5-Unit Apartment
For Sale
$600,000
415 Vassar Dr Se, Albuquerque, NM 87106
Gated multifamily property with detached garages and shared laundry facilities.
Property Size2,940 SF
Price / SF$204.08
Days on Market23
Property Features for 415 Vassar Dr Se
General Information
Standard status
Active
Size
2,940 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$1,592
Amenities
gated
four detached garages
shared on-site laundry facility
Listing Agency:
Realty One of New Mexico
(505) 264-8122
Listed By:
Joy R Wasson · License #20263
(505) 264-8122
Source:
Exprealty
Added: Jul 19
Changed: Aug 9
Last Checked: Aug 9 at 12:18PM
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 Realty One of New Mexico
Investment Insights
Based on property information with market context.
This gated apartment property includes five rental units arranged as four 1-bedroom, 1-bath residences and one 2-bedroom, 1-bath residence. Interior finishes include wood and tile flooring, with no carpet. Four detached garages and a shared laundry facility are also included on the property.
Located at 415 Vassar Dr SE in Albuquerque, the property is near the University of New Mexico, hospitals, shopping, dining, and major commuter routes. The unit mix and on-site amenities provide a defined multifamily configuration for an apartment property in an established Albuquerque setting.
Located at 415 Vassar Dr SE in Albuquerque, the property is near the University of New Mexico, hospitals, shopping, dining, and major commuter routes. The unit mix and on-site amenities provide a defined multifamily configuration for an apartment property in an established Albuquerque setting.
Key Highlights
- Five rental units: four 1‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit
- Four detached garages included on the property
- Shared on‑site laundry facility
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
$24,833
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
4.14%
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%
$496,660
$496.7K
Cap Rate 7%
$354,757
$354.8K
Cap Rate 9%
$275,922
$275.9K
Market Conditions
NOI Build-Up for 2,940 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
$47.6K $16.20/SF
− Vacancy
−$2.5K −$0.84/SF
EGI
$45.2K $15.36/SF
− OpEx
−$20.3K −$6.91/SF
NOI
$24.8K $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%
$496,660
Cap Rate 7%
$354,757
Cap Rate 9%
$275,922
Alternative Uses
Best Use
Apartment 5plus
$354.8K
$310.4K – $413.9K
NOI $24,833 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$711.2K
$622.3K – $829.8K
NOI $49,787 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
546
Businesses Nearby
Explore this area
Business Placement
Demographics for 87106, NM
26,987
Population
13,893
Households
1.9
Avg Household Size
32
Median Age
53%
College-Educated
91%
High-School Grad
35.8 sq mi
ZIP Area
754
Density / Sq Mi
$51,079
Median Household Income
$29,393
Median Earnings
$904
Median Rent
$332,100
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 - Gated multifamily property with detached garages and shared laundry facilities.
Where is this apartment building located?
The property is located at 415 Vassar Dr Se Albuquerque, NM.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Five rental units: four 1‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit; Four detached garages included on the property; Shared on‑site laundry facility
