4-Unit Quadplex with
For Sale
$550,000
3609 Wellesley Dr NE, Albuquerque, NM 87107
Townhouse-style residences offer two bedrooms, one bathroom, and private laundry within each unit.
Property Size4,194 SF
Price / SF$131.14
Days on Market30
Property Features for 3609 Wellesley Dr NE
General Information
Standard status
Active
Size
4,194 SF
Property subtype
Multi-Family
Financials
Asking Price
$550,000
Cap Rate
5.73%
Gross Rent Multiplier
10.1
Average Monthly Rent
$1,324
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
in unit laundry
Building Details
Year Built
1980
Listing Agency:
NM Apartment Advisors, Inc.
(505) 440-8633
Listed By:
Todd D Clarke · License #13711
Source:
Thesouthwestlife
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 30 at 8:40PM
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.
Built in 1980, this 4,194-square-foot quadplex contains four townhouse-style residences. Each unit provides two bedrooms, one bathroom, and in-unit laundry, creating a consistent configuration across the property. The building is located at 3609 Wellesley Dr NE in Albuquerque, New Mexico.
The property is presented as a residential income asset with current investment metrics including a 5.73% cap rate before reserves, a before-tax IRR of 20.0%, and an after-tax IRR of 16.2%. A market-rent scenario indicates a 5.93% cap rate, based on the source assumptions.
The property is presented as a residential income asset with current investment metrics including a 5.73% cap rate before reserves, a before-tax IRR of 20.0%, and an after-tax IRR of 16.2%. A market-rent scenario indicates a 5.93% cap rate, based on the source assumptions.
Key Highlights
- Fourplex with four two‑bedroom, one‑bathroom townhouse‑style units
- 4,194 square feet across the residential income property
- In‑unit laundry provided in each residence
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
$38,286
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
6.96%
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%
$765,720
$765.7K
Cap Rate 7%
$546,943
$546.9K
Cap Rate 9%
$425,400
$425.4K
Market Conditions
NOI Build-Up for 4,194 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
$57.9K $13.80/SF
− Vacancy
−$3.2K −$0.76/SF
EGI
$54.7K $13.04/SF
− OpEx
−$16.4K −$3.91/SF
NOI
$38.3K $9.13/SF
Area
Albuquerque, NM
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$765,720
Cap Rate 7%
$546,943
Cap Rate 9%
$425,400
Alternative Uses
Best Use
Multifamily LT 5
$546.9K
$478.6K – $638.1K
NOI $38,286 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$506.1K
$442.8K – $590.4K
NOI $35,425 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$1.01M
$887.8K – $1.18M
NOI $71,023 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
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?
Quadplex - Townhouse-style residences offer two bedrooms, one bathroom, and private laundry within each unit.
Where is this quadplex located?
The property is located at 3609 Wellesley Dr NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Fourplex with four two‑bedroom, one‑bathroom townhouse‑style units; 4,194 square feet across the residential income property; In‑unit laundry provided in each residence
