Fourplex with In-Unit
For Sale
$550,000
3609 Wellesley Drive NE, Albuquerque, NM 87107
MULTI_FAMILY - Albuquerque, NM
Property Size4,194 SF
Lot Size0.20 Acres
Price / SF$131.14
Days on Market162
Property Features for 3609 Wellesley Drive NE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-ML*
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 3, Bedroom 6, Bedroom 8, Bathroom 3, Bathroom 2, Bathroom 1, Bathroom 4, Bedroom 7, Bedroom 5, Bedroom 4, Bedroom 1
Parking
6
Appliances
Refrigerator
Subdivision
Indian Mesa
Directions
From I-25 and Comanche, est to Wellesley and south to property
Standard status
Active
APN
101606042121740805
Size
4,194 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
Lot K1, Block 5, IndianAcres
Tax Annual Amount
3523
Legal Description
Lot K1, Block 5, IndianAcres
Utilities
Heating system
Central
Amenities
in unit laundry
Building Details
Year built
1980
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Carpet
Building materials
Frame
Listing Agency:
NM Apartment Advisors, Inc.
(505) 440-8633
Listed By:
Todd D Clarke · License #13711
(505) 440-8633
Added: Mar 5
Changed: Aug 1
Last Checked: Aug 14 at 12:06AM
MLS# 1099281
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.
Located at 3609 Wellesley Drive NE in Albuquerque, this fourplex offers large, townhouse-style units with two bedrooms and one bathroom each, including in-unit laundry. The building is framed construction and was built in 1980. Interiors feature vinyl and carpet flooring, and heating is provided by central HVAC. Appliances listed include a refrigerator.
Investment performance metrics provided with the offering include a 10.10 GRM and a 5.73% cap rate before reserves, along with a 20.0% before-tax IRR and a 16.2% after-tax IRR. The remarks also describe performance sensitivity if rents were raised to a market average of $1,466, including a scenario that accounts for a potential two-fold increase in property taxes.
The property sits on a 0.2-acre lot and totals 4,194 square feet.
Investment performance metrics provided with the offering include a 10.10 GRM and a 5.73% cap rate before reserves, along with a 20.0% before-tax IRR and a 16.2% after-tax IRR. The remarks also describe performance sensitivity if rents were raised to a market average of $1,466, including a scenario that accounts for a potential two-fold increase in property taxes.
The property sits on a 0.2-acre lot and totals 4,194 square feet.
Key Highlights
- Townhouse‑style fourplex with two‑bedroom, one‑bath units and in‑unit laundry
- 0.2‑acre lot size and 4,194 SF total building area
- Built in 1980 with frame construction and central heating
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
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?
Quadplex - Fourplex with townhouse-style two-bedroom, one-bath units featuring in-unit laundry and central heating.
Where is this quadplex located?
The property is located at 3609 Wellesley Drive 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: Townhouse‑style fourplex with two‑bedroom, one‑bath units and in‑unit laundry; 0.2‑acre lot size and 4,194 SF total building area; Built in 1980 with frame construction and central heating
