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 Market327
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
Listed By:
Harrison Alley · License #48822
(505) 247-0447
Source:
Carnm.resimplifi
Added: Nov 23, 2025
Changed: Oct 14
Last Checked: Oct 14 at 7:49PM
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 Berger Briggs Real Estate & Property Management
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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 / Yr
$58,789
Cap Rate
4.20%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
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
