New Construction Apartment
For Sale
$5,000,000
19 Walker Rd, Edgewood, NM 87015
Under-construction condominium community with a diversified unit mix and access to shopping, dining, and I-40.
Property Size16,000 SF
Price / SF$312.50
Days on Market13
Property Features for 19 Walker Rd
General Information
Standard status
Active
Size
16,000 SF
Units
Unit Mix
4 x 3BR, 7 x 2BR, 4 x 1BR
Multifamily Units
15
Additional Details
Highway Access
Yes
Listing Agency:
Berkshire Hathaway NM Prop
(505) 261-8687
Listed By:
Thomas Gallegos · License #45240
Source:
Findalbuquerqueproperties
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 8:48PM
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 Berkshire Hathaway NM Prop
Investment Insights
Based on property information with market context.
This under-construction condominium community will deliver 15 residences in a range of floor plans. The planned mix includes four three-bedroom units, seven two-bedroom units, and four one-bedroom units, creating a varied apartment offering within a new development. The property size is 16,000 square feet.
Located in Edgewood, New Mexico, the community offers access to local shopping, dining, and I-40. The development is positioned within the East Mountain community and is designed around modern residential living.
Located in Edgewood, New Mexico, the community offers access to local shopping, dining, and I-40. The development is positioned within the East Mountain community and is designed around modern residential living.
Key Highlights
- 15‑unit condominium community under construction
- Unit mix includes 4 three‑bedroom, 7 two‑bedroom, and 4 one‑bedroom residences
- 16,000‑square‑foot property
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
$219,528
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
4.39%
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%
$4,390,560
$4.4M
Cap Rate 7%
$3,136,114
$3.1M
Cap Rate 9%
$2,439,200
$2.4M
Market Conditions
NOI Build-Up for 16,000 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
$416.6K $26.04/SF
− Vacancy
−$17.5K −$1.09/SF
EGI
$399.1K $24.95/SF
− OpEx
−$179.6K −$11.23/SF
NOI
$219.5K $13.72/SF
Area
Santa Fe County, NM
Vacancy
4.20%
Lease Rate
$26.04 /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%
$4,390,560
Cap Rate 7%
$3,136,114
Cap Rate 9%
$2,439,200
Alternative Uses
Best Use
Apartment 5plus
$3.14M
$2.74M – $3.66M
NOI $219,528 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.34M
$3.80M – $5.07M
NOI $304,128 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
272
Businesses Nearby
Explore this area
Business Placement
Demographics for 87015, NM
12,833
Population
6,593
Households
1.9
Avg Household Size
47
Median Age
34%
College-Educated
93%
High-School Grad
131.6 sq mi
ZIP Area
98
Density / Sq Mi
$72,681
Median Household Income
$48,270
Median Earnings
$891
Median Rent
$263,200
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 - Under-construction condominium community with a diversified unit mix and access to shopping, dining, and I-40.
Where is this apartment building located?
The property is located at 19 Walker Rd Edgewood, NM.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 15‑unit condominium community under construction; Unit mix includes 4 three‑bedroom, 7 two‑bedroom, and 4 one‑bedroom residences; 16,000‑square‑foot property
