Four-Unit Apartment
For Sale
$490,000
2616 Muriel St NE, Albuquerque, NM 87112
Updated roofing and in-home laundry connections support the building’s residential configuration.
Property Size3,005 SF
Price / SF$163.06
Days on Market126
Property Features for 2616 Muriel St NE
General Information
Standard status
Active
Size
3,005 SF
Property subtype
Multifamily
Zoning
MX-L
Additional Details
Multifamily Units
4
Amenities
in-unit washer/dryer hookups
Power
Water
Sewer
Listing Agency:
NAI SunVista
(505) 504-8883
Listed By:
Luke Scarpa · License #REC-2023-0302
(505) 504-8883
Source:
Carnm.resimplifi
Added: Apr 28
Changed: Aug 29
Last Checked: Aug 30 at 1:29PM
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 NAI SunVista
Investment Insights
Based on property information with market context.
This four-unit apartment property at 2616 Muriel St NE contains 3,005 square feet and offers washer/dryer hookups within each residence. The roof was replaced in 2022, providing a documented capital improvement for the building.
The property is positioned in Albuquerque’s Northeast Heights rental market, with in-place rents reported at roughly 8.5% below market. Pro forma performance is represented by a 6.21% cap rate and an 8.67 GRM. MX-L zoning applies, and seller financing is the only stated financing structure.
The property is positioned in Albuquerque’s Northeast Heights rental market, with in-place rents reported at roughly 8.5% below market. Pro forma performance is represented by a 6.21% cap rate and an 8.67 GRM. MX-L zoning applies, and seller financing is the only stated financing structure.
Key Highlights
- Four‑unit apartment property totaling 3,005 square feet
- Roof replaced in 2022
- Washer/dryer hookups in each unit
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
$25,382
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
5.18%
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%
$507,640
$507.6K
Cap Rate 7%
$362,600
$362.6K
Cap Rate 9%
$282,022
$282.0K
Market Conditions
NOI Build-Up for 3,005 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
$48.7K $16.20/SF
− Vacancy
−$2.5K −$0.84/SF
EGI
$46.1K $15.36/SF
− OpEx
−$20.8K −$6.91/SF
NOI
$25.4K $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%
$507,640
Cap Rate 7%
$362,600
Cap Rate 9%
$282,022
Alternative Uses
Best Use
Apartment 5plus
$362.6K
$317.3K – $423.0K
NOI $25,382 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$727.0K
$636.1K – $848.1K
NOI $50,888 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
860
Businesses Nearby
Explore this area
Business Placement
Demographics for 87112, NM
42,487
Population
20,083
Households
2.1
Avg Household Size
42
Median Age
38%
College-Educated
94%
High-School Grad
8.1 sq mi
ZIP Area
5,245
Density / Sq Mi
$69,610
Median Household Income
$41,427
Median Earnings
$1,056
Median Rent
$254,400
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 - Updated roofing and in-home laundry connections support the building’s residential configuration.
Where is this apartment building located?
The property is located at 2616 Muriel St NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Four‑unit apartment property totaling 3,005 square feet; Roof replaced in 2022; Washer/dryer hookups in each unit
