43-Unit Multifamily
For Sale
$3,400,000
1008 & 1024 Alvarado Dr SE, Albuquerque, NM 87108
R-MH-zoned apartment property with recent interior renovations across the majority of units.
Property Size14,450 SF
Price / SF$235.29
Days on Market160
Property Features for 1008 & 1024 Alvarado Dr SE
General Information
Standard status
Active
Size
14,450 SF
Property subtype
Multifamily
Zoning
R-MH
Additional Details
Highway Access
Yes
Multifamily Units
43
Building Details
Year Built
1972
Listing Agency:
NAI SunVista
(505) 400-6857
Listed By:
James Wible · License #REC-2023-0302
(505) 400-6857
Source:
Carnm.resimplifi
Added: Mar 26
Changed: Aug 31
Last Checked: Aug 31 at 12:49PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI SunVista
Investment Insights
Based on property information with market context.
This 43-unit multifamily property includes 14,450 square feet of residential improvements built in 1972. Interior renovations have been completed in the majority of units, while in-place rents are estimated at 14% below market-rate levels. Occupancy is reported at 100% as of March 2026.
The property is positioned in Southeast Albuquerque near Kirtland AFB, I-25 access, and major employment centers. It carries R-MH zoning and is presented with a pro forma cap rate of 6.42% and a pro forma GRM of 8.5.
The property is positioned in Southeast Albuquerque near Kirtland AFB, I-25 access, and major employment centers. It carries R-MH zoning and is presented with a pro forma cap rate of 6.42% and a pro forma GRM of 8.5.
Key Highlights
- 43‑unit multifamily property with 14,450 square feet of improvements
- 100% occupied as of March 2026
- In‑place rents estimated 14% below market‑rate levels
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
$122,055
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
3.59%
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%
$2,441,100
$2.4M
Cap Rate 7%
$1,743,643
$1.7M
Cap Rate 9%
$1,356,167
$1.4M
Market Conditions
NOI Build-Up for 14,450 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
$234.1K $16.20/SF
− Vacancy
−$12.2K −$0.84/SF
EGI
$221.9K $15.36/SF
− OpEx
−$99.9K −$6.91/SF
NOI
$122.1K $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%
$2,441,100
Cap Rate 7%
$1,743,643
Cap Rate 9%
$1,356,167
Alternative Uses
Best Use
Apartment 5plus
$1.74M
$1.53M – $2.03M
NOI $122,055 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.50M
$3.06M – $4.08M
NOI $244,702 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
43
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,007
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?
Multifamily property - R-MH-zoned apartment property with recent interior renovations across the majority of units.
Where is this multifamily property located?
The property is located at 1008 & 1024 Alvarado Dr SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 43‑unit multifamily property with 14,450 square feet of improvements; 100% occupied as of March 2026; In‑place rents estimated 14% below market‑rate levels
