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    Modern Albuquerque Multifamily Investment Opportunity

    615 Iron Avenue SW Albuquerque, NM 87102

    615 Iron Avenue SW, Albuquerque, NM, 87102
    $1,500,000
    For Sale
    Claim this Listing
    $1,500,000

    MULTI_FAMILY - Albuquerque, NM

    Property Size6,574 SF
    Lot Size0.16 Acres
    Price / SF$228.17
    AddedOct 7, 2021
    Days on Market1743
    Last RefreshJul 15 at 6:06 am

    Property Features for 615 Iron Avenue SW

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    12
    Bathrooms
    12
    Rooms
    Bathroom 1, Bathroom 12, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 11, Bedroom 6, Bedroom 4, Bathroom 8, Bedroom 12, Bathroom 10, Bathroom 11, Bathroom 6, Bathroom 9, Bedroom 7, Bedroom 8, Bedroom 5, Bathroom 4, Bedroom 3, Bathroom 3, Bedroom 9, Bedroom 10, Bathroom 5, Bathroom 7
    Appliances
    BuiltInGasRange
    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
    Forced Air, Electric (Heating), Central
    Cooling system
    Ductless

    Building Details

    Year built
    2023
    Floors in Building
    3
    Number of units
    6
    Flooring type
    Concrete, Tile, Carpet
    Building materials
    Frame, Stucco

    Listing agent Thomas Gallegos License #45240

    Listing office Berkshire Hathaway NM Prop 6711 Academy Rd Ste B, Albuquerque, NM

    Listing date Oct 7, 2021

    MLS# 1102929 Listing URL

    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 modern 6-unit building in Albuquerque, New Mexico, presents an investment opportunity. Constructed approximately two years ago, the property showcases quality craftsmanship. Each unit features contemporary finishes and efficient layouts. Currently, 5 of the 6 units are operated as successful Airbnb rentals, offering income potential and cash flow. The property contains 6,574 square feet and is situated on a lot of 0.16 acres. The property is located in the 87102 postal code area of Albuquerque, Bernalillo County, New Mexico.

    Key Highlights

    • Modern 6‑unit building built in 2023
    • Built with frame and stucco construction materials
    • 5 of 6 units are currently operating as cash‑flowing Airbnb rentals (per APOD)

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $106.5k $16.20
    − Vacancy −$5.5k −$0.84
    EGI $101.0k $15.36
    − OpEx −$45.4k −$6.91
    NOI $55.5k $8.45
    6,574 SF · lease $16.20/SF/yr · vacancy 5.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $793.3K
    $694.1K – $925.5K (±1% cap)
    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 (±1% cap)
    NOI $111,327 @ 7.0% cap · market cap 7.42%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    HVAC Service Locksmith Carpet & Flooring Store Home Appliance Store Butcher (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Mobile Phone Store

    Zoning and permitted uses should be independently verified with local authorities.

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    FAQs

    What type of property is this?
    Apartment building - Newer 6-unit building, strong income potential, successful Airbnb rentals.
    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: Modern 6‑unit building built in 2023; Built with frame and stucco construction materials; 5 of 6 units are currently operating as cash‑flowing Airbnb rentals (per APOD)
    Contact an agent
    (505) 261-8687
    We can help!
    Contact an agent
    Thomas Gallegos
    Thomas Gallegos
    Real Estate License ID: 45240
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