Modern 6-Unit Apartment
For Sale
$1,500,000
615-615 Iron Ave SW, Albuquerque, NM 87102
Recently constructed multifamily property with contemporary finishes, efficient layouts, and short-term rental operations in place.
Property Size6,016 SF
Price / SF$249.34
Days on Market157
Property Features for 615-615 Iron Ave SW
General Information
Standard status
Active
Size
6,016 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
6
Amenities
Power
Water
Sewer
Building Details
Year Built
2023
Buildings
1
Listing Agency:
Berkshire Hathaway NM Commercial Real Estate
(505) 261-8687
Listed By:
Thomas Gallegos · License #45240
(505) 261-8687
Source:
Carnm.resimplifi
Added: Mar 28
Changed: Aug 30
Last Checked: Aug 30 at 2:00PM
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 Berkshire Hathaway NM Commercial Real Estate
Investment Insights
Based on property information with market context.
This 6-unit apartment building contains 6,016 square feet and was completed in 2023. The property features contemporary interior finishes and efficient unit layouts within a newer multifamily structure. Five of the six units are currently operating as Airbnb rentals and generating cash flow, while the building is presented as an income-producing residential asset.
Located at 615-615 Iron Ave SW in Albuquerque, New Mexico, the property combines an established apartment configuration with an existing short-term rental operating model. Its recent construction provides a modern physical profile, and the six-unit layout offers a clearly defined multifamily footprint for continued operation or management review.
Located at 615-615 Iron Ave SW in Albuquerque, New Mexico, the property combines an established apartment configuration with an existing short-term rental operating model. Its recent construction provides a modern physical profile, and the six-unit layout offers a clearly defined multifamily footprint for continued operation or management review.
Key Highlights
- 6‑unit apartment building with 6,016 SF
- Built in 2023
- Five of six units operating as cash‑flowing Airbnb rentals
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
$50,815
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
3.39%
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%
$1,016,300
$1.0M
Cap Rate 7%
$725,929
$725.9K
Cap Rate 9%
$564,611
$564.6K
Market Conditions
NOI Build-Up for 6,016 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
$97.5K $16.20/SF
− Vacancy
−$5.1K −$0.84/SF
EGI
$92.4K $15.36/SF
− OpEx
−$41.6K −$6.91/SF
NOI
$50.8K $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%
$1,016,300
Cap Rate 7%
$725,929
Cap Rate 9%
$564,611
Alternative Uses
Best Use
Apartment 5plus
$725.9K
$635.2K – $846.9K
NOI $50,815 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.27M – $1.70M
NOI $101,877 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,856
Businesses Nearby
Explore this area
Business Placement
Demographics for 87102, NM
20,610
Population
11,346
Households
1.8
Avg Household Size
38
Median Age
34%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,171
Density / Sq Mi
$37,276
Median Household Income
$29,184
Median Earnings
$868
Median Rent
$174,400
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 - Recently constructed multifamily property with contemporary finishes, efficient layouts, and short-term rental operations in place.
Where is this apartment building located?
The property is located at 615-615 Iron Ave SW Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 6‑unit apartment building with 6,016 SF; Built in 2023; Five of six units operating as cash‑flowing Airbnb rentals
