Fully Stabilized Furnished
For Sale
$850,000
511 Spruce St SE, Albuquerque, NM 87106
Fully occupied multifamily with furnished units and renovations including new roofs, HVAC, appliances, and updated interiors.
Property Size3,759 SF
Price / SF$226.12
Days on Market135
Property Features for 511 Spruce St SE
General Information
Standard status
Active
Size
3,759 SF
Property subtype
Multifamily
Zoning
R-T
Occupancy
100%
Site & Location
Neighborhood
Sym
Additional Details
Cap Rate
7.28%
Multifamily Units
6
Building Details
Year Built
1936
Tenancy
Multi-Tenant
Listing Agency:
NAI SunVista
Listed By:
Luke Scarpa · License #REC-2023-0302
(505) 504-8883
Source:
Carnm.resimplifi
Added: Jun 12
Changed: Oct 3
Last Checked: Oct 23 at 3:21AM
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 NAI SunVista
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Investment Insights
Based on property information with market context.
511 Spruce Street Southeast is a fully stabilized, fully occupied multifamily property featuring four furnished units. The unit mix includes five of the six units that have undergone extensive renovations, with improvements noted across major exterior and interior systems and finishes. Updates include new roofs, heating and cooling systems, exterior paint and stucco, along with refreshed appliances, flooring, and interior paint, supporting a move-in ready furnished rental setup.
The property is located near multiple established employment and education hubs, including UNM, Presbyterian Hospital, CNM, Kirtland Air Force Base, and Downtown Albuquerque. That surrounding tenant draw aligns with the property’s long history of strong occupancy as furnished rentals.
For prospective buyers, this offering presents a largely renovated, operational asset with in-place occupancy and furnished unit availability. The renovation scope and attention to both exterior and interior components may help reduce near-term capital planning while maintaining a format that supports tenants seeking furnished living arrangements in a convenient Albuquerque area.
The property is located near multiple established employment and education hubs, including UNM, Presbyterian Hospital, CNM, Kirtland Air Force Base, and Downtown Albuquerque. That surrounding tenant draw aligns with the property’s long history of strong occupancy as furnished rentals.
For prospective buyers, this offering presents a largely renovated, operational asset with in-place occupancy and furnished unit availability. The renovation scope and attention to both exterior and interior components may help reduce near-term capital planning while maintaining a format that supports tenants seeking furnished living arrangements in a convenient Albuquerque area.
Key Highlights
- 100% occupied multifamily asset at 511 Spruce St SE with four fully furnished units
- Five of six units have undergone extensive renovations: new roofs, heating and cooling systems, exterior paint and stucco
- Renovations also include updated appliances, flooring, and interior paint in multiple units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,751
Cap Rate
3.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$635,020
$635.0K
Cap Rate 7%
$453,586
$453.6K
Cap Rate 9%
$352,789
$352.8K
Market Conditions
NOI Build-Up for 3,759 SF
Gross rent
$60.9K $16.20/SF
− Vacancy
−$3.2K −$0.84/SF
EGI
$57.7K $15.36/SF
− OpEx
−$26.0K −$6.91/SF
NOI
$31.8K $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 Rate 5%
$635,020
Cap Rate 7%
$453,586
Cap Rate 9%
$352,789
Alternative Uses
Best Use
Apartment 5plus
$453.6K
$396.9K – $529.2K
NOI $31,751 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$909.4K
$795.7K – $1.06M
NOI $63,656 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,077
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily with furnished units and renovations including new roofs, HVAC, appliances, and updated interiors.
Where is this apartment building located?
The property is located at 511 Spruce St SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 100% occupied multifamily asset at 511 Spruce St SE with four fully furnished units; Five of six units have undergone extensive renovations: new roofs, heating and cooling systems, exterior paint and stucco; Renovations also include updated appliances, flooring, and interior paint in multiple units
