Updated 7-Unit Townhome Apartment
For Sale
$950,000
3505 Lafayette Dr NE, Albuquerque, NM 87107
Two-story residences feature updated kitchens and separate utility rooms.
Property Size9,100 SF
Price / SF$104.40
Days on Market163
Property Features for 3505 Lafayette Dr NE
General Information
Standard status
Active
Size
9,100 SF
Total Parking Spaces
18
Property subtype
Multifamily
Zoning
R-ML
Property Condition
Severity
Repairs Needed
Evidence
Further Updating
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
7 x 2BR/1.5BA
Multifamily Units
7
Amenities
Power
Water
Sewer
Natural Gas
18 Parking Spaces
Building Details
Year Built
1978
Buildings
1
Listing Agency:
Deacon Property Services
Listed By:
Kyle Deacon · License #15579
(505) 803-3775
Source:
Carnm.resimplifi
Added: May 7
Changed: Oct 4
Last Checked: Oct 16 at 5:56AM
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 Deacon Property Services
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Investment Insights
Based on property information with market context.
This 7-unit apartment property contains seven two-story, townhome-style residences, each measuring 1,300 SF with two bedrooms. The units include spacious living areas, wood-burning stoves, updated kitchens with dishwashers and electric ranges, and separate utility rooms with washer/dryer hookups or included equipment. Each apartment is separately metered for gas and electric and has forced central heating; four units also have refrigerated air.
Built in 1978, the property totals 9,100 SF and includes ample parking. Lafayette Park and Playground is next door, Thunderbird Little League fields are one block away, and I-25 is less than a minute from the property. The site is zoned R-ML.
Built in 1978, the property totals 9,100 SF and includes ample parking. Lafayette Park and Playground is next door, Thunderbird Little League fields are one block away, and I-25 is less than a minute from the property. The site is zoned R-ML.
Key Highlights
- 7‑unit apartment property totaling 9,100 SF
- Seven 1,300 SF two‑story townhome‑style residences
- Each unit offers two bedrooms and updated kitchens
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
Lease Details
7
Residential units
Yes
Highway access
Yes
Utilities to site
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 - Two-story residences feature updated kitchens and separate utility rooms.
Where is this apartment building located?
The property is located at 3505 Lafayette Dr 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: 7‑unit apartment property totaling 9,100 SF; Seven 1,300 SF two‑story townhome‑style residences; Each unit offers two bedrooms and updated kitchens
