Building Details

Year Built 1981

Listing Agency: NM Apartment Advisors, Inc.

Listed By: Todd D Clarke · License #13711 Show Phone

Source: Thesouthwestlife

Added: Jul 1 Changed: Oct 5 Last Checked: Oct 7 at 5:23PM

Report an Issue

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.

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

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.

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 / Yr

$120,500

Cap Rate

4.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,410,000 $2.4M

Cap Rate 7%

$1,721,429 $1.7M

Cap Rate 9%

$1,338,889 $1.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,266 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $241,586 @ 7.0% cap · market cap 8.01%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Michael A. Ruelas Music Venue

Suggested Use

Top Pick Bakery Catering Service (Bike/Boat/Book/etc) Store Locksmith Travel Agency Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Similar For Sale Nearby

See more

Updated 32-Unit Apartment Complex

433 Mesilla St SE, Albuquerque, NM 87108

$2,323,232

14,688 SF

View details

Apartment Building with Stucco Exterior

433 Mesilla & 437 (4 lots) Street SE, Albuquerque, NM 87108

$2,323,232

14,688 SF

View details

Apartment Building Portfolio

609-641 Mesilla St SE, Albuquerque, NM 87108

$4,989,000

13,504 SF

View details

Furnished 32-Unit Apartment Building

1801 Lead Ave SE, Albuquerque, NM 87106

$3,800,000

17,980 SF

View details

Mid-Century Apartment Building

8600 Zuni Road SE, Albuquerque, NM 87108

$1,594,615

16,020 SF

View details

Garden-Style Apartment Community with Atrium

317 Palomas Dr NE, Albuquerque, NM 87108

$1,455,103

9,600 SF

View details

12-Unit Townhome-Style Apartment Compound

808 Ortiz Drive SE, Albuquerque, NM 87108

$1,424,506

9,650 SF

View details

43-Unit Apartment Building

1024 Alvarado Dr Apt 6, Albuquerque, NM 87108

$1,660,470

8,360 SF

View details

Value-Add Apartment Investment Opportunity

7600 Central Ave SE, Albuquerque, NM 87108

$1,325,000

8,831 SF

View details

Apartment Building Near Employment Centers

1325 Wellesley Drive SE, Albuquerque, NM 87106

$4,500,000

28,600 SF

View details

7-Unit Townhome-Style Apartment Building

3505 Lafayette Drive NE, Albuquerque, NM 87107

$950,000

9,100 SF

View details

Historic Ranch-Style Apartment Property

24 Matisse Road NE, Albuquerque, NM 87123

$1,249,000

8,134 SF

View details

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