Albuquerque Multifamily Investment
3601 Wellesley Drive NE Albuquerque, NM 87107
3601 Wellesley Drive NE, Albuquerque, NM, 87107
$3,015,000
For Sale
$3,015,000
MULTI_FAMILY - Albuquerque, NM
Property Size14,266 SF
Lot Size0.78 Acres
Price / SF$211.34
Days on Market282
Property Features for 3601 Wellesley Drive NE
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 3
- Bathrooms
- 3
- Rooms
- Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 3, Bathroom 1
- Appliances
- Refrigerator
- Standard status
- Active
- APN
- 101606041820240804
- Size
- 14,266 SF
- Lot size
- 0.78 Acres
Taxes and HOA fees
- Tax Description
- Lots L&M, Block B, Indian Mesa Subd, & Lot K1, Indian Mesa
- Tax Annual Amount
- 5753
Utilities
- Heating system
- Forced Air, Central
Building Details
- Year built
- 1981
- Floors in Building
- 2
- Number of units
- 21
- Flooring type
- Tile, Vinyl, Carpet
- 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: Oct 9, 2025 Checked: Jul 17 at 1:06 am
MLS# 1092688
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 portfolio is located at 3601, 3605 & 3609 Wellesley NE in Albuquerque, NM. The property portfolio contains two studio units, thirteen one-bedroom units, and six two-bedroom units. The units are situated on a 0.78-acre lot. The total building size is 14,266 square feet. The portfolio is easily managed from one central location that includes a laundry room for the residents' use. The property is offered at the value of recent appraisals and presents an opportunity to invest in a growing economy.
Key Highlights
- Portfolio offered at appraised value, a strong investment opportunity
- Current cap rate of 7.39% before reserves, with potential for improvement
- Attractive investment performance metrics: 8.72 GRM, 15.8% before‑tax IRR, and 12.97% after‑tax IRR
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 | $231.1k | $16.20 |
| − Vacancy | −$12.0k | −$0.84 |
| EGI | $219.1k | $15.36 |
| − OpEx | −$98.6k | −$6.91 |
| NOI | $120.5k | $8.45 |
14,266 SF · lease $16.20/SF/yr · vacancy 5.20% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Michael A. Ruelas
Music Venue
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Multifamily portfolio in Albuquerque with investment upside.
Where is this apartment building located?
The property is located at 3601 Wellesley Drive 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: Portfolio offered at appraised value, a strong investment opportunity; Current cap rate of 7.39% before reserves, with potential for improvement; Attractive investment performance metrics: 8.72 GRM, 15.8% before‑tax IRR, and 12.97% after‑tax IRR
