12-Unit Updated Apartment
For Sale
Contact for pricing
804 Ortiz SE, Albuquerque, NM 87108
Three fourplexes offer townhome-style layouts, private outdoor areas, and separately metered gas and electric utilities.
Property Size11,058 SF
Price / SF$128.82
Days on Market25
Property Features for 804 Ortiz SE
General Information
Standard status
Active
Size
11,058 SF
Property subtype
Multifamily
Zoning
R-ML
Occupancy
100%
Investment Type
Core+
Net Operating Income
$97,761
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
12
Amenities
storage closets
washer/dryer in unit
private backyards
patio
secured courtyard
gated entry
balconies
landscaped grounds
Building Details
Year Built
1972
Year Renovated
2025
Buildings
3
Stories
2
Units
12
Tenancy
Multi
Listing Agency:
N.M. Apartments, Inc.
(505) 440-8633
Listed By:
Todd Clarke · License #13711
Source:
Crexi
Added: Aug 8
Changed: Aug 30
Last Checked: Aug 31 at 9:12AM
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 apartment community comprises 12 units across three fourplexes, with a mix of two-story townhome-style residences and distinct floor plans. Units at 804 and 808 Ortiz SE include two bedrooms, full-size washer and dryer connections, galley kitchens with appliances, private backyards or patios, and detached storage closets. Several apartments have received updates including appliances, luxury vinyl plank and tile flooring, fixtures, and finishes.
The 812 Ortiz SE fourplex includes two three-bedroom, 1.5-bath residences and two two-bedroom, one-bath residences. Its two-story layouts open toward a courtyard with balconies and patio areas, while gated access provides additional security. Gas and electric utilities are separately metered, and the apartments include utility rooms and storage. The property is near parks, shopping, Nob Hill, I-40, Kirtland Air Force Base, and the Albuquerque Community Services Headquarters. Built in 1972 and zoned R-ML.
The 812 Ortiz SE fourplex includes two three-bedroom, 1.5-bath residences and two two-bedroom, one-bath residences. Its two-story layouts open toward a courtyard with balconies and patio areas, while gated access provides additional security. Gas and electric utilities are separately metered, and the apartments include utility rooms and storage. The property is near parks, shopping, Nob Hill, I-40, Kirtland Air Force Base, and the Albuquerque Community Services Headquarters. Built in 1972 and zoned R-ML.
Key Highlights
- 12 units arranged across three fourplexes
- Unit mix includes two 3 bed / 1.5 bath and two 2 bed / 1 bath residences at 812 Ortiz SE
- Two‑story townhome‑style apartments at 804 and 808 Ortiz SE
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
$93,403
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
6.56%
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%
$1,868,060
$1.9M
Cap Rate 7%
$1,334,329
$1.3M
Cap Rate 9%
$1,037,811
$1.0M
Market Conditions
NOI Build-Up for 11,058 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
$179.1K $16.20/SF
− Vacancy
−$9.3K −$0.84/SF
EGI
$169.8K $15.36/SF
− OpEx
−$76.4K −$6.91/SF
NOI
$93.4K $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%
$1,868,060
Cap Rate 7%
$1,334,329
Cap Rate 9%
$1,037,811
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.17M – $1.56M
NOI $93,403 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.68M
$2.34M – $3.12M
NOI $187,261 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,308
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 - Three fourplexes offer townhome-style layouts, private outdoor areas, and separately metered gas and electric utilities.
Where is this apartment building located?
The property is located at 804 Ortiz SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,424,506.
What are key features of this property?
This property features: 12 units arranged across three fourplexes; Unit mix includes two 3 bed / 1.5 bath and two 2 bed / 1 bath residences at 812 Ortiz SE; Two‑story townhome‑style apartments at 804 and 808 Ortiz SE
