Garden-Style Apartment Community with
For Sale
$1,455,103
317 Palomas Dr NE, Albuquerque, NM 87108
Three-story, double-loaded corridor apartment community with a garden-style atrium, on-site laundry, and covered parking for 16 units.
Property Size9,600 SF
Price / SF$151.57
Days on Market243
Property Features for 317 Palomas Dr NE
General Information
Standard status
Active
Size
9,600 SF
Property subtype
Multifamily
Zoning
R-MH
Additional Details
Cap Rate
6.5%
Multifamily Units
16
Amenities
on site laundry
covered parking
Building Details
Year Built
1974
Stories
3
Tenancy
Multi
Listing Agency:
NM Apartment Advisors, Inc.
Listed By:
Todd Clarke · License #13711
(505) 440-8633
Source:
Carnm.resimplifi
Added: Jan 9
Changed: Sep 8
Last Checked: Aug 26 at 12:18PM
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.
Mardi Villas is a three-story, double-loaded corridor garden apartment community featuring a garden-style atrium. The property includes 16 units and is described as a 1970s vintage design, known for its distinctive architecture and corner presence with parking tucked under the building. On-site laundry and covered parking are available, along with extra spaces that could support additional community uses.
The community is located at 317 Palomas Dr NE in Albuquerque, just east of Nob-Hill. It is positioned along two major transit/biking corridors that provide access to the University of New Mexico, and the property is presented as well-suited for housing demand in the UNM/CNM and Uptown submarkets.
This is a for-sale investment offering and is marketed as first listed in more than three decades. A detailed flyer and virtual tour are available through the seller’s provided materials.
The community is located at 317 Palomas Dr NE in Albuquerque, just east of Nob-Hill. It is positioned along two major transit/biking corridors that provide access to the University of New Mexico, and the property is presented as well-suited for housing demand in the UNM/CNM and Uptown submarkets.
This is a for-sale investment offering and is marketed as first listed in more than three decades. A detailed flyer and virtual tour are available through the seller’s provided materials.
Key Highlights
- 16‑unit apartment community built in 1974 at 317 Palomas NE.
- Three‑story, double‑loaded corridor design with a garden‑style atrium.
- Corner location with ducked‑under parking and commanding presence.
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
$81,088
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
5.57%
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%
$1,621,760
$1.6M
Cap Rate 7%
$1,158,400
$1.2M
Cap Rate 9%
$900,978
$901.0K
Market Conditions
NOI Build-Up for 9,600 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
$155.5K $16.20/SF
− Vacancy
−$8.1K −$0.84/SF
EGI
$147.4K $15.36/SF
− OpEx
−$66.3K −$6.91/SF
NOI
$81.1K $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%
$1,621,760
Cap Rate 7%
$1,158,400
Cap Rate 9%
$900,978
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.01M – $1.35M
NOI $81,088 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,570 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,938
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story, double-loaded corridor apartment community with a garden-style atrium, on-site laundry, and covered parking for 16 units.
Where is this apartment building located?
The property is located at 317 Palomas Dr NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,455,103.
What are key features of this property?
This property features: 16‑unit apartment community built in 1974 at 317 Palomas NE.; Three‑story, double‑loaded corridor design with a garden‑style atrium.; Corner location with ducked‑under parking and commanding presence.
