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1515 W 18Th St Portales, NM 88130

    View on Map
    Sponsored
    For Sale
    $495,000

    MULTI_FAMILY - Portales, NM

    Lot size:
    0.92 Acres
    Days on Market:
    43
    Last Refresh:
    Mar 28 at 12:06 am

    Property Features for 1515 W 18Th St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    APN
    100100000014900
    Interior features
    Walk-In Closet(s)
    Appliances
    Free-Standing Range, Refrigerator, Electric Water Heater
    Lot size
    0.92 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air, Electric

    Building Details

    Floors in Building
    1
    Number of units
    8
    Flooring type
    Laminate, Carpet, Vinyl
    Building materials
    Brick
    Roof type
    Shingle, Metal

    We can help!

    Listing Contact
    Melinda S Wilkinson
    Melinda S Wilkinson

    Keller Williams Realty

    Listing agent Melinda Wilkinson

    Listing date Feb 13, 2026

    MLS# 20256251 Listing URL

    Copyright © 2026 New Mexico MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Eight-Door Apartment Complex in Portales

    This is an eight-door apartment complex, offering an investment opportunity with consistently low turnover. Each unit includes one bedroom, one bathroom, and a large walk-in closet. The kitchens are equipped with an electric range and refrigerator. Building 1 has a metal roof, while Building 2 features a composition roof. Utilities are separately metered, with tenants responsible for their own utility payments. Each apartment is equipped with central heat and air, as well as covered porches. The property also includes 20 concrete block storage units, each approximately 10x10, with concrete foundations and metal roofs, providing an additional income source or tenant amenity. Situated on a large 0.9183-acre lot with room to expand, this property offers potential for future growth. Possible owner financing with acceptable terms.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portales
    County
    Roosevelt
    State
    New Mexico
    Longitude
    -103.350685
    Latitude
    34.171008

    Nearby Similar for Sale

    • $141,000
      1,024 SF

      Acreage with Two Homes, Stalls

      2.524-acre property near Portales with two homes and covered stalls.
      754A S Roosevelt Road Q, Portales, NM 88130
      View Details
    • $812,500
      343.14 Acres

      Productive Farm with Irrigated Cropland

      Versatile farm featuring irrigated cropland, dryland, and grassland.
      2675 S Roosevelt Road 3, Portales, NM 88130
      View Details
    • $87,500
      Pending

      Portales Multifamily Investment Opportunity

      Multifamily property in Portales, NM, ideal for investment.
      113 E 5Th St, Portales, NM 88130
      View Details
    • $102,515
      0.07 Acres

      Portales Multifamily Property For Sale

      Multifamily property in Portales, NM, ideal for residential income.
      121-123 N Avenue E, Portales, NM 88130
      View Details
    • $300,000
      3,745 SF

      High-Visibility Portales Office Building

      Updated Office Building, Ample Parking, High Traffic
      620 1St St, Portales, NM 88130
      View Details
    • $294,000
      6,000 SF

      Portales Commercial Building - Prime Location

      Spacious 6,000 sq ft commercial building, updated, great location.
      109 Main Ave, Portales, NM 88130
      View Details
    • Contact for pricing
      6,589 SF

      Former Bank Building For Sale

      Former bank building suitable for office or retail conversion.
      400 W 1St St, Portales, NM 88130
      View Details
    • Contact for pricing
      6,300 SF

      Portales Multifamily Investment Opportunity

      Three duplexes near ENMU campus, fully remodeled and occupied.
      501 Avenue G S, Portales, NM 88130
      View Details
    • $250,000
      4,130 SF

      Prime Portales Commercial Space

      Versatile 4,130 sq ft, central location
      212 1St St, Portales, NM 88130
      View Details
    • $175,000
      3,000 SF

      Portales Commercial Building - $175K

      Spacious Shop & Office - Ideal for Auto Repair
      222 Main Ave Ave, Portales, NM 88130
      View Details
    • Contact for pricing
      1,300 SF

      Former Sonic Drive-In For Sale

      Well-positioned drive-in restaurant with infrastructure ready for occupancy.
      304 N Chicago Ave, Portales, NM 88130
      View Details
    • $165,000
      1,316 SF

      Prime Portales Office & Land Opportunity

      Downtown Portales Office Building, 0.31 Acres
      301 305, Portales, NM 88130
      View Details

    FAQs

    What type of property is this?
    Apartment building - Eight-unit apartment complex with storage, expansion potential, and owner financing.
    Where is this apartment building located?
    The property is located at 1515 W 18Th St Portales, NM.
    What is the asking price?
    The asking price for this property is $495,000.
    What are key features of this property?
    This property features: - Eight-door apartment complex with consistently low turnover.; - 20 concrete block storage units provide additional income or tenant amenity.; - Separate utility meters for each unit, tenants pay their own utilities.
    (575) 799-7070
    Request Owner's contact information
    1515 W 18Th St Portales, NM 88130
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1515 W 18Th St
    Portales, NM 88130
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1515 W 18Th St Portales, NM 88130
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Melinda S Wilkinson
    Melinda S Wilkinson
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!