12-Unit Apartment
New
For Sale
$947,250
7524 2nd St NW, Albuquerque, NM 87107
Three-building apartment community with varied unit layouts, on-site parking, and a gated residential setting.
Property Size6,685 SF
Price / SF$141.70
Days on Market6
Property Features for 7524 2nd St NW
General Information
Standard status
Active
Size
6,685 SF
Property subtype
Multi-Family
Building Details
Year Built
1946
Listing Agency:
Platlabs, LLC
(303) 848-6215
Listed By:
Missy Ashcraft
(505) 362-6823
Source:
Missyashcraft
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 6:41AM
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 Platlabs, LLC
Investment Insights
Based on property information with market context.
This apartment property at 7524 2nd St NW comprises three buildings with 12 units totaling 6,685 square feet. The unit mix includes five studios, six one-bedroom apartments, and one two-bedroom apartment. Built in 1946, the community features thermal windows, on-site parking, and a gated compound layout, with a combination of modernized interiors and original character elements.
The property occupies a 3/4-acre site in Albuquerque’s north valley, across from 2nd Street Lenticular Park and a few blocks from the Rio Grande, Bosque Forest, and nature trails. Paseo Del Norte, identified as Highway 423, is 1.5 miles to the north, while a public library is less than a quarter-mile away. The surrounding area includes local retail, stores, restaurants, and breweries, with I-25 also nearby.
The property occupies a 3/4-acre site in Albuquerque’s north valley, across from 2nd Street Lenticular Park and a few blocks from the Rio Grande, Bosque Forest, and nature trails. Paseo Del Norte, identified as Highway 423, is 1.5 miles to the north, while a public library is less than a quarter-mile away. The surrounding area includes local retail, stores, restaurants, and breweries, with I-25 also nearby.
Key Highlights
- 12 units across three buildings
- Unit mix includes five studios, six 1‑bedrooms, and one 2‑bedroom apartment
- 6,685 square feet on a 3/4‑acre lot
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
$56,466
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
5.96%
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%
$1,129,320
$1.1M
Cap Rate 7%
$806,657
$806.7K
Cap Rate 9%
$627,400
$627.4K
Market Conditions
NOI Build-Up for 6,685 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
$108.3K $16.20/SF
− Vacancy
−$5.6K −$0.84/SF
EGI
$102.7K $15.36/SF
− OpEx
−$46.2K −$6.91/SF
NOI
$56.5K $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 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%
$1,129,320
Cap Rate 7%
$806,657
Cap Rate 9%
$627,400
Alternative Uses
Best Use
Apartment 5plus
$806.7K
$705.8K – $941.1K
NOI $56,466 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,206 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Explore this area
Business Placement
Demographics for 87107, NM
30,340
Population
13,441
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
92%
High-School Grad
14.6 sq mi
ZIP Area
2,078
Density / Sq Mi
$59,663
Median Household Income
$36,392
Median Earnings
$901
Median Rent
$282,000
Median Home Value
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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 - Three-building apartment community with varied unit layouts, on-site parking, and a gated residential setting.
Where is this apartment building located?
The property is located at 7524 2nd St NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $947,250.
What are key features of this property?
This property features: 12 units across three buildings; Unit mix includes five studios, six 1‑bedrooms, and one 2‑bedroom apartment; 6,685 square feet on a 3/4‑acre lot
