Six-Unit Apartment
For Sale
$560,000
501-505 Mesilla St, Albuquerque, NM 87108
Two triplexes provide a varied unit mix, courtyard-style layout, and multiple recent property improvements.
Property Size4,248 SF
Price / SF$131.83
Days on Market18
Property Features for 501-505 Mesilla St
General Information
Standard status
Active
Size
4,248 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA, 4 x 2BR/1BA
Multifamily Units
6
Additional Details
Gross Income
$75,372
Building Details
Year Built
1963
Buildings
2
Listing Agency:
Coldwell Banker Legacy
Listed By:
Isaiah Johnson · License #REC20250793
(708) 522-1081
Source:
Albuquerquehomefinders
Added: Aug 23
Changed: Sep 8
Last Checked: Sep 8 at 8:31AM
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 Coldwell Banker Legacy
Investment Insights
Based on property information with market context.
This apartment property comprises two separately deeded triplexes at 501 and 505 Mesilla St, offered together as a six-unit multifamily asset. The buildings contain approximately 4,248 square feet, with two one-bedroom, one-bath residences and four two-bedroom, one-bath residences. A courtyard-style arrangement supports the existing residential layout, while all tenants are currently on month-to-month agreements.
Improvements include evaporative cooling, replacement windows in four specified units, remodeled interiors in select residences, tile flooring, recessed lighting, and 80% energy-efficient furnaces in select units. Roofing work includes an ISO roof at 501 completed within approximately the last two years and a TPO roof at 505 completed within approximately the last seven years. One two-bedroom unit is vacant and requires renovation. The property was built in 1963.
Improvements include evaporative cooling, replacement windows in four specified units, remodeled interiors in select residences, tile flooring, recessed lighting, and 80% energy-efficient furnaces in select units. Roofing work includes an ISO roof at 501 completed within approximately the last two years and a TPO roof at 505 completed within approximately the last seven years. One two-bedroom unit is vacant and requires renovation. The property was built in 1963.
Key Highlights
- Six total units across two separately deeded triplexes
- Approximately 4,248 square feet across the property
- Unit mix includes two 1 BD/1 BA and four 2 BD/1 BA residences
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
$35,881
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
6.41%
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%
$717,620
$717.6K
Cap Rate 7%
$512,586
$512.6K
Cap Rate 9%
$398,678
$398.7K
Market Conditions
NOI Build-Up for 4,248 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
$68.8K $16.20/SF
− Vacancy
−$3.6K −$0.84/SF
EGI
$65.2K $15.36/SF
− OpEx
−$29.4K −$6.91/SF
NOI
$35.9K $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%
$717,620
Cap Rate 7%
$512,586
Cap Rate 9%
$398,678
Alternative Uses
Best Use
Apartment 5plus
$512.6K
$448.5K – $598.0K
NOI $35,881 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$899.2K – $1.20M
NOI $71,937 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two triplexes provide a varied unit mix, courtyard-style layout, and multiple recent property improvements.
Where is this apartment building located?
The property is located at 501-505 Mesilla St Albuquerque, NM.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Six total units across two separately deeded triplexes; Approximately 4,248 square feet across the property; Unit mix includes two 1 BD/1 BA and four 2 BD/1 BA residences
