Single-Story Triplex with
For Sale
$495,000
Pending
502 Vassar Dr, Albuquerque, NM 87106
Each unit offers solid-surface flooring and a stackable washer/dryer unit.
Property Size2,457 SF
Days on Market98
Property Features for 502 Vassar Dr
General Information
Standard status
Pending
Size
2,457 SF
Property subtype
Residential Income
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
stackable washer/dryer units
garage/storage space
Building Details
Year Built
1946
Buildings
1
Stories
1
Listing Agency:
Coldwell Banker Legacy
(505) 220-0792
Listed By:
Charlene Rockwell · License #43575
Source:
Mynmhomesearch
Added: May 26
Changed: Aug 29
Last Checked: Aug 30 at 6:00PM
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.
Built in 1946, this single-story triplex contains 2,457 SF and three 2-bedroom, 1-bath units. Solid-surface flooring and stackable washer/dryer units are provided throughout the residences. Two units also include garage and storage space. Two of the three units are rented, while the third can support additional rental use or owner occupancy.
The property is in Albuquerque’s UNM South area at 502 Vassar Dr, near the University of New Mexico, downtown, shopping, dining, and major commuter routes. Its three-unit configuration combines existing occupancy with a separate unit that offers flexibility for continued rental operations or personal use.
The property is in Albuquerque’s UNM South area at 502 Vassar Dr, near the University of New Mexico, downtown, shopping, dining, and major commuter routes. Its three-unit configuration combines existing occupancy with a separate unit that offers flexibility for continued rental operations or personal use.
Key Highlights
- 2,457 SF single‑story triplex built in 1946
- Three 2‑bedroom, 1‑bath units
- Two of three units currently rented
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
$22,429
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
4.53%
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%
$448,580
$448.6K
Cap Rate 7%
$320,414
$320.4K
Cap Rate 9%
$249,211
$249.2K
Market Conditions
NOI Build-Up for 2,457 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
$33.9K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$32.0K $13.04/SF
− OpEx
−$9.6K −$3.91/SF
NOI
$22.4K $9.13/SF
Area
Albuquerque, NM
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$448,580
Cap Rate 7%
$320,414
Cap Rate 9%
$249,211
Alternative Uses
Best Use
Multifamily LT 5
$320.4K
$280.4K – $373.8K
NOI $22,429 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$296.5K
$259.4K – $345.9K
NOI $20,753 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$594.4K
$520.1K – $693.5K
NOI $41,608 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,232
Businesses Nearby
Explore this area
Business Placement
Demographics for 87106, NM
26,987
Population
13,893
Households
1.9
Avg Household Size
32
Median Age
53%
College-Educated
91%
High-School Grad
35.8 sq mi
ZIP Area
754
Density / Sq Mi
$51,079
Median Household Income
$29,393
Median Earnings
$904
Median Rent
$332,100
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?
Triplex - Each unit offers solid-surface flooring and a stackable washer/dryer unit.
Where is this triplex located?
The property is located at 502 Vassar Dr Albuquerque, NM.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 2,457 SF single‑story triplex built in 1946; Three 2‑bedroom, 1‑bath units; Two of three units currently rented
