348-Unit Apartment Building
For Sale
$9,000,000
2020 Menaul Blvd NE, Albuquerque, NM 87107
The vacant hotel includes approximately 70 units already fitted with kitchenettes and zoning that supports a change of use.
Property Size107,100 SF
Days on Market110
Property Features for 2020 Menaul Blvd NE
General Information
Standard status
Active
Size
107,100 SF
Property subtype
Multifamily
Occupancy
90%
Additional Details
Multifamily Units
348
Amenities
Low-basis acquisition with scalable conversion plan and significant value creation potential
70 units already converted plus clear path to complete remaining units
Supported by UNM, healthcare systems, and Albuquerque's growing tech and bioscience sectors
Building Details
Building Size
107,100 SF
Units
348
Listing Agency:
Dallas Office
(972) 755-5194
Listed By:
John T. McGregor · License #License(s): TX: 646474
(972) 755-5194
Source:
Marcusmillichap
Added: May 14
Changed: Aug 30
Last Checked: Aug 31 at 12:39PM
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 Dallas Office
Investment Insights
Based on property information with market context.
This 348-unit vacant hotel is positioned for conversion to multifamily housing, student housing, or assisted living. Approximately 70 units have already been fitted with kitchenettes, while the balance remains available for continued redevelopment. Existing infrastructure and zoning that supports a change of use are in place.
The property is located at 2020 Menaul Blvd NE in Albuquerque, near the University of New Mexico. The surrounding employment base includes healthcare systems, aerospace, and technology sectors, providing identifiable demand drivers for multiple residential or care-oriented operating formats.
The completed kitchenette work establishes an initial converted unit base within the larger property, while the remaining units provide a defined scope for additional conversion work.
The property is located at 2020 Menaul Blvd NE in Albuquerque, near the University of New Mexico. The surrounding employment base includes healthcare systems, aerospace, and technology sectors, providing identifiable demand drivers for multiple residential or care-oriented operating formats.
The completed kitchenette work establishes an initial converted unit base within the larger property, while the remaining units provide a defined scope for additional conversion work.
Key Highlights
- 348‑unit vacant hotel positioned for adaptive reuse
- Approximately 70 units converted with kitchenettes
- Existing infrastructure supports continued redevelopment
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
$644,656
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
7.16%
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%
$12,893,120
$12.9M
Cap Rate 7%
$9,209,371
$9.2M
Cap Rate 9%
$7,162,844
$7.2M
Market Conditions
NOI Build-Up for 107,100 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
$1.54M $14.40/SF
− Vacancy
−$185.1K −$1.73/SF
EGI
$1.36M $12.67/SF
− OpEx
−$712.5K −$6.65/SF
NOI
$644.7K $6.02/SF
Area
Albuquerque, NM
Vacancy
12.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
52.50%
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%
$12,893,120
Cap Rate 7%
$9,209,371
Cap Rate 9%
$7,162,844
Alternative Uses
Best Use
Apartment 5plus
$12.92M
$11.31M – $15.08M
NOI $904,639 @ 7.0% cap · market cap 10.05%
Second Best
Hotel Hospitality
$9.21M
$8.06M – $10.74M
NOI $644,656 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$25.91M
$22.67M – $30.23M
NOI $1,813,674 @ 7.0% cap · market cap 20.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
348
Residential units
Location Intelligence
Trade Area within ½ mile
998
Businesses Nearby
Explore this area
Business Placement
Demographics for 87107, NM
30,340
Population
13,441
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
92%
High-School Grad
14.6 sq mi
ZIP Area
2,078
Density / Sq Mi
$59,663
Median Household Income
$36,392
Median Earnings
$901
Median Rent
$282,000
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 - The vacant hotel includes approximately 70 units already fitted with kitchenettes and zoning that supports a change of use.
Where is this apartment building located?
The property is located at 2020 Menaul Blvd NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: 348‑unit vacant hotel positioned for adaptive reuse; Approximately 70 units converted with kitchenettes; Existing infrastructure supports continued redevelopment
