511 Spruce Street Southeast Albuquerque, NM 87106
Fully occupied multifamily with furnished units and renovations including new roofs, HVAC, appliances, and updated interiors.
Property Features for 511 Spruce Street Southeast
General Information
- Standard status
- Active
- Size
- 3,749 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1936
Listing office NAI Sun Vista (505) 878-0001
Listing date Jun 12, 2026
Source Crexi
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Investment Insights
Based on property information with market context.
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.7k | $16.20 |
| − Vacancy | −$3.2k | −$0.84 |
| EGI | $57.6k | $15.36 |
| − OpEx | −$25.9k | −$6.91 |
| NOI | $31.7k | $8.45 |
