16-Unit Apartment
500 North 3rd Street Bloomfield, NM 87413
For Sale
$1,323,100
Four 4-plex buildings with updated windows, wall heat, and window A/C; tenants pay electricity.
Property Size8,740 SF
Price / SF$151.38
Days on Market503
Property Features for 500 North 3rd Street
General Information
- Standard status
- Active
- Size
- 8,740 SF
- Property subtype
- MULTIFAMILY / Fourplex
Building Details
- Year Built
- 1980
Listing Agency:
eXp Realty, LLC
(888) 440-2724
Listed By:
Allen Elmore · License #FA100100921
(888) 440-2724
Source:
Compass
Added: Mar 7, 2025
Changed: Jul 23
Last Checked: Jul 23 at 10:04AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This for-sale multifamily complex consists of four separate 4-plex buildings totaling 16 units. Unit mix includes three buildings with 1-bedroom, 1-bath layouts and one building with 2-bedroom, 1-bath units. Many upgrades are already in place, including updated windows across the property and tile flooring in 14 of the 16 units. Many units also have newer water heaters, with approximately half electric. Each unit is equipped with wall heating and window-mounted A/C. Tenants are responsible for their own electricity expenses.
The property is offered with a low-maintenance lot featuring mature shade trees and a minimum of two dedicated parking spaces per unit, along with a no-pet policy. The sellers note that some exterior paint and roofing work may be needed, and they may consider a price reduction or repair credit to help address these items. The property is located at 500 North 3rd Street in Bloomfield, New Mexico, and owner carry is available.
The property is offered with a low-maintenance lot featuring mature shade trees and a minimum of two dedicated parking spaces per unit, along with a no-pet policy. The sellers note that some exterior paint and roofing work may be needed, and they may consider a price reduction or repair credit to help address these items. The property is located at 500 North 3rd Street in Bloomfield, New Mexico, and owner carry is available.
Key Highlights
- 16‑unit multifamily complex in Bloomfield, NM: four separate 4‑plex buildings on over half an acre
- Unit mix includes three 1BR/1BA buildings and one 2BR/1BA building
- All units feature updated windows; each unit has wall heating and window‑mounted A/C, with tenants paying electricity
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $129.0k | $14.76 |
| − Vacancy | −$10.4k | −$1.20 |
| EGI | $118.6k | $13.56 |
| − OpEx | −$53.3k | −$6.10 |
| NOI | $65.2k | $7.46 |
8,740 SF · lease $14.76/SF/yr · vacancy 8.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$931.5K
$815.1K – $1.09M
NOI $65,204 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,564 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Four 4-plex buildings with updated windows, wall heat, and window A/C; tenants pay electricity.
Where is this apartment building located?
The property is located at 500 North 3rd Street Bloomfield, NM.
What is the asking price?
The asking price for this property is $1,323,100.
What are key features of this property?
This property features: 16‑unit multifamily complex in Bloomfield, NM: four separate 4‑plex buildings on over half an acre; Unit mix includes three 1BR/1BA buildings and one 2BR/1BA building; All units feature updated windows; each unit has wall heating and window‑mounted A/C, with tenants paying electricity
