Two-Building Apartment
For Sale
$800,000
401 & 405 Indiana St SE, Albuquerque, NM 87108
Eight residences feature two-bedroom layouts, full kitchens, and dedicated laundry hookups within each unit.
Property Size6,400 SF
Price / SF$125
Days on Market19
Property Features for 401 & 405 Indiana St SE
General Information
Standard status
Active
Size
6,400 SF
Property subtype
Multi-Family
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Amenities
in-unit laundry hookups
Building Details
Year Built
1963
Buildings
2
Listing Agency:
Platlabs, LLC
(303) 848-6215
Listed By:
Missy Ashcraft
(505) 362-6823
Source:
Missyashcraft
Added: Sep 9
Changed: Sep 26
Last Checked: Sep 26 at 7:13AM
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 Platlabs, LLC
Investment Insights
Based on property information with market context.
This 6,400-square-foot apartment property comprises two side-by-side buildings with eight total residences. Each 800-square-foot unit includes two bedrooms, one bathroom, a full kitchen, living area, and dedicated in-unit laundry hookups. The layouts provide distinct living, cooking, and laundry areas within every residence.
Built in 1963, the property is located at 401 & 405 Indiana St SE in Albuquerque, New Mexico. The two-building configuration and consistent unit layout create a straightforward multifamily asset with eight separately designed residences.
Built in 1963, the property is located at 401 & 405 Indiana St SE in Albuquerque, New Mexico. The two-building configuration and consistent unit layout create a straightforward multifamily asset with eight separately designed residences.
Key Highlights
- Two side‑by‑side apartment buildings with 8 total units
- Each residence measures 800 square feet
- All units offer 2 bedrooms and 1 bathroom
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
$54,059
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
6.76%
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%
$1,081,180
$1.1M
Cap Rate 7%
$772,271
$772.3K
Cap Rate 9%
$600,656
$600.7K
Market Conditions
NOI Build-Up for 6,400 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
$103.7K $16.20/SF
− Vacancy
−$5.4K −$0.84/SF
EGI
$98.3K $15.36/SF
− OpEx
−$44.2K −$6.91/SF
NOI
$54.1K $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%
$1,081,180
Cap Rate 7%
$772,271
Cap Rate 9%
$600,656
Alternative Uses
Best Use
Apartment 5plus
$772.3K
$675.7K – $901.0K
NOI $54,059 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.35M – $1.81M
NOI $108,380 @ 7.0% cap · market cap 13.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
945
Businesses Nearby
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Business Placement
Demographics for 87108, NM
36,773
Population
19,153
Households
1.9
Avg Household Size
39
Median Age
33%
College-Educated
85%
High-School Grad
5.9 sq mi
ZIP Area
6,233
Density / Sq Mi
$39,578
Median Household Income
$31,478
Median Earnings
$828
Median Rent
$227,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight residences feature two-bedroom layouts, full kitchens, and dedicated laundry hookups within each unit.
Where is this apartment building located?
The property is located at 401 & 405 Indiana St SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Two side‑by‑side apartment buildings with 8 total units; Each residence measures 800 square feet; All units offer 2 bedrooms and 1 bathroom
