6-Plex Apartment Building with Separate
For Sale
$565,000
426 Towner Avenue NW, Albuquerque, NM 87102
MULTI_FAMILY - Albuquerque, NM
Property Size3,191 SF
Lot Size0.24 Acres
Price / SF$177.06
Days on Market254
Property Features for 426 Towner Avenue NW
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
MX-M*
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bedroom 2, Bathroom 4, Bedroom 4, Bedroom 5, Bathroom 6, Bathroom 5, Bedroom 1, Bedroom 3, Bedroom 6, Bathroom 3, Bathroom 1
Parking
6
Appliances
FreeStandingGasRange, RangeHood
Subdivision
Towner Add
Directions
From the I-25/I-40 ''Big I,'' head north on I-25 and take the Menaul Blvd exit (Exit 226A). Go west on Menaul about 1.3 miles to 4th St NW, then turn left (south) onto 4th. After one block, turn right (west) onto Towner Ave NW; the property at 426 Towner Ave NW is on that block.
Standard status
Active
APN
101405927228422138
Size
3,191 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
2181
Utilities
Cooling system
Window Unit(s)
Building Details
Year built
1946
Floors in Building
1
Number of units
6
Flooring type
Carpet, Tile, Vinyl
Building materials
Block, Frame
Listing Agency:
Weichert, Realtors Image
(505) 365-6721
Listed By:
Peter A Cochran · License #20811
(505) 314-6181
Added: Dec 2, 2025
Changed: Aug 4
Last Checked: Aug 13 at 8:06AM
MLS# 1095527
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 turnkey 6-plex apartment building in Albuquerque’s Near North Valley consists of three separate structures with two units each. The property is professionally managed and fully stabilized with current occupancy, and it is described as having a history of low vacancy and high demand. Residences are described as clean and well kept, with private entries and practical layouts intended to support long-term tenancy and minimize turnover.
The building sits on 0.24 acres and totals 3,191 square feet. Constructed in 1946 with block and frame materials, the units use window unit cooling and include vinyl, carpet, and tile flooring. Each unit is separately metered for gas and electric. Appliances noted include free-standing gas ranges and range hoods.
Performance metrics provided include a 6.06% cap rate, 9.53 GRM, and 13.40% IRR.
The building sits on 0.24 acres and totals 3,191 square feet. Constructed in 1946 with block and frame materials, the units use window unit cooling and include vinyl, carpet, and tile flooring. Each unit is separately metered for gas and electric. Appliances noted include free-standing gas ranges and range hoods.
Performance metrics provided include a 6.06% cap rate, 9.53 GRM, and 13.40% IRR.
Key Highlights
- Six units in three separate structures with two units each
- Each unit has separate gas and electric metering
- 0.24‑acre lot and 3,191 square feet
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
$26,953
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
4.77%
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%
$539,060
$539.1K
Cap Rate 7%
$385,043
$385.0K
Cap Rate 9%
$299,478
$299.5K
Market Conditions
NOI Build-Up for 3,191 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
$51.7K $16.20/SF
− Vacancy
−$2.7K −$0.84/SF
EGI
$49.0K $15.36/SF
− OpEx
−$22.1K −$6.91/SF
NOI
$27.0K $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%
$539,060
Cap Rate 7%
$385,043
Cap Rate 9%
$299,478
Alternative Uses
Best Use
Apartment 5plus
$385.0K
$336.9K – $449.2K
NOI $26,953 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$772.0K
$675.5K – $900.6K
NOI $54,038 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
812
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Six units across two structures with private entries and separate gas and electric meters for each unit.
Where is this apartment building located?
The property is located at 426 Towner Avenue NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Six units in three separate structures with two units each; Each unit has separate gas and electric metering; 0.24‑acre lot and 3,191 square feet
