Updated 5-Unit Apartment
For Sale
$320,000
503 U.S Rte 66, Moriarty, NM 87035
Fully occupied apartment property with modernized interiors and refreshed exterior improvements.
Property Size2,976 SF
Price / SF$107.53
Days on Market556
Property Features for 503 U.S Rte 66
General Information
Standard status
Active
Size
2,976 SF
Property subtype
Multifamily
Zoning
C-1
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
5
Amenities
Water
Listing Agency:
Hanna Commercial, LLC
(505) 332-0522
Listed By:
Richard Hanna · License #9158
(505) 332-0522
Source:
Carnm.resimplifi
Added: Feb 19, 2025
Changed: Aug 29
Last Checked: Aug 29 at 9:11AM
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 Hanna Commercial, LLC
Investment Insights
Based on property information with market context.
Located at 503 U.S. Rte 66 in Moriarty, NM 87035, this apartment property contains five units across 2,976 square feet. The interiors have been modernized, while the exterior has received updates. Electrical and sewer systems have also been improved. All units are currently rented to long-term tenants on month-to-month leases.
The property is positioned along Route 66, a major corridor with access to Albuquerque. C-1 zoning applies to the site. Three additional lots are available separately or in combination with the apartment property, providing added flexibility for a purchaser evaluating the surrounding land alongside the existing improvements.
The property is positioned along Route 66, a major corridor with access to Albuquerque. C-1 zoning applies to the site. Three additional lots are available separately or in combination with the apartment property, providing added flexibility for a purchaser evaluating the surrounding land alongside the existing improvements.
Key Highlights
- Five‑unit apartment property totaling 2,976 square feet
- All units rented to long‑term tenants on month‑to‑month leases
- Modernized interiors and refreshed exterior
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
$22,710
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
7.10%
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%
$454,200
$454.2K
Cap Rate 7%
$324,429
$324.4K
Cap Rate 9%
$252,333
$252.3K
Market Conditions
NOI Build-Up for 2,976 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
$43.9K $14.76/SF
− Vacancy
−$2.6K −$0.89/SF
EGI
$41.3K $13.87/SF
− OpEx
−$18.6K −$6.24/SF
NOI
$22.7K $7.63/SF
Area
Torrance 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%
$454,200
Cap Rate 7%
$324,429
Cap Rate 9%
$252,333
Alternative Uses
Best Use
Apartment 5plus
$324.4K
$283.9K – $378.5K
NOI $22,710 @ 7.0% cap · market cap 7.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$605.0K
$529.4K – $705.8K
NOI $42,349 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 87035, NM
7,285
Population
2,884
Households
2.5
Avg Household Size
43
Median Age
9%
College-Educated
82%
High-School Grad
342.7 sq mi
ZIP Area
21
Density / Sq Mi
$40,688
Median Household Income
$27,428
Median Earnings
$797
Median Rent
$147,600
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 - Fully occupied apartment property with modernized interiors and refreshed exterior improvements.
Where is this apartment building located?
The property is located at 503 U.S Rte 66 Moriarty, NM.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Five‑unit apartment property totaling 2,976 square feet; All units rented to long‑term tenants on month‑to‑month leases; Modernized interiors and refreshed exterior
