Six-Unit Apartment
New
For Sale
$560,000
501-505 Mesilla Street SE, Albuquerque, NM 87108
ResidentialIncome, Albuquerque, NM
Property Size4,248 SF
Lot Size0.30 Acres
Price / SF$131.83
Days on Market4
Property Features for 501-505 Mesilla Street SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-ML*
Bedrooms
10
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 7, Bedroom 5, Bedroom 3, Bedroom 1, Bedroom 9, Bathroom 6, Bedroom 10, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 6, Bathroom 5, Bedroom 8, Bedroom 4
Exterior features
Landscaping
Appliances
DownDraft, FreeStandingElectricRange
Directions
On SW Corner of Mesilla and Bell
Subdivision
71 - Southeast Heights
Standard status
Active
APN
101905608745621223
Size
4,248 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Annual Amount
2736
Utilities
Heating system
Forced Air
Building Details
Year built
1963
Floors in Building
1
Number of units
6
Flooring type
Carpet
Listing Agency:
Coldwell Banker Legacy · Coldwell Banker Real Estate
(505) 292-8900
Listed By:
Isaiah Johnson · License #REC20250793
(708) 522-1081
Added: Aug 27
Changed: Aug 30
Last Checked: Aug 30 at 10:06PM
MLS# 1110109
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.
This multifamily property comprises two separately deeded triplexes sold together, totaling approximately 4,248 square feet and six residential units. The configuration includes two 1-bedroom/1-bath residences and four 2-bedroom/1-bath residences arranged around a courtyard. One 2-bedroom unit is vacant and requires renovation. The property was built in 1963 and includes landscaping, evaporative cooling, replacement windows in select units, tile flooring, recessed lighting, and 80% energy-efficient furnaces in select residences.
Capital improvements include 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. Unit sizes range from 571 SF to 833 SF, with individual floor plans distributed across the two triplexes. The property sits on 0.3 acres at 501-505 Mesilla Street SE in Albuquerque, New Mexico.
Capital improvements include 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. Unit sizes range from 571 SF to 833 SF, with individual floor plans distributed across the two triplexes. The property sits on 0.3 acres at 501-505 Mesilla Street SE in Albuquerque, New Mexico.
Key Highlights
- Six residential units totaling approximately 4,248 square feet
- Unit mix includes two 1‑bedroom/1‑bath and four 2‑bedroom/1‑bath residences
- Two separately deeded triplexes are being sold together
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
Property Profile
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 separately deeded triplexes offer a courtyard-style layout with a varied residential unit mix.
Where is this apartment building located?
The property is located at 501-505 Mesilla Street SE 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 residential units totaling approximately 4,248 square feet; Unit mix includes two 1‑bedroom/1‑bath and four 2‑bedroom/1‑bath residences; Two separately deeded triplexes are being sold together
