Townhouse-Style
For Sale
$550,000
3609 Wellesley Drive NE, Albuquerque, NM 87107
ResidentialIncome, Albuquerque, NM
Property Size4,194 SF
Lot Size0.20 Acres
Price / SF$131.14
Days on Market184
Property Features for 3609 Wellesley Drive NE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-ML*
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 5, Bathroom 4, Bathroom 2, Bedroom 8, Bedroom 2, Bedroom 4, Bedroom 7, Bedroom 6
Parking
6
Appliances
Refrigerator
Subdivision
Indian Mesa
Directions
From I-25 and Comanche, est to Wellesley and south to property
Standard status
Active
APN
101606042121740805
Size
4,194 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
Lot K1, Block 5, IndianAcres
Tax Annual Amount
3523
Legal Description
Lot K1, Block 5, IndianAcres
Utilities
Heating system
Central
Amenities
in unit laundry
Building Details
Year built
1980
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Carpet
Building materials
Frame
Listing Agency:
NM Apartment Advisors, Inc.
Listed By:
Todd D Clarke · License #13711
(505) 440-8633
Added: Mar 5
Changed: Sep 1
Last Checked: Sep 5 at 2:06PM
MLS# 1099281
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.
This 1980-built quadplex contains 4,194 square feet on a 0.20-acre parcel in Albuquerque. The property comprises four townhouse-style residences, each with two bedrooms, one bathroom, and laundry facilities inside the unit. Central heating, refrigerator appliances, and a mix of carpet and vinyl flooring are included. Frame construction supports the building’s residential configuration.
The property is located at 3609 Wellesley Drive NE in Albuquerque, Bernalillo County, within ZIP Code 87107. Its four-unit layout and consistent floor plans provide a straightforward multifamily configuration, with each residence offering the same bedroom and bathroom count.
The property is located at 3609 Wellesley Drive NE in Albuquerque, Bernalillo County, within ZIP Code 87107. Its four-unit layout and consistent floor plans provide a straightforward multifamily configuration, with each residence offering the same bedroom and bathroom count.
Key Highlights
- Four‑unit quadplex with townhouse‑style residences
- Each unit includes 2 bedrooms and 1 bathroom
- In‑unit laundry provided throughout the property
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
$38,286
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
6.96%
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%
$765,720
$765.7K
Cap Rate 7%
$546,943
$546.9K
Cap Rate 9%
$425,400
$425.4K
Market Conditions
NOI Build-Up for 4,194 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
$57.9K $13.80/SF
− Vacancy
−$3.2K −$0.76/SF
EGI
$54.7K $13.04/SF
− OpEx
−$16.4K −$3.91/SF
NOI
$38.3K $9.13/SF
Area
Albuquerque, NM
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$765,720
Cap Rate 7%
$546,943
Cap Rate 9%
$425,400
Alternative Uses
Best Use
Multifamily LT 5
$546.9K
$478.6K – $638.1K
NOI $38,286 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$506.1K
$442.8K – $590.4K
NOI $35,425 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$1.01M
$887.8K – $1.18M
NOI $71,023 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,459
Businesses Nearby
Explore this area
Business Placement
Demographics for 87107, NM
30,340
Population
13,441
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
92%
High-School Grad
14.6 sq mi
ZIP Area
2,078
Density / Sq Mi
$59,663
Median Household Income
$36,392
Median Earnings
$901
Median Rent
$282,000
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?
Quadplex - Four residential units provide two bedrooms, one bathroom, and in-unit laundry in a townhouse-style layout.
Where is this quadplex located?
The property is located at 3609 Wellesley Drive NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four‑unit quadplex with townhouse‑style residences; Each unit includes 2 bedrooms and 1 bathroom; In‑unit laundry provided throughout the property
