6-Unit Apartment
615 Iron Avenue SW, Albuquerque, NM 87102
For Sale
$1,500,000
Residential Income, Albuquerque, NM
Property Size6,574 SF
Lot Size0.16 Acres
Price / SF$228.17
Days on Market1862
Property Features for 615 Iron Avenue SW
General Information
Property type
Property subtype
Zoning
Bedrooms
Full bathrooms
Rooms
Subdivision
Directions
Standard status
APN
Size
Lot size
Additional Details
Currently Operating
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Building Details
Year built
Floors in Building
Number of units
Buildings
Listing Agency:
Berkshire Hathaway NM Prop · Berkshire Hathaway HomeServices
(505) 798-6300
Listed By:
Thomas Gallegos · License NM #45240
(505) 261-8687
Added: Oct 7, 2021
Changed: Nov 9
Last Checked: Nov 11 at 9:06AM
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.
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Investment Insights
Based on property information with market context.
Built in 2023, this 6-unit apartment property contains 6,574 square feet on a 0.16-acre parcel and carries R-MH* zoning. The listing identifies five units as currently cash flowing through Airbnb rentals, with the building operated as short-term lodging.
The property is located at 615 Iron Avenue SW in Albuquerque, New Mexico. Its newer construction and six-unit configuration are the primary physical details provided.
The property is located at 615 Iron Avenue SW in Albuquerque, New Mexico. Its newer construction and six-unit configuration are the primary physical details provided.
Key Highlights
- Six apartment units in a 6,574‑square‑foot building
- 2023 construction on a 0.16‑acre parcel
- R‑MH* zoning
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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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,856
Businesses Nearby
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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
$174,400
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Albuquerque, NM
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Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The property is configured for short-term rental operation, with five units currently producing Airbnb income.
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: Six apartment units in a 6,574‑square‑foot building; 2023 construction on a 0.16‑acre parcel; R‑MH* zoning
