8-Unit Apartment
For Sale
Contact for pricing
1508 Edith Boulevard NE, 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 Market133
Property Features for 1508 Edith Boulevard NE
General Information
Standard status
Active
Size
5,304 SF
Class
A
Property subtype
Mixed Use, Multifamily
Zoning
MX-T
Occupancy
75%
Investment Type
Stabilized
Building Details
Buildings
3
Stories
1
Units
8
Listing Agency:
LPT Realty
Listed By:
Mario Zaragoza · License #50385
Source:
Crexi
Added: Apr 21
Changed: Aug 30
Last Checked: Aug 30 at 4:04PM
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
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 = 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
$44,801
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
3.26%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 Boulevard NE 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
