Fully Occupied 4-Unit
For Sale
$469,000
528 Alvarado Dr Se, Albuquerque, NM 87108
Income-producing multifamily property with individual utility meters and convenient access to shopping, dining, and daily amenities.
Property Size3,640 SF
Price / SF$128.85
Days on Market92
Property Features for 528 Alvarado Dr Se
General Information
Standard status
Active
Size
3,640 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,282
Listing Agency:
Realty One of New Mexico
(505) 379-9360
Listed By:
Janis E Fensterer · License #46826
(505) 379-9360
Source:
Exprealty
Added: May 31
Changed: Aug 29
Last Checked: Aug 29 at 1:03PM
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 Realty One of New Mexico
Investment Insights
Based on property information with market context.
This 3,640-square-foot quadplex contains four occupied residential units, each configured with 2 bedrooms and 1 bathroom. Separate utility meters serve the individual units, supporting distinct utility tracking across the property.
Located at 528 Alvarado Dr SE in Albuquerque, the property is near shopping, dining, and everyday amenities. Its four-unit configuration and current occupancy provide an established multifamily setup for a buyer seeking a residential income property.
Located at 528 Alvarado Dr SE in Albuquerque, the property is near shopping, dining, and everyday amenities. Its four-unit configuration and current occupancy provide an established multifamily setup for a buyer seeking a residential income property.
Key Highlights
- Four fully occupied units, each with 2 bedrooms and 1 bathroom
- 3,640 SF quadplex configuration
- Individual utility meter 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
$33,228
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
7.08%
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%
$664,560
$664.6K
Cap Rate 7%
$474,686
$474.7K
Cap Rate 9%
$369,200
$369.2K
Market Conditions
NOI Build-Up for 3,640 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
$50.2K $13.80/SF
− Vacancy
−$2.8K −$0.76/SF
EGI
$47.5K $13.04/SF
− OpEx
−$14.2K −$3.91/SF
NOI
$33.2K $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%
$664,560
Cap Rate 7%
$474,686
Cap Rate 9%
$369,200
Alternative Uses
Best Use
Multifamily LT 5
$474.7K
$415.4K – $553.8K
NOI $33,228 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$439.2K
$384.3K – $512.4K
NOI $30,746 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$880.6K
$770.5K – $1.03M
NOI $61,641 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,376
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Income-producing multifamily property with individual utility meters and convenient access to shopping, dining, and daily amenities.
Where is this quadplex located?
The property is located at 528 Alvarado Dr Se Albuquerque, NM.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Four fully occupied units, each with 2 bedrooms and 1 bathroom; 3,640 SF quadplex configuration; Individual utility meter for each unit
