Apartment Portfolio with
For Sale
$3,015,000
3601 Wellesley Dr NE, Albuquerque, NM 87107
Multifamily portfolio with a varied unit mix, resident laundry facilities, and connected utility services.
Property Size14,266 SF
Price / SF$211.34
Days on Market63
Property Features for 3601 Wellesley Dr NE
General Information
Standard status
Active
Size
14,266 SF
Property subtype
Multi-Family
Building Details
Year Built
1981
Listing Agency:
NM Apartment Advisors, Inc.
(505) 296-0726
Listed By:
Todd D Clarke
Source:
Thesouthwestlife
Added: Jul 1
Changed: Aug 29
Last Checked: Aug 31 at 7:24PM
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 NM Apartment Advisors, Inc.
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises 21 units across three properties at 3601, 3605, and 3609 Wellesley Drive NE. The configuration includes two studio apartments, 13 one-bedroom units, and six two-bedroom units. A resident laundry room serves the portfolio, which was built in 1981 and features frame-and-stucco construction.
The properties carry R-ML* zoning and are connected to electricity, natural gas, sewer, and water services. Interior features include evaporative cooling, central forced-air heating, carpeting, tile, vinyl flooring, and refrigerators. The portfolio is positioned within MLS Area Major 41 - Uptown in Albuquerque.
The properties carry R-ML* zoning and are connected to electricity, natural gas, sewer, and water services. Interior features include evaporative cooling, central forced-air heating, carpeting, tile, vinyl flooring, and refrigerators. The portfolio is positioned within MLS Area Major 41 - Uptown in Albuquerque.
Key Highlights
- 21‑unit portfolio across 3601, 3605, and 3609 Wellesley Drive NE
- Unit mix includes 2 studios, 13 one‑bedroom units, and 6 two‑bedroom units
- Resident laundry room included
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
$120,500
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
4.00%
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%
$2,410,000
$2.4M
Cap Rate 7%
$1,721,429
$1.7M
Cap Rate 9%
$1,338,889
$1.3M
Market Conditions
NOI Build-Up for 14,266 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
$231.1K $16.20/SF
− Vacancy
−$12.0K −$0.84/SF
EGI
$219.1K $15.36/SF
− OpEx
−$98.6K −$6.91/SF
NOI
$120.5K $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%
$2,410,000
Cap Rate 7%
$1,721,429
Cap Rate 9%
$1,338,889
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.51M – $2.01M
NOI $120,500 @ 7.0% cap · market cap 4.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.45M
$3.02M – $4.03M
NOI $241,586 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Multifamily portfolio with a varied unit mix, resident laundry facilities, and connected utility services.
Where is this apartment building located?
The property is located at 3601 Wellesley Dr NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $3,015,000.
What are key features of this property?
This property features: 21‑unit portfolio across 3601, 3605, and 3609 Wellesley Drive NE; Unit mix includes 2 studios, 13 one‑bedroom units, and 6 two‑bedroom units; Resident laundry room included
