Albuquerque Multifamily Investment
For Sale
$3,015,000
3601 Wellesley Drive NE, Albuquerque, NM 87107
MULTI_FAMILY - Albuquerque, NM
Property Size14,266 SF
Lot Size0.78 Acres
Price / SF$211.34
Days on Market295
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 2, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 1, Bathroom 1
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
Central, Forced Air
Building Details
Year built
1981
Floors in Building
2
Number of units
21
Flooring type
Vinyl, Carpet, Tile
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: Jul 28
Last Checked: Jul 30 at 10:06PM
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 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
- Multifamily portfolio at 3601, 3605 & 3609 Wellesley NE with 2 studio units, 13 one‑bedroom units, and 6 two‑bedroom units
- Laundry room available for residents within the centrally managed portfolio
- Year built 1981 with frame and stucco construction
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,125
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 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: Multifamily portfolio at 3601, 3605 & 3609 Wellesley NE with 2 studio units, 13 one‑bedroom units, and 6 two‑bedroom units; Laundry room available for residents within the centrally managed portfolio; Year built 1981 with frame and stucco construction
