Multifamily Property with Private Outdoor
For Sale
$550,000
1237 Menaul Boulevard NW, Albuquerque, NM 87107
Multifamily asset with renovated interiors, refrigerated air, and washer/dryer hookups in every residence.
Property Size3,400 SF
Price / SF$161.76
Days on Market10
Property Features for 1237 Menaul Boulevard NW
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Multi-Family
Building Details
Year Built
1980
Listing Agency:
NAI SunVista Commercial RE
(505) 878-0001
Listed By:
Luke Scarpa · License #REC-2023-0302
Source:
Thesouthwestlife
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 6:44PM
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.
The property is a multifamily asset built in 1980, with a consistent residential layout featuring two-bedroom, one-bath residences. Interior improvements have been completed in several units, while resident features include refrigerated air, washer/dryer hookups, and private balconies or patios. The uniform configuration supports straightforward property management and a consistent leasing profile.
Located at 1237 Menaul Boulevard NW in Albuquerque, the property is near I-40 and provides access to Downtown Albuquerque, employment centers, and the Indian Pueblo Cultural Center. The offering is presented with a projected 6.83% pro forma cap rate and occupancy reported at 100% as of June 2026.
Located at 1237 Menaul Boulevard NW in Albuquerque, the property is near I-40 and provides access to Downtown Albuquerque, employment centers, and the Indian Pueblo Cultural Center. The offering is presented with a projected 6.83% pro forma cap rate and occupancy reported at 100% as of June 2026.
Key Highlights
- All residences feature a two‑bedroom, one‑bath layout
- Several units have received recent interior renovations
- Refrigerated air and washer/dryer hookups in each unit
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
$28,719
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
5.22%
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%
$574,380
$574.4K
Cap Rate 7%
$410,271
$410.3K
Cap Rate 9%
$319,100
$319.1K
Market Conditions
NOI Build-Up for 3,400 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
$55.1K $16.20/SF
− Vacancy
−$2.9K −$0.84/SF
EGI
$52.2K $15.36/SF
− OpEx
−$23.5K −$6.91/SF
NOI
$28.7K $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%
$574,380
Cap Rate 7%
$410,271
Cap Rate 9%
$319,100
Alternative Uses
Best Use
Apartment 5plus
$410.3K
$359.0K – $478.7K
NOI $28,719 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$822.5K
$719.7K – $959.6K
NOI $57,577 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
Explore this area
Business Placement
Demographics for 87107, NM
30,340
Population
13,441
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
92%
High-School Grad
14.6 sq mi
ZIP Area
2,078
Density / Sq Mi
$59,663
Median Household Income
$36,392
Median Earnings
$901
Median Rent
$282,000
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 - Multifamily asset with renovated interiors, refrigerated air, and washer/dryer hookups in every residence.
Where is this multifamily property located?
The property is located at 1237 Menaul Boulevard NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: All residences feature a two‑bedroom, one‑bath layout; Several units have received recent interior renovations; Refrigerated air and washer/dryer hookups in each unit
