Six-Unit Triplex
For Sale
Contact for pricing
Pending
324 Charleston St SE, Albuquerque, NM 87108
Two multifamily buildings provide private courtyards, individual storage, assigned parking, and additional shared outdoor areas.
Property Size1,950 SF
Days on Market15
Property Features for 324 Charleston St SE
General Information
Standard status
Pending
Size
1,950 SF
Class
C
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
Multifamily Low Density
Units
Unit Mix
4 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Amenities
private rear courtyard
individual storage area
assigned parking
guest parking
shared courtyard
additional backyard space
Building Details
Year Built
1960
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
Realty One of New Mexico
Listed By:
Debrah Kemp · License #51040
Source:
Crexi
Added: Jul 28
Changed: Aug 8
Last Checked: Aug 6 at 4:38AM
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 of New Mexico
Investment Insights
Based on property information with market context.
This offering combines two triplex buildings into a six-unit multifamily package. The unit mix includes four one-bedroom, one-bath residences and two two-bedroom, one-bath residences. Each residence has a private rear courtyard and its own storage area. The property also includes assigned parking, guest parking, a shared courtyard, and additional backyard space.
All units are currently rented and feature separate gas and electric metering. Lease arrangements vary, with some residents paying those utilities directly and other leases including them. The owner covers water, sewer, and trash for every unit. Built in 1960, the property is zoned Multifamily Low Density and is located at 324 Charleston St SE in Albuquerque, New Mexico.
All units are currently rented and feature separate gas and electric metering. Lease arrangements vary, with some residents paying those utilities directly and other leases including them. The owner covers water, sewer, and trash for every unit. Built in 1960, the property is zoned Multifamily Low Density and is located at 324 Charleston St SE in Albuquerque, New Mexico.
Key Highlights
- Six‑unit package comprising two triplex buildings
- Unit mix includes four 1‑bedroom/1‑bath and two 2‑bedroom/1‑bath residences
- Private rear courtyard and individual storage area for every residence
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
$17,801
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
7.57%
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%
$356,020
$356.0K
Cap Rate 7%
$254,300
$254.3K
Cap Rate 9%
$197,789
$197.8K
Market Conditions
NOI Build-Up for 1,950 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
$26.9K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$25.4K $13.04/SF
− OpEx
−$7.6K −$3.91/SF
NOI
$17.8K $9.13/SF
Area
Albuquerque, NM
Vacancy
5.50%
Lease Rate
$13.80 /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%
$356,020
Cap Rate 7%
$254,300
Cap Rate 9%
$197,789
Alternative Uses
Best Use
Multifamily LT 5
$254.3K
$222.5K – $296.7K
NOI $17,801 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$235.3K
$205.9K – $274.5K
NOI $16,471 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$471.7K
$412.8K – $550.4K
NOI $33,022 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
869
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Two multifamily buildings provide private courtyards, individual storage, assigned parking, and additional shared outdoor areas.
Where is this triplex located?
The property is located at 324 Charleston St SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Six‑unit package comprising two triplex buildings; Unit mix includes four 1‑bedroom/1‑bath and two 2‑bedroom/1‑bath residences; Private rear courtyard and individual storage area for every residence
