Building Details

Year Built 1962

Listing Agency: Coba Investment Company

Listed By: Sonya M Sanchez Show Phone

Source: Thesouthwestlife

Added: Aug 25 Changed: Oct 8 Last Checked: Oct 7 at 2:16PM

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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.

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 / Yr

$16,711

Cap Rate

4.01%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $16,711 @ 7.0% cap · market cap 4.01%

Second Best

Apartment 5plus

$218.6K

$191.3K – $255.0K (±1% cap)

NOI $15,300 @ 7.0% cap · market cap 3.67%

Theoretical Best

Office A

$414.6K

$362.8K – $483.7K (±1% cap)

NOI $29,021 @ 7.0% cap · market cap 6.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Law Firm Electrical Service Grocery & Convenience Store (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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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