University Area Apartment
For Sale
Contact for pricing
2104 Lead SE, Albuquerque, NM 87106
Eight units mix studios and one-bedroom apartments with updates for energy efficiency and parking by each entry.
Property Size2,670 SF
Price / SF$232.17
Days on Market100
Property Features for 2104 Lead SE
General Information
Standard status
Active
Size
2,670 SF
Property subtype
Multifamily
Zoning
R-T
Investment Type
Stabilized
Net Operating Income
$38,743
Additional Details
Cap Rate
8.71%
Highway Access
Yes
Multifamily Units
8
Building Details
Year Built
1936
Buildings
2
Stories
3
Units
8
Tenancy
Multi
Listing Agency:
N.M. Apartments, Inc.
Listed By:
Todd Clarke · License #13711
(505) 440-8633
Source:
Crexi
Added: May 29
Changed: Sep 1
Last Checked: Sep 1 at 11:10AM
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 university-area eightplex at 2104 Lead SE provides eight residential units configured as six studios in a three-story building and two one-bedroom apartments in a separate single-story duplex. The property was updated for energy efficiency and resident comfort. Tenant entries are supported by ample parking located right next to the unit entries, and the overall site offers fluid access from Lead along a clean, well-traveled alley to the south.
The community is described as being just blocks from the UNM and CNM campuses, with proximity to Presbyterian Hospital, I-25, Nob Hill, and Roosevelt Park. The area also includes nearby shopping and a range of dining and local retail options, including a Smith’s grocery store and multiple restaurants, cafes, and micro-breweries.
For buyers and investors, the unit mix supports multiple household types, combining studio-style space with two one-bedroom apartments within one cohesive property. Its location within walking distance of UNM and CNM can be a practical fit for operators looking to serve residents associated with the university market. The property is being offered for sale with a comprehensive materials package available through the listing firm, including floorplans, photos, and a virtual tour of a studio unit.
The community is described as being just blocks from the UNM and CNM campuses, with proximity to Presbyterian Hospital, I-25, Nob Hill, and Roosevelt Park. The area also includes nearby shopping and a range of dining and local retail options, including a Smith’s grocery store and multiple restaurants, cafes, and micro-breweries.
For buyers and investors, the unit mix supports multiple household types, combining studio-style space with two one-bedroom apartments within one cohesive property. Its location within walking distance of UNM and CNM can be a practical fit for operators looking to serve residents associated with the university market. The property is being offered for sale with a comprehensive materials package available through the listing firm, including floorplans, photos, and a virtual tour of a studio unit.
Key Highlights
- 2104 Lead SE 8‑plex built in 1936 with 6 studio units in a 3‑story building and 2 one‑bedroom units in a single‑story duplex
- On‑site parking is right next to unit entries, with access from Lead and a clean, well‑traveled alley to the south
- Property updates include energy‑efficiency upgrades for resident comfort
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
$22,553
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
3.64%
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%
$451,060
$451.1K
Cap Rate 7%
$322,186
$322.2K
Cap Rate 9%
$250,589
$250.6K
Market Conditions
NOI Build-Up for 2,670 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
$43.3K $16.20/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$41.0K $15.36/SF
− OpEx
−$18.5K −$6.91/SF
NOI
$22.6K $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%
$451,060
Cap Rate 7%
$322,186
Cap Rate 9%
$250,589
Alternative Uses
Best Use
Apartment 5plus
$322.2K
$281.9K – $375.9K
NOI $22,553 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$645.9K
$565.2K – $753.6K
NOI $45,215 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,303
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 - Eight units mix studios and one-bedroom apartments with updates for energy efficiency and parking by each entry.
Where is this apartment building located?
The property is located at 2104 Lead SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $619,887.
What are key features of this property?
This property features: 2104 Lead SE 8‑plex built in 1936 with 6 studio units in a 3‑story building and 2 one‑bedroom units in a single‑story duplex; On‑site parking is right next to unit entries, with access from Lead and a clean, well‑traveled alley to the south; Property updates include energy‑efficiency upgrades for resident comfort
