6-Unit Apartment
For Sale
$444,272
616 & 618 Mesilla Street Se, Albuquerque, NM 87108
Multifamily property with studio and two-bedroom residences, including units supported by housing voucher programs.
Property Size2,218 SF
Price / SF$200.30
Days on Market21
Property Features for 616 & 618 Mesilla Street Se
General Information
Standard status
Active
Size
2,218 SF
Property subtype
Residential Income
Additional Details
Cap Rate
8.74%
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,042
Listing Agency:
Trinity Apartment Company LLC
(505) 269-1824
Listed By:
Trey W. Whaley · License #20250899
(505) 269-1824
Source:
Exprealty
Added: Aug 3
Changed: Aug 21
Last Checked: Aug 22 at 10:36AM
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 Trinity Apartment Company LLC
Investment Insights
Based on property information with market context.
This six-unit apartment property includes a mix of studio/1-bath and 2-bedroom/1-bath residences. The unit configuration provides different housing formats within one multifamily asset, while a significant portion of the tenant base participates in housing voucher programs.
Located at 616 & 618 Mesilla Street SE in Albuquerque, New Mexico, the property is positioned within the city’s workforce housing sector. Operations reflect an 8.74% cap rate, and the asset has been maintained by a local owner involved in management and upkeep. The property is offered for sale as a multifamily investment.
Located at 616 & 618 Mesilla Street SE in Albuquerque, New Mexico, the property is positioned within the city’s workforce housing sector. Operations reflect an 8.74% cap rate, and the asset has been maintained by a local owner involved in management and upkeep. The property is offered for sale as a multifamily investment.
Key Highlights
- Six‑unit apartment property at 616 & 618 Mesilla Street SE
- Unit mix includes studios with 1 bath and 2‑bedroom units with 1 bath
- A significant portion of tenants is supported by housing voucher programs
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
$18,735
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
4.22%
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%
$374,700
$374.7K
Cap Rate 7%
$267,643
$267.6K
Cap Rate 9%
$208,167
$208.2K
Market Conditions
NOI Build-Up for 2,218 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
$35.9K $16.20/SF
− Vacancy
−$1.9K −$0.84/SF
EGI
$34.1K $15.36/SF
− OpEx
−$15.3K −$6.91/SF
NOI
$18.7K $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%
$374,700
Cap Rate 7%
$267,643
Cap Rate 9%
$208,167
Alternative Uses
Best Use
Apartment 5plus
$267.6K
$234.2K – $312.3K
NOI $18,735 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$536.6K
$469.5K – $626.0K
NOI $37,560 @ 7.0% cap · market cap 8.45%
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
685
Businesses Nearby
Explore this area
Business Placement
Demographics for 87108, NM
36,773
Population
19,153
Households
1.9
Avg Household Size
39
Median Age
33%
College-Educated
85%
High-School Grad
5.9 sq mi
ZIP Area
6,233
Density / Sq Mi
$39,578
Median Household Income
$31,478
Median Earnings
$828
Median Rent
$227,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with studio and two-bedroom residences, including units supported by housing voucher programs.
Where is this apartment building located?
The property is located at 616 & 618 Mesilla Street Se Albuquerque, NM.
What is the asking price?
The asking price for this property is $444,272.
What are key features of this property?
This property features: Six‑unit apartment property at 616 & 618 Mesilla Street SE; Unit mix includes studios with 1 bath and 2‑bedroom units with 1 bath; A significant portion of tenants is supported by housing voucher programs
