Furnished 32-Unit Apartment
For Sale
$3,800,000
Pending
1801 Lead Ave SE, Albuquerque, NM 87106
R-ML-zoned property with furnished residences, courtyards, and on-site laundry near UNM and CNM.
Property Size17,980 SF
Days on Market260
Property Features for 1801 Lead Ave SE
General Information
Standard status
Pending
Size
17,980 SF
Total Parking Spaces
32
Property subtype
Multifamily
Zoning
R-ML
Additional Details
Furnished
Yes
Multifamily Units
32
Amenities
courtyards
on-site laundry
32 Parking Spaces
Building Details
Year Built
1973
Listing Agency:
Berger Briggs Real Estate & Property Management
(505) 250-1277
Listed By:
Dave Vincioni
(505) 250-1277
Source:
Carnm.resimplifi
Added: Dec 12, 2025
Changed: Aug 28
Last Checked: Aug 29 at 5:56AM
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 Berger Briggs Real Estate & Property Management
Investment Insights
Based on property information with market context.
The Don Quixote Apartments comprise 32 fully furnished residences totaling 17,980 square feet. Built in 1973, the property includes courtyard areas and an on-site laundry facility for residents. It is zoned R-ML and occupies the northeast corner of Lead Avenue and University Boulevard in Albuquerque.
The apartments are positioned three blocks from both the University of New Mexico and Central New Mexico Community College. The surrounding area includes restaurants, hospitals, grocery stores, entertainment, and other retailers, with the listed amenities within walking distance of the property. The asset has been family owned and operated for more than 60 years.
The apartments are positioned three blocks from both the University of New Mexico and Central New Mexico Community College. The surrounding area includes restaurants, hospitals, grocery stores, entertainment, and other retailers, with the listed amenities within walking distance of the property. The asset has been family owned and operated for more than 60 years.
Key Highlights
- 32 fully furnished apartments
- 17,980 square feet on an R‑ML‑zoned property
- Built in 1973
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
$151,871
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
4.00%
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%
$3,037,420
$3.0M
Cap Rate 7%
$2,169,586
$2.2M
Cap Rate 9%
$1,687,456
$1.7M
Market Conditions
NOI Build-Up for 17,980 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
$291.3K $16.20/SF
− Vacancy
−$15.1K −$0.84/SF
EGI
$276.1K $15.36/SF
− OpEx
−$124.3K −$6.91/SF
NOI
$151.9K $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%
$3,037,420
Cap Rate 7%
$2,169,586
Cap Rate 9%
$1,687,456
Alternative Uses
Best Use
Apartment 5plus
$2.17M
$1.90M – $2.53M
NOI $151,871 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.35M
$3.81M – $5.07M
NOI $304,481 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
2,136
Businesses Nearby
Explore this area
Business Placement
Demographics for 87106, NM
26,987
Population
13,893
Households
1.9
Avg Household Size
32
Median Age
53%
College-Educated
91%
High-School Grad
35.8 sq mi
ZIP Area
754
Density / Sq Mi
$51,079
Median Household Income
$29,393
Median Earnings
$904
Median Rent
$332,100
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 - R-ML-zoned property with furnished residences, courtyards, and on-site laundry near UNM and CNM.
Where is this apartment building located?
The property is located at 1801 Lead Ave SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 32 fully furnished apartments; 17,980 square feet on an R‑ML‑zoned property; Built in 1973
