Stucco Apartment
For Sale
$2,323,232
433 Mesilla & 437 4 lots Street SE, Albuquerque, NM 87108
MULTI_FAMILY - Albuquerque, NM
Property Size14,688 SF
Lot Size0.60 Acres
Price / SF$158.17
Days on Market60
Property Features for 433 Mesilla & 437 4 lots Street SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-MH*
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1
Appliances
Refrigerator
Subdivision
Emil Mann Addition
Directions
From I-25 and Gibson, east to Mesilla, south to property
Standard status
Active
APN
101905608747722104
Size
14,688 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Description
Lots 13, 14, 15 & 16, Block 3, Emil Mann
Tax Annual Amount
12250
Legal Description
Lots 13, 14, 15 & 16, Block 3, Emil Mann
Building Details
Year built
1979
Floors in Building
2
Number of units
32
Flooring type
Tile, Vinyl
Building materials
Stucco
Listing Agency:
NM Apartment Advisors, Inc.
(505) 440-8633
Listed By:
Todd D Clarke · License #13711
(505) 440-8633
Added: Jun 13
Changed: Aug 1
Last Checked: Aug 11 at 10:06PM
MLS# 1105475
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.
The Four33/Four37 Apartments is a multifamily apartment building constructed in 1979. The property totals 14,688 square feet on a 0.6-acre site and features stucco construction with tile and vinyl flooring. Appliances include a refrigerator.
The addresses for the four-lot property are 433 Mesilla & 437 Street SE in Albuquerque, New Mexico 87108 (Bernalillo County).
Interior accommodations listed include bedrooms and bathrooms across the unit layout, including Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, and Bathroom 2.
The addresses for the four-lot property are 433 Mesilla & 437 Street SE in Albuquerque, New Mexico 87108 (Bernalillo County).
Interior accommodations listed include bedrooms and bathrooms across the unit layout, including Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, and Bathroom 2.
Key Highlights
- Four‑lot multifamily property at 433 Mesilla & 437 Street SE
- 0.6‑acre site
- 14,688 SF apartment building
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
$124,065
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
5.34%
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%
$2,481,300
$2.5M
Cap Rate 7%
$1,772,357
$1.8M
Cap Rate 9%
$1,378,500
$1.4M
Market Conditions
NOI Build-Up for 14,688 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
$237.9K $16.20/SF
− Vacancy
−$12.4K −$0.84/SF
EGI
$225.6K $15.36/SF
− OpEx
−$101.5K −$6.91/SF
NOI
$124.1K $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%
$2,481,300
Cap Rate 7%
$1,772,357
Cap Rate 9%
$1,378,500
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.07M
NOI $124,065 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.55M
$3.11M – $4.15M
NOI $248,732 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
922
Businesses Nearby
Explore this area
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
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 - Apartment building on four lots with stucco exterior, tile and vinyl floors, and a refrigerator included.
Where is this apartment building located?
The property is located at 433 Mesilla & 437 4 lots Street SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $2,323,232.
What are key features of this property?
This property features: Four‑lot multifamily property at 433 Mesilla & 437 Street SE; 0.6‑acre site; 14,688 SF apartment building
