Spacious Updated Townhome-Style
For Sale
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3505-09 Lafayette NE, Albuquerque, NM 87107
Seven updated townhome-style apartments in a convenient Albuquerque location.
Property Size9,100 SF
Price / SF$104.40
Days on Market149
Property Features for 3505-09 Lafayette NE
General Information
Standard status
Active
Size
9,100 SF
Property subtype
Multifamily
Zoning
R-ML
Investment Type
Stabilized
Net Operating Income
$63,034
Building Details
Year Built
1978
Units
7
Tenancy
Multi
Listing Agency:
N.M. Apartments, Inc.
Listed By:
Todd Clarke · License #13711
(505) 440-8633
Source:
Crexi
Added: May 22
Changed: Oct 7
Last Checked: Oct 16 at 6:44AM
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 N.M. Apartments, Inc.
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Investment Insights
Based on property information with market context.
This property features seven updated apartments in a convenient Albuquerque location. Each of the seven apartments are spacious, two-story, two-bedroom, one-and-a-half-bathroom townhome-style floor plans, each measuring 1,300 square feet. The apartments feature well-apportioned rooms, large, separate utility rooms with washer and dryer hookups or included washer and dryer, and large living areas with wood-burning stoves. The kitchens are updated and include dishwashers and electric ranges. Each apartment is separately metered for gas and electric and offers forced central heating. Four of the seven apartments have been converted to refrigerated air. The property is located next door to Lafayette Park & Playground and one block from Thunderbird Little League fields, with convenient access to I-25. The property is positioned to benefit from citywide expansion and new employment opportunities.
Key Highlights
- Spacious 1,300 SF two‑story, 2‑bedroom townhome‑style apartments.
- Excellent central Albuquerque location near Lafayette Park, Thunderbird Little League fields, and I‑25.
- All units feature updated kitchens with dishwashers and electric ranges, plus large utility rooms with washer/dryer hookups (or included washer/dryer).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,865
Cap Rate
8.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,537,300
$1.5M
Cap Rate 7%
$1,098,071
$1.1M
Cap Rate 9%
$854,056
$854.1K
Market Conditions
NOI Build-Up for 9,100 SF
Gross rent
$147.4K $16.20/SF
− Vacancy
−$7.7K −$0.84/SF
EGI
$139.8K $15.36/SF
− OpEx
−$62.9K −$6.91/SF
NOI
$76.9K $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%
$1,537,300
Cap Rate 7%
$1,098,071
Cap Rate 9%
$854,056
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$960.8K – $1.28M
NOI $76,865 @ 7.0% cap · market cap 8.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,103 @ 7.0% cap · market cap 16.22%
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
1,549
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Seven updated townhome-style apartments in a convenient Albuquerque location.
Where is this apartment building located?
The property is located at 3505-09 Lafayette NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Spacious 1,300 SF two‑story, 2‑bedroom townhome‑style apartments.; Excellent central Albuquerque location near Lafayette Park, Thunderbird Little League fields, and I‑25.; All units feature updated kitchens with dishwashers and electric ranges, plus large utility rooms with washer/dryer hookups (or included washer/dryer).
