Renovated 10-Unit Apartment
For Sale
$1,280,000
118 S Main St, Belen, NM 87002
Updated multifamily property with ADA-compliant bathrooms, resident Wi-Fi, on-site parking, and professionally managed operations.
Property Size9,040 SF
Price / SF$141.59
Days on Market218
Property Features for 118 S Main St
General Information
Standard status
Active
Size
9,040 SF
Total Parking Spaces
14
Property subtype
Multifamily
Zoning
C-1
Net Operating Income
$84,920
Property Condition
Severity
Repairs Needed
Evidence
minimal deferred maintenance
Additional Details
Asking Price
$1,280,000
Utilities to Site
Yes
Multifamily Units
10
Amenities
ADA-compliant bathrooms
Wi-Fi
exterior lighting
Water
Sewer
Listing Agency:
Atlas Commercial Brokerage
(505) 400-4891
Listed By:
Nicole Villareal · License #19797
(505) 400-4891
Source:
Carnm.resimplifi
Added: Jan 22
Changed: Aug 27
Last Checked: Aug 28 at 6:51AM
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 Atlas Commercial Brokerage
Investment Insights
Based on property information with market context.
This 10-unit apartment property contains 9,040 square feet and has undergone recent renovations. Improvements include a new roof, new air-conditioning units in every apartment, refreshed stucco along the east façade, and a new concrete walkway. Each residence is smoke-free and includes an ADA-compliant bathroom. Gas, water, electricity, and Wi-Fi are provided through the property’s utility setup, with exterior lighting supporting the grounds and 14 on-site parking spaces available.
The building is located in downtown Belen at 118 South Main Street, immediately beside City Hall and the recently constructed Valencia County Courthouse. Restaurants, retail, grocery stores, and other community amenities are within the surrounding downtown area. The property is zoned C-1 and is professionally managed, with a current rent roll available. It is typically fully occupied.
The building is located in downtown Belen at 118 South Main Street, immediately beside City Hall and the recently constructed Valencia County Courthouse. Restaurants, retail, grocery stores, and other community amenities are within the surrounding downtown area. The property is zoned C-1 and is professionally managed, with a current rent roll available. It is typically fully occupied.
Key Highlights
- 10‑unit multifamily property totaling 9,040 SF
- Recent upgrades include a new roof and new air‑conditioning units in all apartments
- 14 on‑site parking spaces with exterior lighting
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
$68,984
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
5.39%
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%
$1,379,680
$1.4M
Cap Rate 7%
$985,486
$985.5K
Cap Rate 9%
$766,489
$766.5K
Market Conditions
NOI Build-Up for 9,040 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
$133.4K $14.76/SF
− Vacancy
−$8.0K −$0.89/SF
EGI
$125.4K $13.87/SF
− OpEx
−$56.4K −$6.24/SF
NOI
$69.0K $7.63/SF
Area
Valencia County, NM
Vacancy
6.00%
Lease Rate
$14.76 /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%
$1,379,680
Cap Rate 7%
$985,486
Cap Rate 9%
$766,489
Alternative Uses
Best Use
Apartment 5plus
$985.5K
$862.3K – $1.15M
NOI $68,984 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.18M
NOI $130,849 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
Explore this area
Business Placement
Demographics for 87002, NM
21,225
Population
9,210
Households
2.3
Avg Household Size
43
Median Age
19%
College-Educated
84%
High-School Grad
598.3 sq mi
ZIP Area
35
Density / Sq Mi
$51,537
Median Household Income
$30,896
Median Earnings
$859
Median Rent
$183,700
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 - Updated multifamily property with ADA-compliant bathrooms, resident Wi-Fi, on-site parking, and professionally managed operations.
Where is this apartment building located?
The property is located at 118 S Main St Belen, NM.
What is the asking price?
The asking price for this property is $1,280,000.
What are key features of this property?
This property features: 10‑unit multifamily property totaling 9,040 SF; Recent upgrades include a new roof and new air‑conditioning units in all apartments; 14 on‑site parking spaces with exterior lighting
