7-Unit Townhome-Style Apartment
For Sale
$950,000
3505 Lafayette Drive NE, Albuquerque, NM 87107
ResidentialIncome, Albuquerque, NM
Property Size9,100 SF
Lot Size0.38 Acres
Price / SF$104.40
Days on Market111
Property Features for 3505 Lafayette Drive NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-ML*
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bathroom 1, Bedroom 1
Parking
11
Appliances
Refrigerator
Subdivision
Indian Rest Sub
Directions
From I-25 and Comanche, east to Lafayette, south to property.
Standard status
Active
APN
101606038517540709
Size
9,100 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Annual Amount
7291
Utilities
Heating system
Forced Air
Amenities
utility rooms with washer/dryer
woodburning stoves
dishwashers
electric ranges
forced central heating
refrigerated air
Building Details
Year built
1978
Floors in Building
2
Number of units
7
Flooring type
Vinyl
Building materials
Frame, Stucco
Listing Agency:
NM Apartment Advisors, Inc.
(505) 440-8633
Listed By:
Todd D Clarke · License #13711
(505) 440-8633
Added: May 13
Changed: Aug 19
Last Checked: Aug 31 at 7:06PM
MLS# 1103496
Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 7-unit apartment property contains two-story, townhome-style residences with approximately 1,300 square feet per unit. Each apartment offers two bedrooms, one and one-half bathrooms, well-proportioned rooms, a large living area, and a separate utility room with washer and dryer hookups. Woodburning stoves add a distinctive feature to the living spaces, while the kitchens include dishwashers and electric ranges. Four apartments have refrigerated air, and all units use forced-air heating.
The property occupies 0.38 acres at 3505 Lafayette Drive NE in Albuquerque. The 1978 construction includes frame and stucco materials, vinyl flooring, and separately metered gas and electric service for each apartment. The building contains approximately 9,100 square feet in total.
The property occupies 0.38 acres at 3505 Lafayette Drive NE in Albuquerque. The 1978 construction includes frame and stucco materials, vinyl flooring, and separately metered gas and electric service for each apartment. The building contains approximately 9,100 square feet in total.
Key Highlights
- 7 apartments with approximately 1,300 SF per unit
- Two‑bedroom, one‑and‑one‑half‑bathroom townhome‑style layouts
- Four of 7 apartments have refrigerated air
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
$76,865
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
8.09%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated two-story residences feature spacious layouts, private utility rooms, and separately metered gas and electric service.
Where is this apartment building located?
The property is located at 3505 Lafayette Drive 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 apartments with approximately 1,300 SF per unit; Two‑bedroom, one‑and‑one‑half‑bathroom townhome‑style layouts; Four of 7 apartments have refrigerated air
