8-Unit Apartment
For Sale
$798,456
635 & 637 Mesilla St SE, Albuquerque, NM 87108
Multifamily property with voucher-supported tenancy and R-ML zoning.
Property Size2,688 SF
Price / SF$297.04
Days on Market97
Property Features for 635 & 637 Mesilla St SE
General Information
Standard status
Active
Size
2,688 SF
Property subtype
Multi-Family
Additional Details
Cap Rate
7.25%
Multifamily Units
8
Building Details
Year Built
1970
Listing Agency:
Trinity Apartment Company LLC
Listed By:
Trey W. Whaley · License #20250899
(505) 269-1824
Source:
Thesouthwestlife
Added: Jul 11
Changed: Oct 13
Last Checked: Oct 7 at 2:20PM
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 eight-unit apartment property is configured for workforce housing and includes a mix of one-bedroom and two-bedroom residences, each with one bathroom. The asset is identified as R-ML zoned and has been maintained by a local owner with direct management involvement.
A significant share of the residents participates in housing voucher programs, providing government-backed rental support within the existing tenancy. The property is operating at a 7.25% cap rate and is located at 635 Mesilla St SE in Albuquerque, New Mexico. The asset may be acquired as part of a portfolio or on an individual basis, as stated in the property information.
A significant share of the residents participates in housing voucher programs, providing government-backed rental support within the existing tenancy. The property is operating at a 7.25% cap rate and is located at 635 Mesilla St SE in Albuquerque, New Mexico. The asset may be acquired as part of a portfolio or on an individual basis, as stated in the property information.
Key Highlights
- 8 total apartment units
- 7.25% cap rate
- Significant portion of tenants supported by housing voucher programs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,705
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$454,100
$454.1K
Cap Rate 7%
$324,357
$324.4K
Cap Rate 9%
$252,278
$252.3K
Market Conditions
NOI Build-Up for 2,688 SF
Gross rent
$43.5K $16.20/SF
− Vacancy
−$2.3K −$0.84/SF
EGI
$41.3K $15.36/SF
− OpEx
−$18.6K −$6.91/SF
NOI
$22.7K $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 Rate 5%
$454,100
Cap Rate 7%
$324,357
Cap Rate 9%
$252,278
Alternative Uses
Best Use
Apartment 5plus
$324.4K
$283.8K – $378.4K
NOI $22,705 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$650.3K
$569.0K – $758.7K
NOI $45,520 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
8
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
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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 - Multifamily property with voucher-supported tenancy and R-ML zoning.
Where is this apartment building located?
The property is located at 635 & 637 Mesilla St SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $798,456.
What are key features of this property?
This property features: 8 total apartment units; 7.25% cap rate; Significant portion of tenants supported by housing voucher programs
