Building Details

Year Built 1996

Buildings 2

Listing Agency: Goff Real Estate Inc. g***@gmail.com Show Phone

Listed By: Scott E Goff · License #18343

Source: Thesouthwestlife

Added: Aug 12 Changed: Aug 29 Last Checked: Aug 29 at 3:04PM

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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 Goff Real Estate Inc.

Investment Insights

Based on property information with market context.

This multifamily offering includes two homes situated on separate lots and conveyed together. The lots have separate utility services, and the property dates to 1996.

The property is located at 460-466 Richardson Dr in Bernalillo, New Mexico. The homes are tenant-occupied; visitors should not disturb occupants or enter the property without authorization.

Key Highlights

• Two homes included in the sale
• Homes are located on 2 separate lots
• Separate utilities serve the lots

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

$19,535

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

6.20%

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%

$390,700 $390.7K

Cap Rate 7%

$279,071 $279.1K

Cap Rate 9%

$217,056 $217.1K

Market Conditions

NOI Build-Up for 2,560 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

$37.8K $14.76/SF

− Vacancy

−$2.3K −$0.89/SF

EGI

$35.5K $13.87/SF

− OpEx

−$16.0K −$6.24/SF

NOI

$19.5K $7.63/SF

Area

Sandoval County, NM

Vacancy

6.00%

Lease Rate

$14.76 /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%

$390,700

Cap Rate 7%

$279,071

Cap Rate 9%

$217,056

Alternative Uses

Best Use

Apartment 5plus

$279.1K

$244.2K – $325.6K (±1% cap)

NOI $19,535 @ 7.0% cap · market cap 6.20%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$520.4K

$455.4K – $607.2K (±1% cap)

NOI $36,429 @ 7.0% cap · market cap 11.57%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Multifamily properties

Suggested Use

Top Pick HVAC Service Auto Parts Store (Bike/Boat/Book/etc) Store Furniture & Home Goods Home Appliance Store Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

305

Businesses Nearby

Explore this area Business Placement

Demographics for 87004, NM

10,859

Population

4,916

Households

2.2

Avg Household Size

44

Median Age

23%

College-Educated

84%

High-School Grad

90.6 sq mi

ZIP Area

120

Density / Sq Mi

$63,319

Median Household Income

$36,402

Median Earnings

$1,066

Median Rent

$235,200

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Multifamily property - Two residences occupy separate lots with independent utility services.

Where is this multifamily property located?

The property is located at 460-466 Richardson Dr Bernalillo, NM.

What is the asking price?

The asking price for this property is $314,900.

What are key features of this property?

This property features: Two homes included in the sale; Homes are located on 2 separate lots; Separate utilities serve the lots