Four-Unit Multifamily
For Sale
$383,500
805 Ortiz Drive SE, Albuquerque, NM 87108
ResidentialIncome, Albuquerque, NM
Property Size2,574 SF
Lot Size0.19 Acres
Price / SF$148.99
Days on Market190
Property Features for 805 Ortiz Drive SE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-MH*
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
Interior features
CeilingFans
Exterior features
Landscaping
Appliances
FreeStandingGasRange, Refrigerator
Subdivision
Esperanza Add
Directions
From San Mateo East on Trumball, then south on Ortiz
Standard status
Active
APN
101805602338720909
Size
2,574 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
2118
Utilities
Cooling system
Ceiling Fan(s)
Building Details
Year built
1945
Floors in Building
1
Number of units
4
Flooring type
Carpet, Wood, Tile
Building materials
Frame, Stucco
Listing Agency:
LPT Realty
(877) 366-2213
Listed By:
Casa ABQ
(505) 710-6918
Added: Feb 20
Changed: Aug 28
Last Checked: Aug 29 at 6:06PM
MLS# 1098651
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 four-unit multifamily property contains 2,574 square feet on a 0.19-acre lot and was built in 1945. The unit mix includes three 1-bedroom, 1-bath residences and one larger 2-bedroom, 1-bath residence. Three units have received interior updates including kitchen cabinetry and countertops, bath surrounds and vanities, water heaters, wall heaters, windows, refinished hardwood floors, fresh paint, and updated lighting. The property also includes ceiling fans, landscaping, gas ranges, refrigerators, and a mix of carpet, wood, and tile flooring.
Located at 805 Ortiz Drive SE in Albuquerque, the property has current rents in place. The 2-bedroom residence has not yet been updated, providing a clearly defined renovation component within the existing four-unit layout.
Located at 805 Ortiz Drive SE in Albuquerque, the property has current rents in place. The 2-bedroom residence has not yet been updated, providing a clearly defined renovation component within the existing four-unit layout.
Key Highlights
- Four‑unit property with three 1BR/1BA units and one 2BR/1BA unit
- 2,574 square feet on a 0.19‑acre lot
- Three units include updated kitchens, baths, water heaters, wall heaters, windows, flooring, paint, and lighting
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
$23,497
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
6.13%
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%
$469,940
$469.9K
Cap Rate 7%
$335,671
$335.7K
Cap Rate 9%
$261,078
$261.1K
Market Conditions
NOI Build-Up for 2,574 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
$35.5K $13.80/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$33.6K $13.04/SF
− OpEx
−$10.1K −$3.91/SF
NOI
$23.5K $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%
$469,940
Cap Rate 7%
$335,671
Cap Rate 9%
$261,078
Alternative Uses
Best Use
Multifamily LT 5
$335.7K
$293.7K – $391.6K
NOI $23,497 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$310.6K
$271.8K – $362.4K
NOI $21,742 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$622.7K
$544.9K – $726.5K
NOI $43,589 @ 7.0% cap · market cap 11.37%
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
967
Businesses Nearby
Explore this area
Business Placement
Demographics for 87108, NM
36,773
Population
19,153
Households
1.9
Avg Household Size
39
Median Age
33%
College-Educated
85%
High-School Grad
5.9 sq mi
ZIP Area
6,233
Density / Sq Mi
$39,578
Median Household Income
$31,478
Median Earnings
$828
Median Rent
$227,600
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?
Quadplex - Three units have refreshed interiors, while the larger fourth unit remains available for updating.
Where is this quadplex located?
The property is located at 805 Ortiz Drive SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $383,500.
What are key features of this property?
This property features: Four‑unit property with three 1BR/1BA units and one 2BR/1BA unit; 2,574 square feet on a 0.19‑acre lot; Three units include updated kitchens, baths, water heaters, wall heaters, windows, flooring, paint, and lighting
