Two-Story Apartment
For Sale
$1,800,000
Pending
3404 Cherokee Rd NE, Albuquerque, NM 87107
R-ML-zoned multifamily property with private balconies and washer/dryer hookups in every unit.
Property Size12,885 SF
Days on Market339
Property Features for 3404 Cherokee Rd NE
General Information
Standard status
Pending
Size
12,885 SF
Property subtype
Multifamily
Zoning
R-ML
Amenities
washer/dryer hookups
private balconies
swamp coolers
Building Details
Year Built
1978
Listing Agency:
Trinity Apartment Company LLC
Listed By:
Trey Whaley · License #20250899
(505) 269-1824
Source:
Carnm.resimplifi
Added: Sep 29, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:41PM
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 Trinity Apartment Company LLC
Investment Insights
Based on property information with market context.
This multifamily property contains two-story apartments configured with two bedrooms and one bathroom per unit. Each residence includes washer/dryer hookups and a private balcony. Several apartments have received moderate interior updates, while most units have newer swamp coolers to support ongoing maintenance and resident comfort.
Built in 1978, the property is zoned R-ML and is positioned near schools, parks, shopping, and major commuter routes. The unit configuration and existing improvements provide a clearly defined apartment asset for rental housing operations.
Built in 1978, the property is zoned R-ML and is positioned near schools, parks, shopping, and major commuter routes. The unit configuration and existing improvements provide a clearly defined apartment asset for rental housing operations.
Key Highlights
- Two‑story 2BD/1BA apartment units
- Washer/dryer hookups in every unit
- Private balconies included with each unit
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
$108,835
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
6.05%
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%
$2,176,700
$2.2M
Cap Rate 7%
$1,554,786
$1.6M
Cap Rate 9%
$1,209,278
$1.2M
Market Conditions
NOI Build-Up for 12,885 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
$208.7K $16.20/SF
− Vacancy
−$10.9K −$0.84/SF
EGI
$197.9K $15.36/SF
− OpEx
−$89.0K −$6.91/SF
NOI
$108.8K $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%
$2,176,700
Cap Rate 7%
$1,554,786
Cap Rate 9%
$1,209,278
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,835 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,200 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,335
Businesses Nearby
Explore this area
Business Placement
Demographics for 87107, NM
30,340
Population
13,441
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
92%
High-School Grad
14.6 sq mi
ZIP Area
2,078
Density / Sq Mi
$59,663
Median Household Income
$36,392
Median Earnings
$901
Median Rent
$282,000
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?
Apartment building - R-ML-zoned multifamily property with private balconies and washer/dryer hookups in every unit.
Where is this apartment building located?
The property is located at 3404 Cherokee Rd NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Two‑story 2BD/1BA apartment units; Washer/dryer hookups in every unit; Private balconies included with each unit
