Multifamily Property Requiring
For Sale
$255,000
336 Rhode Island St NE, Albuquerque, NM 87108
Existing improvements require extensive rehabilitation before occupancy or normal residential use.
Property Size2,375 SF
Price / SF$107.37
Days on Market10
Property Features for 336 Rhode Island St NE
General Information
Standard status
Active
Size
2,375 SF
Property subtype
Multi-Family
Building Details
Year Built
1957
Listing Agency:
Realty One Of New Mexico
(505) 362-6823
Listed By:
Missy Ashcraft
(505) 362-6823
Source:
Missyashcraft
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 2:43PM
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 Realty One Of New Mexico
Investment Insights
Based on property information with market context.
This multifamily property contains 2,375 square feet of improvements constructed in 1957. The building is in poor condition and has been identified by the city as substandard, with entry considered unsafe.
Major work is required throughout the property, including roof, plumbing, flooring, paint, and remediation of water damage. The sale is strictly as-is, and the seller will not complete repairs.
Major work is required throughout the property, including roof, plumbing, flooring, paint, and remediation of water damage. The sale is strictly as-is, and the seller will not complete repairs.
Key Highlights
- 2,375‑square‑foot multifamily property built in 1957
- City‑cited substandard condition with entry considered unsafe
- Extensive repairs needed to roof, plumbing, flooring, and paint
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
$20,061
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
7.87%
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%
$401,220
$401.2K
Cap Rate 7%
$286,586
$286.6K
Cap Rate 9%
$222,900
$222.9K
Market Conditions
NOI Build-Up for 2,375 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
$38.5K $16.20/SF
− Vacancy
−$2.0K −$0.84/SF
EGI
$36.5K $15.36/SF
− OpEx
−$16.4K −$6.91/SF
NOI
$20.1K $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%
$401,220
Cap Rate 7%
$286,586
Cap Rate 9%
$222,900
Alternative Uses
Best Use
Apartment 5plus
$286.6K
$250.8K – $334.4K
NOI $20,061 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$574.6K
$502.7K – $670.3K
NOI $40,219 @ 7.0% cap · market cap 15.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
884
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?
Multifamily property - Existing improvements require extensive rehabilitation before occupancy or normal residential use.
Where is this multifamily property located?
The property is located at 336 Rhode Island St NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 2,375‑square‑foot multifamily property built in 1957; City‑cited substandard condition with entry considered unsafe; Extensive repairs needed to roof, plumbing, flooring, and paint
