Renovated Five-Unit Apartment
For Sale
$695,000
301 Graceland Drive SE, Albuquerque, NM 87108
Four two-bedroom residences and one one-bedroom unit provide a defined rental mix.
Property Size3,335 SF
Price / SF$208.40
Days on Market81
Property Features for 301 Graceland Drive SE
General Information
Standard status
Active
Size
3,335 SF
Property subtype
Multi Family
Site & Location
Neighborhood
Nob
Units
Unit Mix
4 x 2BR, 1 x 1BR
Multifamily Units
5
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,500
Building Details
Building Size
3,335 SF
Year Built
1962
Listing Agency:
Realty One Group Concierge
Listed By:
Julie Turner · License #20446
(505) 220-9700
Source:
K2omnigroup
Added: Aug 11
Changed: Oct 26
Last Checked: Oct 26 at 3:22PM
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 Realty One Group Concierge
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Investment Insights
Based on property information with market context.
This 3,335-square-foot apartment property contains five units: four with two bedrooms and one with a single bedroom. Renovations include updated kitchens and bathrooms, new plumbing and flooring, and washer/dryer hookups. The building dates to 1962.
Three units are leased. The property is in Albuquerque’s Nob Hill neighborhood at 301 Graceland Drive SE.
Three units are leased. The property is in Albuquerque’s Nob Hill neighborhood at 301 Graceland Drive SE.
Key Highlights
- Five units: four two‑bedroom apartments and one one‑bedroom apartment
- 3,335 square feet
- Renovations include modernized kitchens and bathrooms, new plumbing and flooring, plus washer/dryer hookups
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,170
Cap Rate
4.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$563,400
$563.4K
Cap Rate 7%
$402,429
$402.4K
Cap Rate 9%
$313,000
$313.0K
Market Conditions
NOI Build-Up for 3,335 SF
Gross rent
$54.0K $16.20/SF
− Vacancy
−$2.8K −$0.84/SF
EGI
$51.2K $15.36/SF
− OpEx
−$23.0K −$6.91/SF
NOI
$28.2K $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 Rate 5%
$563,400
Cap Rate 7%
$402,429
Cap Rate 9%
$313,000
Alternative Uses
Best Use
Apartment 5plus
$402.4K
$352.1K – $469.5K
NOI $28,170 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$806.8K
$706.0K – $941.3K
NOI $56,476 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,549
Businesses Nearby
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Business Placement
Demographics for 87108, NM
36,773
Population
19,153
Households
1.9
Avg Household Size
39
Median Age
33%
College-Educated
85%
High-School Grad
5.9 sq mi
ZIP Area
6,233
Density / Sq Mi
$39,578
Median Household Income
$31,478
Median Earnings
$828
Median Rent
$227,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Four two-bedroom residences and one one-bedroom unit provide a defined rental mix.
Where is this apartment building located?
The property is located at 301 Graceland Drive SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Five units: four two‑bedroom apartments and one one‑bedroom apartment; 3,335 square feet; Renovations include modernized kitchens and bathrooms, new plumbing and flooring, plus washer/dryer hookups
