Remodeled Three-Unit
New
For Sale
$417,000
612 N 3rd St, Belen, NM 87002
Metal roofing and covered parking support the property’s three-unit configuration.
Property Size2,005 SF
Price / SF$207.98
Days on Market6
Property Features for 612 N 3rd St
General Information
Standard status
Active
Size
2,005 SF
Property subtype
Multi-Family
Financials
Cap Rate
6.8%
Gross Income
$34,200
Additional Details
Multifamily Units
3
Building Details
Year Built
1962
Listing Agency:
Coba Investment Company
(505) 217-6904
Listed By:
Sonya M Sanchez
Source:
Thesouthwestlife
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 30 at 8:29PM
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 Coba Investment Company
Investment Insights
Based on property information with market context.
This triplex includes a 1,105-square-foot main residence with two bedrooms and 1.75 baths, plus two additional units measuring approximately 450 square feet each. The property totals 2,005 square feet and includes ample covered parking for the main residence. Remodeling was completed approximately 4+ years ago, and all three structures feature metal roofs.
Built in 1962, the property is located at 612 N 3rd St in Belen, New Mexico. The three-unit layout combines a larger primary home with two compact secondary residences, creating a straightforward multifamily configuration. The reported 6.8% CAP Rate provides an additional operating metric for review.
Built in 1962, the property is located at 612 N 3rd St in Belen, New Mexico. The three-unit layout combines a larger primary home with two compact secondary residences, creating a straightforward multifamily configuration. The reported 6.8% CAP Rate provides an additional operating metric for review.
Key Highlights
- Three‑unit multifamily property totaling 2,005 square feet
- Main residence measures approximately 1,105 SQ Ft with 2 bedrooms and 1.75 baths
- Two additional units measure approximately 450 SQ ft each
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
$16,711
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
4.01%
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%
$334,220
$334.2K
Cap Rate 7%
$238,729
$238.7K
Cap Rate 9%
$185,678
$185.7K
Market Conditions
NOI Build-Up for 2,005 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
$25.3K $12.60/SF
− Vacancy
−$1.4K −$0.69/SF
EGI
$23.9K $11.91/SF
− OpEx
−$7.2K −$3.57/SF
NOI
$16.7K $8.33/SF
Area
Valencia County, NM
Vacancy
5.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
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%
$334,220
Cap Rate 7%
$238,729
Cap Rate 9%
$185,678
Alternative Uses
Best Use
Multifamily LT 5
$238.7K
$208.9K – $278.5K
NOI $16,711 @ 7.0% cap · market cap 4.01%
Second Best
Apartment 5plus
$218.6K
$191.3K – $255.0K
NOI $15,300 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$414.6K
$362.8K – $483.7K
NOI $29,021 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Explore this area
Business Placement
Demographics for 87002, NM
21,225
Population
9,210
Households
2.3
Avg Household Size
43
Median Age
19%
College-Educated
84%
High-School Grad
598.3 sq mi
ZIP Area
35
Density / Sq Mi
$51,537
Median Household Income
$30,896
Median Earnings
$859
Median Rent
$183,700
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?
Triplex - Metal roofing and covered parking support the property’s three-unit configuration.
Where is this triplex located?
The property is located at 612 N 3rd St Belen, NM.
What is the asking price?
The asking price for this property is $417,000.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 2,005 square feet; Main residence measures approximately 1,105 SQ Ft with 2 bedrooms and 1.75 baths; Two additional units measure approximately 450 SQ ft each
