4-Unit Apartment
For Sale
$390,000
Pending
508 Indiana St Se, Albuquerque, NM 87108
Three two-bedroom units and one three-bedroom unit provide a defined residential income configuration.
Property Size3,267 SF
Days on Market35
Property Features for 508 Indiana St Se
General Information
Standard status
Pending
Size
3,267 SF
Property subtype
Residential Income
Units
Unit Mix
3 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
4
Additional Details
Cap Rate
9.48%
Taxes and HOA fees
Annual Taxes
$1,817
Building Details
Buildings
1
Listing Agency:
Keyway Properties, Inc
(505) 903-2040
Listed By:
Angelo Mora · License #REC20230254
(505) 903-2040
Source:
Exprealty
Added: Jul 20
Changed: Aug 19
Last Checked: Aug 23 at 5:42AM
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 Keyway Properties, Inc
Investment Insights
Based on property information with market context.
This 3,267-square-foot quadplex contains four residential apartments: three with two bedrooms and one bathroom, plus a fourth with three bedrooms and one bathroom. The building has separate gas and electric meters for each unit, while utilities are currently included in rent for tenants participating in subsidized housing programs. That metering setup gives ownership a way to evaluate separate utility billing in the future.
The roof was replaced in December of 2025. The property is situated in an established rental area with other multifamily properties nearby at 508 Indiana St SE in Albuquerque, New Mexico. The property information also reports a 9.48% cap rate at full asking price.
The roof was replaced in December of 2025. The property is situated in an established rental area with other multifamily properties nearby at 508 Indiana St SE in Albuquerque, New Mexico. The property information also reports a 9.48% cap rate at full asking price.
Key Highlights
- Four residential units totaling 3,267 SF
- Unit mix includes three 2 bed/1 bath apartments and one 3 bed/1 bath apartment
- Individual gas and electric meters serve the units
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
$29,823
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
7.65%
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%
$596,460
$596.5K
Cap Rate 7%
$426,043
$426.0K
Cap Rate 9%
$331,367
$331.4K
Market Conditions
NOI Build-Up for 3,267 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
$45.1K $13.80/SF
− Vacancy
−$2.5K −$0.76/SF
EGI
$42.6K $13.04/SF
− OpEx
−$12.8K −$3.91/SF
NOI
$29.8K $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%
$596,460
Cap Rate 7%
$426,043
Cap Rate 9%
$331,367
Alternative Uses
Best Use
Multifamily LT 5
$426.0K
$372.8K – $497.1K
NOI $29,823 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$394.2K
$344.9K – $459.9K
NOI $27,595 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$790.4K
$691.6K – $922.1K
NOI $55,325 @ 7.0% cap · market cap 14.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
929
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?
Quadplex - Three two-bedroom units and one three-bedroom unit provide a defined residential income configuration.
Where is this quadplex located?
The property is located at 508 Indiana St Se Albuquerque, NM.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Four residential units totaling 3,267 SF; Unit mix includes three 2 bed/1 bath apartments and one 3 bed/1 bath apartment; Individual gas and electric meters serve the units
