Multifamily Property with Mobile
604 Joseph Ave, Estancia, NM 87016
For Sale
$345,000
The property combines four one-bedroom apartments with a separate two-bedroom mobile home.
Property Size2,046 SF
Price / SF$168.62
Days on Market22
Property Features for 604 Joseph Ave
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Listing Agency:
Hawkeye Realty
Listed By:
Patrick Todd Sledge · License #19817
(505) 705-0162
Source:
Findalbuquerqueproperties
Added: Oct 19
Changed: Nov 3
Last Checked: Nov 8 at 6:34AM
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 Hawkeye Realty
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,046-square-foot multifamily property includes four apartments, each with one bedroom and one bathroom, plus a separate mobile home with two bedrooms and two bathrooms. The roof and stucco are newer, and the property is fully occupied by long-term tenants.
Utility arrangements vary by dwelling: the mobile home pays its own utilities, while two apartments cover their own electricity. The owner pays gas and water for the apartments.
Utility arrangements vary by dwelling: the mobile home pays its own utilities, while two apartments cover their own electricity. The owner pays gas and water for the apartments.
Key Highlights
- Four apartments, each with 1 bedroom and 1 bathroom
- Separate mobile home with 2 bedrooms and 2 bathrooms
- 2,046 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,045
Cap Rate
4.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$340,900
$340.9K
Cap Rate 7%
$243,500
$243.5K
Cap Rate 9%
$189,389
$189.4K
Market Conditions
NOI Build-Up for 2,046 SF
Gross rent
$33.1K $16.20/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$31.0K $15.15/SF
− OpEx
−$13.9K −$6.82/SF
NOI
$17.0K $8.33/SF
Area
Torrance County, NM
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$340,900
Cap Rate 7%
$243,500
Cap Rate 9%
$189,389
Alternative Uses
Best Use
Apartment 5plus
$243.5K
$213.1K – $284.1K
NOI $17,045 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$480.2K
$420.2K – $560.3K
NOI $33,617 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
Explore this area
Business Placement
Demographics for 87016, NM
3,091
Population
1,390
Households
2.2
Avg Household Size
44
Median Age
11%
College-Educated
90%
High-School Grad
582.6 sq mi
ZIP Area
5
Density / Sq Mi
$44,129
Median Household Income
$30,879
Median Earnings
$823
Median Rent
$117,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - The property combines four one-bedroom apartments with a separate two-bedroom mobile home.
Where is this multifamily property located?
The property is located at 604 Joseph Ave Estancia, NM.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Four apartments, each with 1 bedroom and 1 bathroom; Separate mobile home with 2 bedrooms and 2 bathrooms; 2,046 square feet
