5-Unit Apartment
For Sale
$476,500
545 Cardenas Dr # 12-A, Albuquerque, NM 87108
Vacant multifamily asset comprising several buildings on one parcel, offered in its existing condition.
Property Size3,000 SF
Price / SF$158.83
Days on Market16
Property Features for 545 Cardenas Dr # 12-A
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
Some of the Units will need some work.
Additional Details
Multifamily Units
5
Building Details
Year Built
1950
Listing Agency:
Realty One of New Mexico
Listed By:
Konrad L Werner · License #14716
(505) 480-4545
Source:
Findalbuquerqueproperties
Added: Sep 12
Changed: Sep 27
Last Checked: Sep 26 at 7:28AM
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 multifamily property includes 5 rental units distributed among multiple buildings on a single lot. The combined property size is 3,000 square feet, with varying unit sizes. Several units require work, and the property is being offered vacant and in as-is condition. Built in 1950, the asset is suited for buyers evaluating a small apartment property with renovation needs.
The property is located at 545 Cardenas Dr # 12-A in Albuquerque, New Mexico. All units are currently vacant, allowing the next owner to assess the buildings and determine the appropriate scope of improvements without existing occupancy in place.
The property is located at 545 Cardenas Dr # 12-A in Albuquerque, New Mexico. All units are currently vacant, allowing the next owner to assess the buildings and determine the appropriate scope of improvements without existing occupancy in place.
Key Highlights
- 5 rental units across multiple buildings
- Single‑lot multifamily property
- 3,000 square feet of total property size
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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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Vacant multifamily asset comprising several buildings on one parcel, offered in its existing condition.
Where is this apartment building located?
The property is located at 545 Cardenas Dr # 12-A 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: 5 rental units across multiple buildings; Single‑lot multifamily property; 3,000 square feet of total property size
