Multifamily Property with Separate Utility
538 Ortiz Drive SE, Albuquerque, NM 87108
For Sale
$360,000
Built in 1983, the property offers two-bedroom, one-bathroom units and shares a courtyard with 540 Ortiz Drive SE.
Property Size3,360 SF
Price / SF$107.14
Days on Market28
Property Features for 538 Ortiz Drive SE
General Information
Standard status
Size
Property subtype
Property Condition
Severity
Evidence
Site & Location
Neighborhood
Additional Details
Individually Metered Utilities
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
MORE Realty, Inc
Listed By:
Truc M Do · License NM REC20240132
(505) 730-8499
Source:
Thelovelyhomecompany
Added: Oct 18
Changed: Nov 12
Last Checked: Nov 13 at 7:33PM
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 MORE Realty, Inc
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Investment Insights
Based on property information with market context.
This 3,360-square-foot multifamily property was built in 1983. Its units have two bedrooms and one bathroom, with separate meters for gas and electricity. Some vacant units require repair work.
The property is at 538 Ortiz Drive SE in Albuquerque and shares a courtyard with 540 Ortiz Drive SE. The two properties are offered together by seller preference. The location is approximately 10 minutes from the University of New Mexico and Nob Hill.
The property is at 538 Ortiz Drive SE in Albuquerque and shares a courtyard with 540 Ortiz Drive SE. The two properties are offered together by seller preference. The location is approximately 10 minutes from the University of New Mexico and Nob Hill.
Key Highlights
- 3,360‑square‑foot multifamily property built in 1983
- Two‑bedroom, one‑bathroom units
- Gas and electricity are individually metered
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,381
Cap Rate
7.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$567,620
$567.6K
Cap Rate 7%
$405,443
$405.4K
Cap Rate 9%
$315,344
$315.3K
Market Conditions
NOI Build-Up for 3,360 SF
Gross rent
$54.4K $16.20/SF
− Vacancy
−$2.8K −$0.84/SF
EGI
$51.6K $15.36/SF
− OpEx
−$23.2K −$6.91/SF
NOI
$28.4K $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%
$567,620
Cap Rate 7%
$405,443
Cap Rate 9%
$315,344
Alternative Uses
Best Use
Apartment 5plus
$405.4K
$354.8K – $473.0K
NOI $28,381 @ 7.0% cap · market cap 7.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$812.9K
$711.3K – $948.3K
NOI $56,900 @ 7.0% cap · market cap 15.81%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,255
Businesses Nearby
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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
$227,600
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Albuquerque, NM
Properties on Market for Multifamily properties in Albuquerque
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Built in 1983, the property offers two-bedroom, one-bathroom units and shares a courtyard with 540 Ortiz Drive SE.
Where is this multifamily property located?
The property is located at 538 Ortiz Drive SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 3,360‑square‑foot multifamily property built in 1983; Two‑bedroom, one‑bathroom units; Gas and electricity are individually metered
