Renovated Quadplex With Unit
New
For Sale
$383,500
805 Ortiz Dr SE, Albuquerque, NM 87108
Four-unit residential income property with three updated apartments and one larger unit offering a different configuration.
Property Size2,574 SF
Price / SF$148.99
Days on Market7
Property Features for 805 Ortiz Dr SE
General Information
Standard status
Active
Size
2,574 SF
Property subtype
Multi-Family
Building Details
Year Built
1945
Listing Agency:
LPT Realty
(505) 710-6918
Listed By:
Casa ABQ
Source:
Thesouthwestlife
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 30 at 6:45PM
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 LPT Realty
Investment Insights
Based on property information with market context.
Built in 1945, this 2,574-square-foot quadplex contains four apartments: three 1BR/1BA units that have been renovated and one larger 2BR/1BA unit that remains unimproved. Upgrades to the renovated apartments include kitchen cabinetry and countertops, bath surrounds and vanities, water heaters, wall-mounted heating units, windows, lighting, paint, and refinished hardwood flooring.
The property is located at 805 Ortiz Dr SE in Albuquerque, New Mexico. Rents are currently in place across the property. The larger two-bedroom apartment has not yet received the renovations completed in the other units, creating a distinct difference in condition within the unit mix.
The property is located at 805 Ortiz Dr SE in Albuquerque, New Mexico. Rents are currently in place across the property. The larger two-bedroom apartment has not yet received the renovations completed in the other units, creating a distinct difference in condition within the unit mix.
Key Highlights
- Four‑unit quadplex with three 1BR/1BA apartments and one 2BR/1BA apartment
- 2,574 SF property built in 1945
- Three apartments renovated with new cabinets, countertops, bath finishes, water heaters, windows, lighting, paint, and refinished hardwood floors
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
$23,497
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
6.13%
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%
$469,940
$469.9K
Cap Rate 7%
$335,671
$335.7K
Cap Rate 9%
$261,078
$261.1K
Market Conditions
NOI Build-Up for 2,574 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
$35.5K $13.80/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$33.6K $13.04/SF
− OpEx
−$10.1K −$3.91/SF
NOI
$23.5K $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%
$469,940
Cap Rate 7%
$335,671
Cap Rate 9%
$261,078
Alternative Uses
Best Use
Multifamily LT 5
$335.7K
$293.7K – $391.6K
NOI $23,497 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$310.6K
$271.8K – $362.4K
NOI $21,742 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$622.7K
$544.9K – $726.5K
NOI $43,589 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,782
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential income property with three updated apartments and one larger unit offering a different configuration.
Where is this quadplex located?
The property is located at 805 Ortiz Dr SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $383,500.
What are key features of this property?
This property features: Four‑unit quadplex with three 1BR/1BA apartments and one 2BR/1BA apartment; 2,574 SF property built in 1945; Three apartments renovated with new cabinets, countertops, bath finishes, water heaters, windows, lighting, paint, and refinished hardwood floors
