5-Unit Apartment
415 Vassar Dr SE, Albuquerque, NM 87106
For Sale
$600,000
Gated multifamily property with detached garages and shared laundry facilities.
Property Size2,940 SF
Price / SF$204.08
Days on Market99
Property Features for 415 Vassar Dr SE
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
gated
four detached garages
shared on-site laundry facility
Building Details
Year Built
Listing Agency:
Realty One of New Mexico
Listed By:
Joy R Wasson · License NM #20263
(505) 264-8122
Source:
Thesouthwestlife
Added: Aug 8
Changed: Oct 25
Last Checked: Oct 7 at 5:14PM
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
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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 / Yr
$24,833
Cap Rate
4.14%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,342
Businesses Nearby
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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
$332,100
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Albuquerque, NM
Properties on Market for Apartment buildings in Albuquerque
Vacancy Rate% for Multifamily in West region
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
