Three-Unit
508 Alvarado Dr SE, Albuquerque, NM 87108
For Sale
New
$265,000
Each apartment has washer and dryer hookups, and all are occupied on month-to-month agreements.
Property Size1,975 SF
Price / SF$134.18
Days on Market4
Property Features for 508 Alvarado Dr SE
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Building Details
Year Built
Listing Agency:
Keller Williams Realty
(505) 271-8200
Listed By:
Missy Ashcraft
(505) 362-6823
Source:
Missyashcraft
Added: Nov 6
Changed: Nov 8
Last Checked: Nov 8 at 5:48AM
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 Keller Williams Realty
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Investment Insights
Based on property information with market context.
This 1,975-square-foot triplex in Albuquerque contains three apartments, each configured with one bedroom and one bathroom. The building dates to 1956, and each unit has washer and dryer hookups. The roof is 7 years old.
All three apartments are occupied under month-to-month leases. The property is offered for sale alongside a neighboring triplex at 514 Alvarado Drive SE, which would bring the combined offering to six rental units; separate offers may also be considered.
All three apartments are occupied under month-to-month leases. The property is offered for sale alongside a neighboring triplex at 514 Alvarado Drive SE, which would bring the combined offering to six rental units; separate offers may also be considered.
Key Highlights
- Three apartments, each with one bedroom and one bathroom
- 1,975 square feet; built in 1956
- All three units occupied on month‑to‑month leases
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,029
Cap Rate
6.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$360,580
$360.6K
Cap Rate 7%
$257,557
$257.6K
Cap Rate 9%
$200,322
$200.3K
Market Conditions
NOI Build-Up for 1,975 SF
Gross rent
$27.3K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$25.8K $13.04/SF
− OpEx
−$7.7K −$3.91/SF
NOI
$18.0K $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 Rate 5%
$360,580
Cap Rate 7%
$257,557
Cap Rate 9%
$200,322
Alternative Uses
Best Use
Multifamily LT 5
$257.6K
$225.4K – $300.5K
NOI $18,029 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$238.3K
$208.5K – $278.0K
NOI $16,682 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$477.8K
$418.1K – $557.4K
NOI $33,445 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,376
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
$227,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Triplexes in Albuquerque, NM
Properties on Market for Triplexes in Albuquerque
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - Each apartment has washer and dryer hookups, and all are occupied on month-to-month agreements.
Where is this triplex located?
The property is located at 508 Alvarado Dr SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Three apartments, each with one bedroom and one bathroom; 1,975 square feet; built in 1956; All three units occupied on month‑to‑month leases
