Albuquerque Multifamily Investment
3505 Lafayette Drive NE Albuquerque, NM 87107
3505 Lafayette Drive NE, Albuquerque, NM, 87107
$950,000
For Sale
$950,000
MULTI_FAMILY - Albuquerque, NM
Property Size9,100 SF
Lot Size0.38 Acres
Price / SF$104.40
Days on Market66
Property Features for 3505 Lafayette Drive NE
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 2
- Bathrooms
- 1
- Rooms
- Bedroom 1, Bedroom 2, Bathroom 1
- Parking
- 11
- Appliances
- Refrigerator
- 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
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
524 Central Ave. SW Suite 801, Albuquerque, NM
Listed by
Todd D Clarke · License #13711
(505) 440-8633
Added: May 13 Checked: Jul 17 at 7:06 am
MLS# 1103496
Listing URL
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 multifamily property in Albuquerque, NM, features seven updated apartments, each approximately 1300 square feet. The two-story townhome-style floorplans include two bedrooms and one and a half bathrooms. Each unit has well-apportioned rooms, a separate large utility room with washer/dryer hook-ups or included washer/dryer, and a large living area with a wood-burning stove. The updated kitchens 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 situated on a 0.38-acre lot. Potential upside includes conversion to a condominium community.
Key Highlights
- 7‑apartment townhome‑style building with two‑story 2‑bedroom, 1.5‑bath floorplans
- Each apartment offers 1,300 SF of living space with large living areas and woodburning stoves
- Updated kitchens include dishwashers and electric ranges
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $147.4k | $16.20 |
| − Vacancy | −$7.7k | −$0.84 |
| EGI | $139.8k | $15.36 |
| − OpEx | −$62.9k | −$6.91 |
| NOI | $76.9k | $8.45 |
9,100 SF · lease $16.20/SF/yr · vacancy 5.20% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Seven updated townhome-style apartments with condo conversion potential.
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‑apartment townhome‑style building with two‑story 2‑bedroom, 1.5‑bath floorplans; Each apartment offers 1,300 SF of living space with large living areas and woodburning stoves; Updated kitchens include dishwashers and electric ranges
