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 Market289
Property Features for 317 Palomas Dr NE
General Information
Standard status
Active
Size
9,600 SF
Property subtype
Multifamily
Zoning
R-MH
Site & Location
Neighborhood
Fws
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: Oct 15
Last Checked: Oct 24 at 1:33PM
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.
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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 / Yr
$81,088
Cap Rate
5.57%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
16
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,938
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 - 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.
