Leased Triplex with
For Sale
$342,000
816 Ortiz Drive SE, Albuquerque, NM 87108
ResidentialIncome, Albuquerque, NM
Property Size2,470 SF
Lot Size0.16 Acres
Price / SF$138.46
Days on Market272
Property Features for 816 Ortiz Drive SE
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
R-1B*
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 1
Parking
2
Accessibility
Accessible Approach with Ramp
Appliances
FreeStandingElectricRange, Refrigerator, RangeHood
Directions
From San Mateo and Zuni head south on San Mateo. Take a left on Trumbull and then a right on to Ortiz Drive. Property will be on the east side of the street.
Subdivision
71 - Southeast Heights
Standard status
Active
APN
101805604237421017
Size
2,470 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
4006
Utilities
Heating system
Forced Air, Central
Amenities
courtyard
covered patio
Building Details
Year built
1972
Floors in Building
1
Number of units
3
Flooring type
Tile
Building materials
Frame, Stucco
Listing Agency:
Realty One of New Mexico
(505) 883-9400
Listed By:
Anahi M Salcido · License #20470
(505) 480-1461
Added: Nov 30, 2025
Changed: Aug 19
Last Checked: Aug 29 at 7:06PM
MLS# 1095131
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 2,470-square-foot triplex, built in 1972, contains three separate residential units on a 0.16-acre lot. Shared outdoor space includes a courtyard and covered patio, while the property also offers tile flooring, forced-air and central heating, and an accessible approach with ramp.
Unit A features an enclosed front yard, a single-car garage with additional storage and workshop space, two extra parking spaces, and a bathroom with a double vanity. Unit C has a gated backyard with raised flower beds, a compost box, and two large storage sheds. Each unit includes at least one parking space, and all three units are currently leased.
The property is located near Nob Hill, UNM, Kirtland Air Force Base, and the VA hospital.
Unit A features an enclosed front yard, a single-car garage with additional storage and workshop space, two extra parking spaces, and a bathroom with a double vanity. Unit C has a gated backyard with raised flower beds, a compost box, and two large storage sheds. Each unit includes at least one parking space, and all three units are currently leased.
The property is located near Nob Hill, UNM, Kirtland Air Force Base, and the VA hospital.
Key Highlights
- 2,470‑square‑foot triplex on a 0.16‑acre lot
- Three separate units, all currently leased
- Courtyard with covered patio provides shared outdoor space
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
$22,548
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
6.59%
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%
$450,960
$451.0K
Cap Rate 7%
$322,114
$322.1K
Cap Rate 9%
$250,533
$250.5K
Market Conditions
NOI Build-Up for 2,470 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
$34.1K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$32.2K $13.04/SF
− OpEx
−$9.7K −$3.91/SF
NOI
$22.5K $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%
$450,960
Cap Rate 7%
$322,114
Cap Rate 9%
$250,533
Alternative Uses
Best Use
Multifamily LT 5
$322.1K
$281.9K – $375.8K
NOI $22,548 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$298.0K
$260.8K – $347.7K
NOI $20,863 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$597.5K
$522.9K – $697.1K
NOI $41,828 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
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?
Triplex - Separate residential units include outdoor spaces and dedicated parking.
Where is this triplex located?
The property is located at 816 Ortiz Drive SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $342,000.
What are key features of this property?
This property features: 2,470‑square‑foot triplex on a 0.16‑acre lot; Three separate units, all currently leased; Courtyard with covered patio provides shared outdoor space
