Adjacent 9-Unit Apartment
For Sale
$1,400,000
1030 Truman St SE, Albuquerque, NM 87108
Two neighboring apartment buildings offer varied unit layouts, private garages, landscaped grounds, and shared courtyard areas.
Property Size6,960 SF
Price / SF$201.15
Days on Market282
Property Features for 1030 Truman St SE
General Information
Standard status
Active
Size
6,960 SF
Property subtype
Multifamily
Zoning
R-MH
Units
Unit Mix
5 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
9
Additional Details
Asking Price
$1,200,000
Amenities
private garages
mature landscaping
wrought-iron security
private courtyard areas
Building Details
Year Built
1968
Buildings
2
Listing Agency:
Berger Briggs Real Estate & Property Management
(505) 247-0447
Listed By:
Harrison Alley · License #48822
(505) 247-0447
Source:
Carnm.resimplifi
Added: Nov 23, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:38PM
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 Berger Briggs Real Estate & Property Management
Investment Insights
Based on property information with market context.
This offering combines two neighboring apartment buildings at 1030 and 1040 Truman St SE with 9 rental units totaling 6,960 square feet. Built in 1968, the properties include six apartments at 1030 Truman and three at 1040 Truman. The unit mix consists of three 2-bedroom/1-bathroom units, three 1-bedroom/1-bathroom units, one additional 1-bedroom/1-bathroom apartment, and two additional 2-bedroom/1-bathroom apartments. The units at 1030 Truman include private garages.
The buildings occupy spacious lots with mature landscaping, wrought-iron security features, and private courtyard areas. The property is located in Albuquerque’s Southeast quadrant, a short distance from Central Avenue, with proximity to Nob Hill, UNM, and Kirtland Air Force Base. The offering is also described as part of a larger portfolio that includes two single-family income-producing homes.
The buildings occupy spacious lots with mature landscaping, wrought-iron security features, and private courtyard areas. The property is located in Albuquerque’s Southeast quadrant, a short distance from Central Avenue, with proximity to Nob Hill, UNM, and Kirtland Air Force Base. The offering is also described as part of a larger portfolio that includes two single-family income-producing homes.
Key Highlights
- 9 rental units across two adjacent apartment buildings
- 6,960 square feet across the combined properties
- Unit mix includes 1‑bedroom and 2‑bedroom apartments, each with 1 bathroom
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
$58,789
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
4.20%
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%
$1,175,780
$1.2M
Cap Rate 7%
$839,843
$839.8K
Cap Rate 9%
$653,211
$653.2K
Market Conditions
NOI Build-Up for 6,960 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
$112.8K $16.20/SF
− Vacancy
−$5.9K −$0.84/SF
EGI
$106.9K $15.36/SF
− OpEx
−$48.1K −$6.91/SF
NOI
$58.8K $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%
$1,175,780
Cap Rate 7%
$839,843
Cap Rate 9%
$653,211
Alternative Uses
Best Use
Apartment 5plus
$839.8K
$734.9K – $979.8K
NOI $58,789 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,863 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
951
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 neighboring apartment buildings offer varied unit layouts, private garages, landscaped grounds, and shared courtyard areas.
Where is this apartment building located?
The property is located at 1030 Truman St SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 9 rental units across two adjacent apartment buildings; 6,960 square feet across the combined properties; Unit mix includes 1‑bedroom and 2‑bedroom apartments, each with 1 bathroom
