South Campus Area
For Sale
Contact for pricing
1809 Girard SE, Albuquerque, NM 87106
Fourplex near UNM with golf course views.
Property Size3,100 SF
Price / SF$164.52
Days on Market112
Property Features for 1809 Girard SE
General Information
Standard status
Active
Size
3,100 SF
Property subtype
Multifamily
Zoning
R-ML
Investment Type
Value Add
Net Operating Income
$33,758
Building Details
Year Built
1984
Year Renovated
2025
Units
4
Tenancy
Multi
Listing Agency:
N.M. Apartments, Inc.
(505) 440-8633
Listed By:
Todd Clarke · License #13711
Source:
Crexi
Added: May 11
Changed: Aug 7
Last Checked: Aug 29 at 2:05AM
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 N.M. Apartments, Inc.
Investment Insights
Based on property information with market context.
This fourplex is located in the South Campus/UNM area, across the street from the Puerta del Sol Golf Course, offering mountain views. The property is near UNM, CNM, Presbyterian Hospital, and Kirtland Air Force Base, with convenient access to I-25. It is also located across the street from the future site of the Aviation Center for Excellence, less than half a mile from the Max Q Development, and 2 miles east of the Lobo Crossing Retail Development. The property features four modernized apartments, each with 2 bedrooms and 1 bathroom, as well as four detached storage units. Each apartment is separately metered for gas and electric and includes an enclosed private patio or balcony. The apartments have been updated over the last few years, and a new roof was installed in 2025. Unit D has been fully renovated and is currently vacant. The property is located at the back of the lot, providing buffering from Girard and optimal balcony views. There is an unused common laundry room ready for renovation, pathways for creating large backyards on the two ground floor units, and four separate, detached storage units that are currently vacant.
Key Highlights
- Prime location near UNM, CNM, Presbyterian Hospital, Kirtland Air Force Base, and I‑25.
- Enjoy golf course views and mountain views from upper units.
- Four well‑apportioned 2 Bedroom / 1 bathroom apartments with private patios/balconies and separate gas and electric meters.
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
$28,299
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
5.55%
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%
$565,980
$566.0K
Cap Rate 7%
$404,271
$404.3K
Cap Rate 9%
$314,433
$314.4K
Market Conditions
NOI Build-Up for 3,100 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
$42.8K $13.80/SF
− Vacancy
−$2.4K −$0.76/SF
EGI
$40.4K $13.04/SF
− OpEx
−$12.1K −$3.91/SF
NOI
$28.3K $9.13/SF
Area
Albuquerque, NM
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$565,980
Cap Rate 7%
$404,271
Cap Rate 9%
$314,433
Alternative Uses
Best Use
Multifamily LT 5
$404.3K
$353.7K – $471.7K
NOI $28,299 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$374.1K
$327.3K – $436.4K
NOI $26,185 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$750.0K
$656.2K – $875.0K
NOI $52,497 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
625
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?
Quadplex - Fourplex near UNM with golf course views.
Where is this quadplex located?
The property is located at 1809 Girard SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Prime location near UNM, CNM, Presbyterian Hospital, Kirtland Air Force Base, and I‑25.; Enjoy golf course views and mountain views from upper units.; Four well‑apportioned 2 Bedroom / 1 bathroom apartments with private patios/balconies and separate gas and electric meters.
