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 Market384
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: Oct 6
Last Checked: Oct 16 at 5:46AM
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
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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 / Yr
$108,835
Cap Rate
6.05%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in West region
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
