Multifamily Portfolio with 1- and 2-Bed
For Sale
$1,397,298
613 Mesilla St, Albuquerque, NM 87108
57-unit apartment portfolio with a balanced 1- and 2-bedroom mix, supported in part by housing vouchers.
Property Size6,408 SF
Price / SF$218.06
Days on Market99
Property Features for 613 Mesilla St
General Information
Standard status
Active
Size
6,408 SF
Property subtype
Residential Income
Additional Details
Cap Rate
7.37%
Multifamily Units
57
Building Details
Year Built
1974
Listing Agency:
Trinity Apartment Company LLC
Listed By:
Trey W. Whaley · License #20250899
(505) 269-1824
Source:
Findalbuquerqueproperties
Added: Jun 3
Changed: Sep 8
Last Checked: Sep 8 at 4:44AM
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 57-unit apartment portfolio offers a well-balanced unit mix of 1-bedroom/1-bath and 2-bedroom/1-bath homes. The property is described as well maintained by a hands-on local owner, with an emphasis on management and upkeep that supports tenant stability. The offering is positioned as generating current income, with the operating performance stated at a 7.37% cap rate.
The property is located in Albuquerque’s workforce housing sector, where the unit mix is intended to align with consistent rental demand. Public remarks also note that a significant portion of the tenant base is supported by housing voucher programs, which are characterized as providing government-backed rental income.
For investors or operators looking for a multifamily portfolio with an established unit mix, this asset may fit well for someone seeking to own an occupied income-generating property. With both 1- and 2-bedroom/1-bath layouts, the building supports a broader range of household needs. The stated reliance on voucher-supported tenants and the property’s reported maintenance practices are practical considerations for underwriting and operations.
The property is located in Albuquerque’s workforce housing sector, where the unit mix is intended to align with consistent rental demand. Public remarks also note that a significant portion of the tenant base is supported by housing voucher programs, which are characterized as providing government-backed rental income.
For investors or operators looking for a multifamily portfolio with an established unit mix, this asset may fit well for someone seeking to own an occupied income-generating property. With both 1- and 2-bedroom/1-bath layouts, the building supports a broader range of household needs. The stated reliance on voucher-supported tenants and the property’s reported maintenance practices are practical considerations for underwriting and operations.
Key Highlights
- 57‑unit apartment portfolio in Albuquerque’s workforce housing sector
- Unit mix includes 1‑bedroom/1‑bath and 2‑bedroom/1‑bath units
- Portfolio supported in part by housing voucher programs (government‑backed rental income)
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
$54,126
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
3.87%
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%
$1,082,520
$1.1M
Cap Rate 7%
$773,229
$773.2K
Cap Rate 9%
$601,400
$601.4K
Market Conditions
NOI Build-Up for 6,408 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
$103.8K $16.20/SF
− Vacancy
−$5.4K −$0.84/SF
EGI
$98.4K $15.36/SF
− OpEx
−$44.3K −$6.91/SF
NOI
$54.1K $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%
$1,082,520
Cap Rate 7%
$773,229
Cap Rate 9%
$601,400
Alternative Uses
Best Use
Apartment 5plus
$773.2K
$676.6K – $902.1K
NOI $54,126 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,516 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
57
Residential units
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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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - 57-unit apartment portfolio with a balanced 1- and 2-bedroom mix, supported in part by housing vouchers.
Where is this apartment building located?
The property is located at 613 Mesilla St Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,397,298.
What are key features of this property?
This property features: 57‑unit apartment portfolio in Albuquerque’s workforce housing sector; Unit mix includes 1‑bedroom/1‑bath and 2‑bedroom/1‑bath units; Portfolio supported in part by housing voucher programs (government‑backed rental income)
