Fully Stabilized Furnished
For Sale
Contact for pricing
511 Spruce Street Southeast, Albuquerque, NM 87106
Fully occupied multifamily with furnished units and renovations including new roofs, HVAC, appliances, and updated interiors.
Property Size3,749 SF
Price / SF$226.73
Days on Market62
Property Features for 511 Spruce Street Southeast
General Information
Standard status
Active
Size
3,749 SF
Class
B
Property subtype
Multifamily
Zoning
R-T
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$61,896
Additional Details
Cap Rate
7.28%
Multifamily Units
6
Building Details
Year Built
1936
Units
6
Tenancy
Multi
Listing Agency:
NAI Sun Vista
(505) 878-0001
Listed By:
Luke Scarpa · License #REC-2023-0302
Source:
Crexi
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 11 at 8:36AM
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 Sun Vista
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 = 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
$31,667
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
3.73%
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%
$633,340
$633.3K
Cap Rate 7%
$452,386
$452.4K
Cap Rate 9%
$351,856
$351.9K
Market Conditions
NOI Build-Up for 3,749 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
$60.7K $16.20/SF
− Vacancy
−$3.2K −$0.84/SF
EGI
$57.6K $15.36/SF
− OpEx
−$25.9K −$6.91/SF
NOI
$31.7K $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 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%
$633,340
Cap Rate 7%
$452,386
Cap Rate 9%
$351,856
Alternative Uses
Best Use
Apartment 5plus
$452.4K
$395.8K – $527.8K
NOI $31,667 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$907.0K
$793.6K – $1.06M
NOI $63,487 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
524
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?
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 Street Southeast 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
