6-Unit Apartment
For Sale
$1,500,000
615 Iron Avenue SW, Albuquerque, NM 87102
MULTI_FAMILY - Albuquerque, NM
Property Size6,574 SF
Lot Size0.16 Acres
Price / SF$228.17
Days on Market1770
Property Features for 615 Iron Avenue SW
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-MH*
Bedrooms
12
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 6, Bedroom 7, Bedroom 6, Bathroom 2, Bathroom 10, Bedroom 4, Bathroom 11, Bedroom 8, Bathroom 5, Bedroom 2, Bedroom 11, Bathroom 8, Bedroom 10, Bedroom 3, Bedroom 12, Bedroom 5, Bedroom 9, Bathroom 1, Bathroom 12, Bathroom 9, Bathroom 3, Bathroom 7, Bathroom 4, Bedroom 1
Appliances
BuiltInGasRange
Subdivision
Block X Atlantic And Pacific Add
Directions
South on 8th St. from Central, East on Iron to property.
Standard status
Active
APN
101405705927520204
Size
6,574 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
16575
Utilities
Heating system
Electric (Heating), Central, Forced Air
Cooling system
Ductless
Building Details
Year built
2023
Floors in Building
3
Number of units
6
Flooring type
Tile, Carpet, Concrete
Building materials
Frame, Stucco
Listing Agency:
Berkshire Hathaway NM Prop · Berkshire Hathaway HomeServices
(505) 798-6300
Listed By:
Thomas Gallegos · License #45240
(505) 261-8687
Added: Oct 7, 2021
Changed: Aug 1
Last Checked: Aug 11 at 7:06PM
MLS# 1102929
Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6-unit apartment building was built in 2023 and totals 6,574 SF on a 0.16-acre lot. Construction is frame with stucco. Interior finishes include tile, carpet, and concrete flooring. Heating is electric central forced air, and cooling is provided by ductless systems. Appliances include a built-in gas range.
The property is currently operated as short-term rentals. Public remarks indicate 5 of 6 units are cash-flowing Airbnb units.
With newer construction and an established short-term rental operating model, the building offers a streamlined profile for buyers seeking a smaller multifamily asset designed for low-maintenance ownership. Unit layouts are described as efficient with contemporary finishes.
The property is currently operated as short-term rentals. Public remarks indicate 5 of 6 units are cash-flowing Airbnb units.
With newer construction and an established short-term rental operating model, the building offers a streamlined profile for buyers seeking a smaller multifamily asset designed for low-maintenance ownership. Unit layouts are described as efficient with contemporary finishes.
Key Highlights
- Built in 2023 and totals 6,574 SF on 0.16 acres
- 6‑unit apartment building currently operated as short‑term rentals
- Public remarks: 5 of 6 units are 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
$55,528
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
3.70%
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%
$1,110,560
$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
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
$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 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%
$1,110,560
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.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,978
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Newer 6-unit apartment building built in 2023, currently operated as short-term rentals with ductless cooling.
Where is this apartment building located?
The property is located at 615 Iron Avenue 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: Built in 2023 and totals 6,574 SF on 0.16 acres; 6‑unit apartment building currently operated as short‑term rentals; Public remarks: 5 of 6 units are cash‑flowing Airbnb rentals
