6-Unit Apartment
For Sale
$1,500,000
615 Iron Ave SW, Albuquerque, NM 87102
Five units currently operate as Airbnb rentals.
Property Size6,574 SF
Price / SF$228.17
Days on Market68
Property Features for 615 Iron Ave SW
General Information
Standard status
Active
Size
6,574 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
6
Building Details
Year Built
2023
Buildings
1
Listing Agency:
Berkshire Hathaway NM Prop
Listed By:
Thomas Gallegos · License #45240
(505) 261-8687
Source:
Thesouthwestlife
Added: Aug 7
Changed: Oct 6
Last Checked: Oct 7 at 1:01PM
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 Prop
Investment Insights
Based on property information with market context.
Completed in 2023, this 6,574-square-foot apartment building contains six units with contemporary finishes and efficient layouts. Five units are currently operated as Airbnb rentals, while the sixth unit is not identified as operating in that format.
Located at 615 Iron Ave SW in Albuquerque, New Mexico, the property combines newer construction with an established short-term rental operation. The building’s recent construction and six-unit configuration provide a straightforward multifamily profile for evaluating residential income use.
Located at 615 Iron Ave SW in Albuquerque, New Mexico, the property combines newer construction with an established short-term rental operation. The building’s recent construction and six-unit configuration provide a straightforward multifamily profile for evaluating residential income use.
Key Highlights
- Six‑unit apartment building completed in 2023
- 6,574 square feet of building area
- Five of six units currently operate as Airbnb rentals
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,528
Cap Rate
3.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,110,560
$1.1M
Cap Rate 7%
$793,257
$793.3K
Cap Rate 9%
$616,978
$617.0K
Market Conditions
NOI Build-Up for 6,574 SF
Gross rent
$106.5K $16.20/SF
− Vacancy
−$5.5K −$0.84/SF
EGI
$101.0K $15.36/SF
− OpEx
−$45.4K −$6.91/SF
NOI
$55.5K $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%
$1,110,560
Cap Rate 7%
$793,257
Cap Rate 9%
$616,978
Alternative Uses
Best Use
Apartment 5plus
$793.3K
$694.1K – $925.5K
NOI $55,528 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,327 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Five units currently operate as Airbnb rentals.
Where is this apartment building located?
The property is located at 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: Six‑unit apartment building completed in 2023; 6,574 square feet of building area; Five of six units currently operate as Airbnb rentals
