Multifamily Apartment
For Sale
$3,015,000
3601 Wellesley Drive NE, Albuquerque, NM 87107
ResidentialIncome, Albuquerque, NM
Property Size14,266 SF
Lot Size0.78 Acres
Price / SF$211.34
Days on Market328
Property Features for 3601 Wellesley Drive NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-ML*
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 3
Appliances
Refrigerator
Subdivision
Indian Mesa
Directions
From I-25 and Comanche east to Wellesley, south to property. Note two parcels - 3601-3609 Wellesley NE
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
Legal Description
Lots L&M, Block B, Indian Mesa Subd, & Lot K1, Indian Mesa
Utilities
Heating system
Forced Air, Central
Amenities
laundry room
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
Listed By:
Todd D Clarke · License #13711
(505) 440-8633
Added: Oct 9, 2025
Changed: Aug 19
Last Checked: Sep 1 at 2:06PM
MLS# 1092688
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 Albuquerque apartment portfolio includes 21 units: two studios, 13 one-bedroom apartments, and six two-bedroom apartments. The properties contain 14,266 square feet across 0.78 acres and were built in 1981. Resident amenities include a shared laundry room, while unit features include refrigerators, tile, vinyl, and carpet flooring. Heating is provided by forced-air and central systems, with frame and stucco construction.
The portfolio is located in Albuquerque’s 87107 ZIP code on Wellesley Drive NE. Current investment metrics reported for the property include an 8.72 GRM and a 7.39% cap rate before reserves. The three listed addresses place the units within a central operating area for portfolio management.
The portfolio is located in Albuquerque’s 87107 ZIP code on Wellesley Drive NE. Current investment metrics reported for the property include an 8.72 GRM and a 7.39% cap rate before reserves. The three listed addresses place the units within a central operating area for portfolio management.
Key Highlights
- 21‑unit apartment portfolio with 2 studios, 13 one‑bedroom units, and 6 two‑bedroom units
- 14,266 square feet of property area on 0.78 acres
- 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
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
1,459
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 - Apartment portfolio with resident laundry facilities and a balanced mix of studio, one-bedroom, and two-bedroom units.
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: 21‑unit apartment portfolio with 2 studios, 13 one‑bedroom units, and 6 two‑bedroom units; 14,266 square feet of property area on 0.78 acres; Resident laundry room included
