Charming Downtown
For Sale
Contact for pricing
Pending
715 Fruit NW, Albuquerque, NM 87102
Fourplex with a studio, two 1BR/1BA units, and a 2BR/1BA main residence plus separate laundry and resident parking.
Property Size2,565 SF
Days on Market64
Property Features for 715 Fruit NW
General Information
Standard status
Pending
Size
2,565 SF
Property subtype
Multifamily
Zoning
MX-L (Mixed use Light)
Investment Type
Stabilized
Financials
Cap Rate
5.4%
Business Included
Yes
Additional Details
Multifamily Units
4
Building Details
Year Built
1916
Buildings
2
Units
4
Tenancy
Multi
Listing Agency:
N.M. Apartments, Inc.
(505) 463-3565
Listed By:
Todd Clarke · License #13711
Source:
Crexi
Added: Jun 9
Changed: Aug 8
Last Checked: Jul 24 at 5:29PM
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 N.M. Apartments, Inc.
Investment Insights
Based on property information with market context.
This well-presented fourplex features a compact, character-filled layout with a studio unit, two 1BR/1BA units, and a larger main residence containing one 2BR/1BA unit. Units include hardwood floors, and the front units feature vaulted ceilings. Residents have access to an on-site, separate laundry room, along with high-speed internet and a camera system. Parking is available via alley and on-street options.
The property is tucked behind classic white picket fencing and is described as being well located with walking distance to the downtown core and biking distance to Old Town Plaza.
For tenants or buyers seeking a small multifamily with a varied unit mix, the configuration supports multiple lifestyle needs, from studio living through a larger 2BR/1BA main residence. The combination of in-building laundry and unit finishes such as hardwood floors and vaulted ceilings can be helpful for day-to-day usability and resident appeal. The alley and on-street parking setup provides straightforward options for resident vehicles.
The property is tucked behind classic white picket fencing and is described as being well located with walking distance to the downtown core and biking distance to Old Town Plaza.
For tenants or buyers seeking a small multifamily with a varied unit mix, the configuration supports multiple lifestyle needs, from studio living through a larger 2BR/1BA main residence. The combination of in-building laundry and unit finishes such as hardwood floors and vaulted ceilings can be helpful for day-to-day usability and resident appeal. The alley and on-street parking setup provides straightforward options for resident vehicles.
Key Highlights
- Downtown Albuquerque fourplex built in 1916 with 4 units: 1 studio, two 1BR/1BA, and one 2BR/1BA main residence
- Average rent listed as $981 with a GRM of 11.80 and cap rate of 5.40% at the ask price of $555,555
- Investment metrics at the ask price include $208.86 price per SF and $138,889 price per unit, with after‑tax IRR of 10.51%
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
$23,415
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
4.21%
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%
$468,300
$468.3K
Cap Rate 7%
$334,500
$334.5K
Cap Rate 9%
$260,167
$260.2K
Market Conditions
NOI Build-Up for 2,565 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
$35.4K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$33.5K $13.04/SF
− OpEx
−$10.0K −$3.91/SF
NOI
$23.4K $9.13/SF
Area
Albuquerque, NM
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$468,300
Cap Rate 7%
$334,500
Cap Rate 9%
$260,167
Alternative Uses
Best Use
Multifamily LT 5
$334.5K
$292.7K – $390.3K
NOI $23,415 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$309.5K
$270.8K – $361.1K
NOI $21,666 @ 7.0% cap · market cap 3.90%
Theoretical Best
Office A
$620.5K
$543.0K – $724.0K
NOI $43,437 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,998
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Fourplex with a studio, two 1BR/1BA units, and a 2BR/1BA main residence plus separate laundry and resident parking.
Where is this quadplex located?
The property is located at 715 Fruit NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $555,555.
What are key features of this property?
This property features: Downtown Albuquerque fourplex built in 1916 with 4 units: 1 studio, two 1BR/1BA, and one 2BR/1BA main residence; Average rent listed as $981 with a GRM of 11.80 and cap rate of 5.40% at the ask price of $555,555; Investment metrics at the ask price include $208.86 price per SF and $138,889 price per unit, with after‑tax IRR of 10.51%
