8-Unit Apartment
For Sale
$1,375,000
1508 Edith Blvd, Albuquerque, NM 87102
Mixed-use apartment community with private outdoor areas, on-site laundry, parking, and an RV pad with hookups.
Property Size5,304 SF
Price / SF$259.24
Days on Market206
Property Features for 1508 Edith Blvd
General Information
Standard status
Active
Size
5,304 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Sbw
Building Details
Year Built
1949
Listing Agency:
LPT Realty
Listed By:
Vertical Real Estate
(877) 366-2213
Source:
Albuquerquehomefinders
Added: Apr 3
Changed: Oct 25
Last Checked: Oct 24 at 5:53PM
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 LPT Realty
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Investment Insights
Based on property information with market context.
Academy Casitas is an 8-unit apartment community occupying a private 0.52-acre parcel in downtown Albuquerque. The 5,304-square-foot property combines Southwestern architectural character with dedicated outdoor areas and parking. MX-T zoning supports the property's mixed-use designation, while flexible rental options accommodate short- or long-term stays.
Property features include an on-site laundry room, a Morton steel building, and an RV pad with hookups. Improvements include updates to the roof, HVAC, appliances, and sewer and water lines. The asset is located at 1508 Edith Boulevard NE, providing an established downtown setting for a small multifamily operation.
Property features include an on-site laundry room, a Morton steel building, and an RV pad with hookups. Improvements include updates to the roof, HVAC, appliances, and sewer and water lines. The asset is located at 1508 Edith Boulevard NE, providing an established downtown setting for a small multifamily operation.
Key Highlights
- 8‑unit apartment community on 0.52 acres
- 5,304 SF property with private outdoor areas and parking
- MX‑T mixed‑use zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,801
Cap Rate
3.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$896,020
$896.0K
Cap Rate 7%
$640,014
$640.0K
Cap Rate 9%
$497,789
$497.8K
Market Conditions
NOI Build-Up for 5,304 SF
Gross rent
$85.9K $16.20/SF
− Vacancy
−$4.5K −$0.84/SF
EGI
$81.5K $15.36/SF
− OpEx
−$36.7K −$6.91/SF
NOI
$44.8K $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 Rate 5%
$896,020
Cap Rate 7%
$640,014
Cap Rate 9%
$497,789
Alternative Uses
Best Use
Apartment 5plus
$640.0K
$560.0K – $746.7K
NOI $44,801 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,820 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
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Business Placement
Demographics for 87102, NM
20,610
Population
11,346
Households
1.8
Avg Household Size
38
Median Age
34%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,171
Density / Sq Mi
$37,276
Median Household Income
$29,184
Median Earnings
$868
Median Rent
$174,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use apartment community with private outdoor areas, on-site laundry, parking, and an RV pad with hookups.
Where is this apartment building located?
The property is located at 1508 Edith Blvd Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: 8‑unit apartment community on 0.52 acres; 5,304 SF property with private outdoor areas and parking; MX‑T mixed‑use zoning
