Updated 32-Unit Apartment
For Sale
$2,323,232
433 Mesilla St SE, Albuquerque, NM 87108
Recently renovated multi-family complex with 32 mostly one-bedroom units across two buildings on four parcels.
Property Size14,688 SF
Price / SF$158.17
Days on Market103
Property Features for 433 Mesilla St SE
General Information
Standard status
Active
Size
14,688 SF
Property subtype
Multifamily
Zoning
R-MH
Additional Details
Multifamily Units
32
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Year Built
1979
Tenancy
Multi
Listing Agency:
Maestas Real Estate Services INC
Listed By:
Anita Maestas · License #16029
(505) 463-3565
Source:
Carnm.resimplifi
Added: Jun 17
Changed: Sep 14
Last Checked: Sep 26 at 3:49AM
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 Maestas Real Estate Services INC
Investment Insights
Based on property information with market context.
This updated 32-unit apartment complex is offered for sale and consists of two buildings spanning four parcels. The property features 32 recently renovated units, most of which are one-bedroom apartments, providing a streamlined mix for residential income tenants.
The complex is located at 433-437 Mesilla SE in Albuquerque, with walkable access to the Ta-Lin International Marketplace and the Expo NM/State Fair of New Mexico campus. The property is also described as just minutes from one of the main entrances to Sandia National Laboratories and Kirtland Air Force Base.
For investors or operators seeking a turn-key style rental property, the most notable asset here is the scale of 32 renovated units and the predominance of one-bedroom layouts. Its proximity to major employers and area institutions may support tenant convenience for those working in or around Sandia National Laboratories and Kirtland Air Force Base, along with other local destinations identified in the offering remarks. The two-building configuration on four parcels offers straightforward, manageable operation for a multi-family portfolio.
The complex is located at 433-437 Mesilla SE in Albuquerque, with walkable access to the Ta-Lin International Marketplace and the Expo NM/State Fair of New Mexico campus. The property is also described as just minutes from one of the main entrances to Sandia National Laboratories and Kirtland Air Force Base.
For investors or operators seeking a turn-key style rental property, the most notable asset here is the scale of 32 renovated units and the predominance of one-bedroom layouts. Its proximity to major employers and area institutions may support tenant convenience for those working in or around Sandia National Laboratories and Kirtland Air Force Base, along with other local destinations identified in the offering remarks. The two-building configuration on four parcels offers straightforward, manageable operation for a multi-family portfolio.
Key Highlights
- 32‑unit apartment complex built in 1977, located at 433–437 Mesilla SE
- Recently renovated units—32 apartments total, most are one‑bedroom layouts
- Two‑building community spanning 4 parcels of land
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
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Current Use
Lease Details
32
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
715
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
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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 - Recently renovated multi-family complex with 32 mostly one-bedroom units across two buildings on four parcels.
Where is this apartment building located?
The property is located at 433 Mesilla St 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: 32‑unit apartment complex built in 1977, located at 433–437 Mesilla SE; Recently renovated units—32 apartments total, most are one‑bedroom layouts; Two‑building community spanning 4 parcels of land
