13-Unit Apartment
For Sale
$1,144,491
609 Mesilla St Se, Albuquerque, NM 87108
One- and two-bedroom units serve a tenant base that includes housing voucher participants.
Property Size6,896 SF
Price / SF$165.96
Days on Market13
Property Features for 609 Mesilla St Se
General Information
Standard status
Active
Size
6,896 SF
Property subtype
Residential Income
Additional Details
Cap Rate
8.35%
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$15,448
Listing Agency:
Trinity Apartment Company LLC
(505) 269-1824
Listed By:
Trey W. Whaley · License #20250899
(505) 269-1824
Source:
Exprealty
Added: Aug 1
Changed: Aug 12
Last Checked: Aug 12 at 10:32AM
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
Investment Insights
Based on property information with market context.
This 13-unit apartment property contains 6,896 square feet at 609 Mesilla St SE in Albuquerque, New Mexico. The unit mix includes one-bedroom, one-bath residences and two-bedroom, one-bath residences, offering a combination of smaller and larger apartment layouts.
A significant portion of the tenancy is supported by housing voucher programs. The property operates at an 8.35% cap rate and has been managed and maintained by a hands-on local owner.
A significant portion of the tenancy is supported by housing voucher programs. The property operates at an 8.35% cap rate and has been managed and maintained by a hands-on local owner.
Key Highlights
- 13‑unit apartment property with 6,896 square feet
- Unit mix includes 1‑bedroom/1‑bath and 2‑bedroom/1‑bath units
- 8.35% cap rate
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
$58,248
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
5.09%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
715
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
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 - One- and two-bedroom units serve a tenant base that includes housing voucher participants.
Where is this apartment building located?
The property is located at 609 Mesilla St Se 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 property with 6,896 square feet; Unit mix includes 1‑bedroom/1‑bath and 2‑bedroom/1‑bath units; 8.35% cap rate
