43-Unit Apartment
For Sale
$1,660,470
1024 Alvarado Drive Se Apt 6, Albuquerque, NM 87108
Recently improved multifamily property with full occupancy and access to Southeast Albuquerque employment centers.
Property Size8,360 SF
Price / SF$198.62
Days on Market29
Property Features for 1024 Alvarado Drive Se Apt 6
General Information
Standard status
Active
Size
8,360 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Asking Price
$3,400,000
Cap Rate
5.89%
Additional Details
Highway Access
Yes
Multifamily Units
43
Building Details
Year Built
1955
Listing Agency:
NAI SunVista Commercial RE
(505) 878-0001
Listed By:
Luke Scarpa · License #REC-2023-0302
Source:
Thesouthwestlife
Added: Aug 2
Changed: Aug 28
Last Checked: Aug 29 at 11:43AM
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 Commercial RE
Investment Insights
Based on property information with market context.
This 43-unit apartment property was built in 1955 and has undergone interior improvements across most of the units. The property was fully occupied as of March 2026, while in-place rents were estimated at approximately 14% below market. The existing renovation work reduces near-term capital requirements relative to a property needing broad interior updates.
The asset is located in Albuquerque’s Southeast submarket near Kirtland Air Force Base and major employment centers, with convenient access to I-25. Financial metrics include a 5.89% acquisition cap rate and a projected 6.42% pro forma cap rate. The property is being offered together with 1008 Alvarado Dr. SE.
The asset is located in Albuquerque’s Southeast submarket near Kirtland Air Force Base and major employment centers, with convenient access to I-25. Financial metrics include a 5.89% acquisition cap rate and a projected 6.42% pro forma cap rate. The property is being offered together with 1008 Alvarado Dr. SE.
Key Highlights
- 43‑unit multifamily property built in 1955
- 100% occupied as of March 2026
- Interior renovations completed throughout the majority of units
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
$70,614
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
4.25%
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%
$1,412,280
$1.4M
Cap Rate 7%
$1,008,771
$1.0M
Cap Rate 9%
$784,600
$784.6K
Market Conditions
NOI Build-Up for 8,360 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
$135.4K $16.20/SF
− Vacancy
−$7.0K −$0.84/SF
EGI
$128.4K $15.36/SF
− OpEx
−$57.8K −$6.91/SF
NOI
$70.6K $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%
$1,412,280
Cap Rate 7%
$1,008,771
Cap Rate 9%
$784,600
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$882.7K – $1.18M
NOI $70,614 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,572 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
43
Residential units
100%
Occupancy
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?
Apartment building - Recently improved multifamily property with full occupancy and access to Southeast Albuquerque employment centers.
Where is this apartment building located?
The property is located at 1024 Alvarado Drive Se Apt 6 Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,660,470.
What are key features of this property?
This property features: 43‑unit multifamily property built in 1955; 100% occupied as of March 2026; Interior renovations completed throughout the majority of units
