Five-Unit Apartment
For Sale
$476,500
545 Cardenas Drive SE, Albuquerque, NM 87108
ResidentialIncome, Albuquerque, NM
Property Size3,000 SF
Lot Size0.17 Acres
Price / SF$158.83
Days on Market18
Property Features for 545 Cardenas Drive SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-MH*
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 7, Bathroom 5, Bathroom 3, Bathroom 4, Bedroom 6, Bedroom 4, Bedroom 3, Bedroom 5
Exterior features
Landscaping
Appliances
FreeStandingGasRange, Refrigerator
Subdivision
Shirley S Subdivision
Directions
From San Mateo Blvd. and Zuni Rd. go east to Cardenas Dr SE. Turn south on Cardenas Dr to Bell Ave. The properties are on the NW Corner of Cardenas and Bell. Lovingly called ''Carlton's corner''.
Standard status
Active
APN
101805618846923002
Size
3,000 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
3911
Building Details
Year built
1950
Floors in Building
2
Number of units
5
Flooring type
Wood, Vinyl, Tile
Building materials
Frame, Stucco
Listing Agency:
Realty One of New Mexico
(505) 883-9400
Listed By:
Konrad L Werner · License #14716
(505) 480-4545
Added: Sep 10
Changed: Sep 14
Last Checked: Sep 27 at 12:06PM
MLS# 1110956
Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property includes five rental units distributed among multiple buildings on a single 0.17-acre lot. The buildings provide a combined 3,000 square feet of residential space, with individual unit sizes varying across the property. Built in 1950, the improvements feature frame and stucco construction, along with wood, tile, and vinyl flooring. Existing appliances include freestanding gas ranges and refrigerators. Some units require work, and the property is offered in its current as-is condition.
The property is located at 545 Cardenas Drive SE in Albuquerque, within Bernalillo County. The site includes landscaping, while the recorded room count includes seven bedrooms and five bathrooms across the buildings. The entire complex is vacant, allowing the next owner to evaluate the improvements and plan renovations without an existing occupancy arrangement.
The property is located at 545 Cardenas Drive SE in Albuquerque, within Bernalillo County. The site includes landscaping, while the recorded room count includes seven bedrooms and five bathrooms across the buildings. The entire complex is vacant, allowing the next owner to evaluate the improvements and plan renovations without an existing occupancy arrangement.
Key Highlights
- Five rental units across multiple buildings on one 0.17‑acre lot
- 3,000 square feet of combined property size
- Vacant complex offered in as‑is condition
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
$25,340
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
5.32%
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%
$506,800
$506.8K
Cap Rate 7%
$362,000
$362.0K
Cap Rate 9%
$281,556
$281.6K
Market Conditions
NOI Build-Up for 3,000 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
$48.6K $16.20/SF
− Vacancy
−$2.5K −$0.84/SF
EGI
$46.1K $15.36/SF
− OpEx
−$20.7K −$6.91/SF
NOI
$25.3K $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%
$506,800
Cap Rate 7%
$362,000
Cap Rate 9%
$281,556
Alternative Uses
Best Use
Apartment 5plus
$362.0K
$316.8K – $422.3K
NOI $25,340 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$725.8K
$635.0K – $846.7K
NOI $50,803 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,175
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Vacant multifamily compound with multiple buildings, landscaped grounds, and existing residential fixtures.
Where is this apartment building located?
The property is located at 545 Cardenas Drive SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $476,500.
What are key features of this property?
This property features: Five rental units across multiple buildings on one 0.17‑acre lot; 3,000 square feet of combined property size; Vacant complex offered in as‑is condition
