13-Unit Multifamily
For Sale
$1,144,491
609 Mesilla St, Albuquerque, NM 87108
Well-maintained 13-unit rental portfolio with a balanced 1- and 2-bedroom mix and voucher-supported occupancy.
Property Size6,896 SF
Price / SF$165.96
Days on Market145
Property Features for 609 Mesilla St
General Information
Standard status
Active
Size
6,896 SF
Property subtype
Residential Income
Financials
Cap Rate
7.37%
Business Included
Yes
Additional Details
Multifamily Units
13
Building Details
Year Built
1984
Tenancy
Multi
Listing Agency:
Trinity Apartment Company LLC
Listed By:
Trey W. Whaley · License #20250899
(505) 622-3240
Source:
Findalbuquerqueproperties
Added: Jun 1
Changed: Oct 1
Last Checked: Oct 20 at 9:29PM
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 Trinity Apartment Company LLC
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Investment Insights
Based on property information with market context.
This for-sale 13-unit multifamily portfolio offers a well-balanced mix of 1-bedroom/1-bath and 2-bedroom/1-bath units. The property is described as well maintained, with care attributed to a hands-on, local owner focused on ongoing management and upkeep. The current operating profile is presented as producing immediate, stable cash flow, supported by a reported 7.37% cap rate in the seller’s remarks.
The asset is located at 609 Mesilla Street Southeast in Albuquerque, New Mexico. The property is positioned within the city’s workforce housing sector, with the unit mix described as aligned to consistent rental demand. The remarks also indicate a strong portion of the tenant base is supported by housing voucher programs.
For buyers and investors seeking a turnkey style acquisition, this portfolio’s mix of unit types can appeal to tenants looking for either 1-bedroom or 2-bedroom layouts, while voucher-supported rental income is noted as a factor that may help reduce collection risk. With documented emphasis on tenant stability and property maintenance, the asset may fit operators who value hands-on management and steady day-to-day fundamentals.
The asset is located at 609 Mesilla Street Southeast in Albuquerque, New Mexico. The property is positioned within the city’s workforce housing sector, with the unit mix described as aligned to consistent rental demand. The remarks also indicate a strong portion of the tenant base is supported by housing voucher programs.
For buyers and investors seeking a turnkey style acquisition, this portfolio’s mix of unit types can appeal to tenants looking for either 1-bedroom or 2-bedroom layouts, while voucher-supported rental income is noted as a factor that may help reduce collection risk. With documented emphasis on tenant stability and property maintenance, the asset may fit operators who value hands-on management and steady day-to-day fundamentals.
Key Highlights
- 13‑unit apartment portfolio in Albuquerque’s workforce housing sector
- Balanced unit mix: 1 bed/1 bath and 2 bed/1 bath units
- Operates at a 7.37% cap rate
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,248
Cap Rate
5.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,164,960
$1.2M
Cap Rate 7%
$832,114
$832.1K
Cap Rate 9%
$647,200
$647.2K
Market Conditions
NOI Build-Up for 6,896 SF
Gross rent
$111.7K $16.20/SF
− Vacancy
−$5.8K −$0.84/SF
EGI
$105.9K $15.36/SF
− OpEx
−$47.7K −$6.91/SF
NOI
$58.2K $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%
$1,164,960
Cap Rate 7%
$832,114
Cap Rate 9%
$647,200
Alternative Uses
Best Use
Apartment 5plus
$832.1K
$728.1K – $970.8K
NOI $58,248 @ 7.0% cap · market cap 5.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $116,780 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
13
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
685
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
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 13-unit rental portfolio with a balanced 1- and 2-bedroom mix and voucher-supported occupancy.
Where is this apartment building located?
The property is located at 609 Mesilla St Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,144,491.
What are key features of this property?
This property features: 13‑unit apartment portfolio in Albuquerque’s workforce housing sector; Balanced unit mix: 1 bed/1 bath and 2 bed/1 bath units; Operates at a 7.37% cap rate
