Four-Unit Multifamily
New
For Sale
$725,000
313 McKnight Avenue NE, Corrales, NM 87048
MULTI_FAMILY - Corrales, NM
Property Size3,861 SF
Lot Size0.35 Acres
Price / SF$187.78
Days on Market2
Property Features for 313 McKnight Avenue NE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
MX-L*
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 6, Bedroom 4, Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 3
Parking
8
Patio and Porch features
Patio
Exterior features
Landscaping, Patio
Appliances
Dryer, FreeStandingGasRange, Refrigerator, Washer
Subdivision
Franciscan Acres
Directions
From I-25 and Lomas exit, west to Broadway turn right at Starbucks, north to McKnight, east to property look for Maestas sign - property at end of alley/driveway.
Standard status
Active
APN
101405951105541404
Size
3,861 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Annual Amount
4461
Utilities
Heating system
Forced Air
Building Details
Year built
2009
Floors in Building
1
Number of units
4
Flooring type
Tile, Carpet
Building materials
Frame, SyntheticStucco
Listing Agency:
Maestas Real Estate Services
(505) 463-3565
Listed By:
Anita Maestas · License #16029
(505) 463-3565
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 6:06AM
MLS# 1108831
Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property comprises 4 freestanding units totaling 3,861 square feet on a 0.35-acre parcel in Corrales. Built in 2009, the improvements feature frame construction with synthetic stucco, tile and carpet flooring, forced-air heating, and individual patios. Recent renovations include new sewer and water lines.
The property includes a practical collection of residential appliances, including refrigerators, washers, dryers, and freestanding gas ranges. Landscaping and patio areas add outdoor features to the site, while the four-unit configuration provides a defined multifamily layout. The property is located at 313 McKnight Avenue NE, Corrales, NM 87048.
The property includes a practical collection of residential appliances, including refrigerators, washers, dryers, and freestanding gas ranges. Landscaping and patio areas add outdoor features to the site, while the four-unit configuration provides a defined multifamily layout. The property is located at 313 McKnight Avenue NE, Corrales, NM 87048.
Key Highlights
- 4 freestanding units totaling 3,861 square feet
- 0.35‑acre site in Corrales, NM
- Built in 2009 with frame construction and synthetic stucco
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
$32,181
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
4.44%
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%
$643,620
$643.6K
Cap Rate 7%
$459,729
$459.7K
Cap Rate 9%
$357,567
$357.6K
Market Conditions
NOI Build-Up for 3,861 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
$48.6K $12.60/SF
− Vacancy
−$2.7K −$0.69/SF
EGI
$46.0K $11.91/SF
− OpEx
−$13.8K −$3.57/SF
NOI
$32.2K $8.33/SF
Area
Sandoval County, NM
Vacancy
5.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
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%
$643,620
Cap Rate 7%
$459,729
Cap Rate 9%
$357,567
Alternative Uses
Best Use
Multifamily LT 5
$459.7K
$402.3K – $536.4K
NOI $32,181 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$420.9K
$368.3K – $491.1K
NOI $29,463 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$784.9K
$686.8K – $915.7K
NOI $54,942 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
109
Businesses Nearby
Explore this area
Business Placement
Demographics for 87048, NM
8,888
Population
4,079
Households
2.2
Avg Household Size
58
Median Age
51%
College-Educated
96%
High-School Grad
11.0 sq mi
ZIP Area
808
Density / Sq Mi
$112,716
Median Household Income
$53,479
Median Earnings
$1,184
Median Rent
$552,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four freestanding residences with updated utility lines, patios, and residential finishes in Corrales.
Where is this quadplex located?
The property is located at 313 McKnight Avenue NE Corrales, NM.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 4 freestanding units totaling 3,861 square feet; 0.35‑acre site in Corrales, NM; Built in 2009 with frame construction and synthetic stucco
