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 Market202
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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
Listed By:
Thomas Gallegos · License #45240
(505) 261-8687
Source:
Carnm.resimplifi
Added: Mar 28
Changed: Oct 11
Last Checked: Oct 14 at 7:37PM
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 / Yr
$50,815
Cap Rate
3.39%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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
