For Sale
$950,000
1321 15th Street NW, Albuquerque, NM 87104
MULTI_FAMILY - Albuquerque, NM
Property Size4,100 SF
Lot Size0.13 Acres
Price / SF$231.71
Days on Market204
Property Features for 1321 15th Street NW
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1A*
Bedrooms
10
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 1, Bedroom 7, Bedroom 10, Bathroom 2, Bedroom 3, Bedroom 5, Bedroom 8, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 9, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 4
Appliances
Dishwasher, FreeStandingElectricRange, Refrigerator, RangeHood
Directions
Sawmill & 15th Street
Subdivision
80 - Downtown Area
Standard status
Active
APN
101305838042812093
Size
4,100 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
2881
Utilities
Heating system
Ductless (Heating)
Cooling system
Ductless
Building Details
Year built
1933
Floors in Building
1
Number of units
3
Flooring type
Vinyl
Building materials
Adobe, Frame, SyntheticStucco
Listing Agency:
EXP Realty LLC
(505) 554-3873
Listed By:
Anton F Determan · License #53934
(505) 818-9449
Added: Feb 6
Changed: Aug 17
Last Checked: Aug 29 at 5:06PM
MLS# 1104437
Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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
$34,631
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
3.65%
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%
$692,620
$692.6K
Cap Rate 7%
$494,729
$494.7K
Cap Rate 9%
$384,789
$384.8K
Market Conditions
NOI Build-Up for 4,100 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
$66.4K $16.20/SF
− Vacancy
−$3.5K −$0.84/SF
EGI
$63.0K $15.36/SF
− OpEx
−$28.3K −$6.91/SF
NOI
$34.6K $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%
$692,620
Cap Rate 7%
$494,729
Cap Rate 9%
$384,789
Alternative Uses
Best Use
Apartment 5plus
$494.7K
$432.9K – $577.2K
NOI $34,631 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$991.9K
$867.9K – $1.16M
NOI $69,431 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,539
Businesses Nearby
Explore this area
Business Placement
Demographics for 87104, NM
12,537
Population
6,628
Households
1.9
Avg Household Size
43
Median Age
48%
College-Educated
92%
High-School Grad
4.2 sq mi
ZIP Area
2,985
Density / Sq Mi
$67,714
Median Household Income
$55,156
Median Earnings
$1,022
Median Rent
$300,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
Where is this multifamily property located?
The property is located at 1321 15th Street NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $950,000.
