Four-Unit Apartment
For Sale
$430,000
510 Mesilla Street SE, Albuquerque, NM 87108
ResidentialIncome, Albuquerque, NM
Property Size2,700 SF
Lot Size0.16 Acres
Price / SF$159.26
Days on Market39
Property Features for 510 Mesilla Street SE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-ML*
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 1, Bedroom 2
Parking
4
Security features
Security
Patio and Porch features
Patio
Interior features
CeilingFans
Exterior features
Patio
Appliances
BuiltInGasRange, ConvectionOven, Refrigerator
Subdivision
Mann Add
Directions
From Central and San Mateo, head South .34 miles, turn left (East) onto Bell Ave. Go 3 blocks until Mesilla St. and turn right (South) onto Mesilla. It is the third building down.
Standard status
Active
APN
101905610544621315
Size
2,700 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
4409
Utilities
Cooling system
Ceiling Fan(s)
Amenities
private patio
Building Details
Year built
1960
Floors in Building
1
Number of units
4
Flooring type
Tile, Vinyl
Building materials
SyntheticStucco
Listing Agency:
Realty One of New Mexico
(505) 883-9400
Listed By:
Tyler Matthew Swinson · License #53973
(505) 553-0611
Added: Jul 22
Changed: Aug 27
Last Checked: Aug 29 at 2:06PM
MLS# 1109913
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.
Built in 1960, this 2,700-square-foot quadplex contains four two-bedroom, one-bath residences. The units offer practical layouts, private patios, tile and vinyl flooring, ceiling fans, wall-unit heating, and roof-mounted swamp coolers for cooling. Interior finishes have not been recently updated. Kitchens include built-in gas ranges, convection ovens, and refrigerators, while synthetic stucco forms the exterior. The property occupies 0.16 acres in Albuquerque.
Each unit has one designated parking space and private outdoor space. On-site laundry is not currently provided. The roof has been serviced, but its age is not known. The property is located at 510 Mesilla Street SE, Albuquerque, NM 87108.
Each unit has one designated parking space and private outdoor space. On-site laundry is not currently provided. The roof has been serviced, but its age is not known. The property is located at 510 Mesilla Street SE, Albuquerque, NM 87108.
Key Highlights
- Four separate units, each with 2 bedrooms and 1 bathroom
- 2,700 square feet on a 0.16‑acre parcel
- Private patio and one designated parking space for each unit
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
$24,647
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
5.73%
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%
$492,940
$492.9K
Cap Rate 7%
$352,100
$352.1K
Cap Rate 9%
$273,856
$273.9K
Market Conditions
NOI Build-Up for 2,700 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
$37.3K $13.80/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$35.2K $13.04/SF
− OpEx
−$10.6K −$3.91/SF
NOI
$24.6K $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%
$492,940
Cap Rate 7%
$352,100
Cap Rate 9%
$273,856
Alternative Uses
Best Use
Multifamily LT 5
$352.1K
$308.1K – $410.8K
NOI $24,647 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$325.8K
$285.1K – $380.1K
NOI $22,806 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$653.2K
$571.5K – $762.1K
NOI $45,723 @ 7.0% cap · market cap 10.63%
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
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?
Quadplex - Each residence includes a private patio and one designated parking space.
Where is this quadplex located?
The property is located at 510 Mesilla Street SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: Four separate units, each with 2 bedrooms and 1 bathroom; 2,700 square feet on a 0.16‑acre parcel; Private patio and one designated parking space for each unit
