12-Unit Townhome-Style Apartment
For Sale
$1,424,506
808 Ortiz Drive SE, Albuquerque, NM 87108
ResidentialIncome, Albuquerque, NM
Property Size9,650 SF
Lot Size0.46 Acres
Price / SF$147.62
Days on Market27
Property Features for 808 Ortiz Drive SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-ML*
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 3, Bathroom 3, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 1
Exterior features
Landscaping
Appliances
Refrigerator
Subdivision
Lots 2, 3 & 4, Block 6, Esparanza Addition
Directions
From I-25 and Gibson, east to Ortiz, north to property.
Standard status
Active
APN
101805604238321015
Size
9,650 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Description
Lots 2, 3 & 4, Block 6, Esparanza Addition
Tax Annual Amount
10569
Legal Description
Lots 2, 3 & 4, Block 6, Esparanza Addition
Utilities
Heating system
Forced Air
Amenities
secured courtyard
landscaped outdoor space
gated entry
private backyards
patio spaces
balconies
in-unit washer/dryer
detached storage closets
Building Details
Year built
1972
Floors in Building
2
Number of units
12
Flooring type
Vinyl
Building materials
Block, Frame, Stucco
Listing Agency:
NM Apartment Advisors, Inc.
Listed By:
Todd D Clarke · License #13711
(505) 440-8633
Added: Aug 10
Changed: Sep 1
Last Checked: Sep 5 at 12:06PM
MLS# 1108861
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 12-unit apartment compound includes two-story, townhome-style residences with practical floor plans and generous interior layouts. Units feature living areas, galley kitchens with appliances, separate utility rooms, full-size washer and dryer connections, private patios or backyards, and substantial storage. Unit configurations include two 3-bedroom, 1.5-bath layouts and two 2-bedroom, 1-bath layouts at 812 Ortiz Drive SE. Several apartments have received updates including appliances, luxury vinyl plank and tile flooring, fixtures, and finishes. Construction includes block, frame, and stucco elements, with forced-air heating and vinyl flooring noted throughout the property.
The property occupies 0.46 acres and contains 9,650 square feet. Separate gas and electric metering serves the apartments. Secured gated and courtyard areas provide landscaped common space, while detached storage closets and additional outdoor areas add functional amenities. The 1972-built property is located near parks, shopping, Nob Hill, I-40, Kirtland Air Force Base, and the Albuquerque Community Services Headquarters. Reported investment metrics include an 8.73 GRM, a 6.86% cap rate after reserves, and a 15.10% after-tax IRR.
The property occupies 0.46 acres and contains 9,650 square feet. Separate gas and electric metering serves the apartments. Secured gated and courtyard areas provide landscaped common space, while detached storage closets and additional outdoor areas add functional amenities. The 1972-built property is located near parks, shopping, Nob Hill, I-40, Kirtland Air Force Base, and the Albuquerque Community Services Headquarters. Reported investment metrics include an 8.73 GRM, a 6.86% cap rate after reserves, and a 15.10% after-tax IRR.
Key Highlights
- 12‑unit apartment compound with two‑story, townhome‑style residences
- 9,650 square feet on 0.46 acres
- Unit mix includes two 3‑bedroom, 1.5‑bath and two 2‑bedroom, 1‑bath layouts
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
$81,510
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
5.72%
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%
$1,630,200
$1.6M
Cap Rate 7%
$1,164,429
$1.2M
Cap Rate 9%
$905,667
$905.7K
Market Conditions
NOI Build-Up for 9,650 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
$156.3K $16.20/SF
− Vacancy
−$8.1K −$0.84/SF
EGI
$148.2K $15.36/SF
− OpEx
−$66.7K −$6.91/SF
NOI
$81.5K $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%
$1,630,200
Cap Rate 7%
$1,164,429
Cap Rate 9%
$905,667
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.02M – $1.36M
NOI $81,510 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $163,417 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
954
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?
Apartment building - Two-story residences feature private outdoor areas, full-size laundry connections, separate utility meters, and secured shared courtyards.
Where is this apartment building located?
The property is located at 808 Ortiz Drive SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,424,506.
What are key features of this property?
This property features: 12‑unit apartment compound with two‑story, townhome‑style residences; 9,650 square feet on 0.46 acres; Unit mix includes two 3‑bedroom, 1.5‑bath and two 2‑bedroom, 1‑bath layouts
