Three-Residence Multifamily
For Sale
$535,150
313 McKnight Ave NE, Albuquerque, NM 87102
Three residences occupy one MX-L-zoned parcel, including a vacant rear house available for immediate owner occupancy.
Property Size2,773 SF
Price / SF$192.99
Days on Market224
Property Features for 313 McKnight Ave NE
General Information
Standard status
Active
Size
2,773 SF
Property subtype
Multifamily
Zoning
MX-L
Financials
Asking Price
$474,900
Cap Rate
6%
Gross Rent Multiplier
11.81
Average Monthly Rent
$1,117
Additional Details
Multifamily Units
3
Building Details
Year Built
1945
Buildings
3
Listing Agency:
NM Apartment Advisors, Inc.
(505) 440-8633
Listed By:
Todd Clarke · License #13711
(505) 440-8633
Source:
Carnm.resimplifi
Added: Jan 20
Changed: Aug 31
Last Checked: Aug 31 at 1:43PM
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 NM Apartment Advisors, Inc.
Investment Insights
Based on property information with market context.
This multifamily property at 313 McKnight Ave NE includes three residences situated on one parcel with MX-L zoning. The property contains 2,773 square feet and dates to 1945, while the rear residence, identified as Unit B, was built in 2009. Unit B is vacant and available for immediate occupancy, providing an owner-occupant option within the existing configuration.
The property is positioned near multiple parks, retail establishments, and restaurants, with access by bicycle to Albuquerque’s hiking and biking trails, Old Town, the Downtown area, the Downtown medical cluster, and Starbucks. Santa Barbara/Martinez Town Park and its ball fields are less than 330 feet away. The ABQ Rail Trail project and Wells Park expansion are also identified in the surrounding area.
The property is positioned near multiple parks, retail establishments, and restaurants, with access by bicycle to Albuquerque’s hiking and biking trails, Old Town, the Downtown area, the Downtown medical cluster, and Starbucks. Santa Barbara/Martinez Town Park and its ball fields are less than 330 feet away. The ABQ Rail Trail project and Wells Park expansion are also identified in the surrounding area.
Key Highlights
- Three residences on one MX‑L‑zoned parcel
- 2,773‑square‑foot multifamily property
- Rear residence, Unit B, was built in 2009
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
$23,423
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
4.38%
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%
$468,460
$468.5K
Cap Rate 7%
$334,614
$334.6K
Cap Rate 9%
$260,256
$260.3K
Market Conditions
NOI Build-Up for 2,773 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
$44.9K $16.20/SF
− Vacancy
−$2.3K −$0.84/SF
EGI
$42.6K $15.36/SF
− OpEx
−$19.2K −$6.91/SF
NOI
$23.4K $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%
$468,460
Cap Rate 7%
$334,614
Cap Rate 9%
$260,256
Alternative Uses
Best Use
Apartment 5plus
$334.6K
$292.8K – $390.4K
NOI $23,423 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$670.8K
$587.0K – $782.7K
NOI $46,959 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
962
Businesses Nearby
Explore this area
Business Placement
Demographics for 87102, NM
20,610
Population
11,346
Households
1.8
Avg Household Size
38
Median Age
34%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,171
Density / Sq Mi
$37,276
Median Household Income
$29,184
Median Earnings
$868
Median Rent
$174,400
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?
Multifamily property - Three residences occupy one MX-L-zoned parcel, including a vacant rear house available for immediate owner occupancy.
Where is this multifamily property located?
The property is located at 313 McKnight Ave NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $535,150.
What are key features of this property?
This property features: Three residences on one MX‑L‑zoned parcel; 2,773‑square‑foot multifamily property; Rear residence, Unit B, was built in 2009
