Multifamily Property with
For Sale
$899,900
807 8th Street NW, Albuquerque, NM 87102
ResidentialIncome, Albuquerque, NM
Property Size3,201 SF
Lot Size0.20 Acres
Price / SF$281.13
Days on Market202
Property Features for 807 8th Street NW
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
MX-L*
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 3, Bathroom 5, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3
Parking
13
Interior features
CeilingFans
Appliances
FreeStandingElectricRange, Refrigerator
Subdivision
Nichols And Bowd En Add
Directions
The property is located on the north side of Lomas NW, the entire city block between 8th St. and Keleher.
Standard status
Active
APN
101405804816633604
Size
3,201 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
7215
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Building Details
Year built
1936
Floors in Building
1
Number of units
5
Flooring type
Tile
Building materials
Frame, Stucco, WoodSiding
Listing Agency:
RE/MAX SELECT · RE/MAX International
(505) 798-1000
Listed By:
Alice Richards Meyerhoff · License #14006
(505) 263-7813
Added: Feb 10
Changed: Aug 19
Last Checked: Aug 31 at 9:06PM
MLS# 1098626
Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property comprises 3,201 square feet across three buildings on a 0.2-acre lot. The configuration includes one larger residential unit, two upstairs loft-style studios, and two detached casita-style residences. Interior details include tile flooring, forced-air heating, ceiling fans, a freestanding electric range, and a refrigerator. The buildings feature frame, stucco, and wood siding construction and date to 1936.
Located at 807 8th Street NW near the 8th Street and Lomas area of Albuquerque, the property includes 13 parking spaces. Gas and electric service are separately metered, providing distinct utility accounting for the residential improvements. The two detached casitas are identified as 702 and 702 1/2 Kelleher NW.
Located at 807 8th Street NW near the 8th Street and Lomas area of Albuquerque, the property includes 13 parking spaces. Gas and electric service are separately metered, providing distinct utility accounting for the residential improvements. The two detached casitas are identified as 702 and 702 1/2 Kelleher NW.
Key Highlights
- 3,201‑square‑foot multifamily property on a 0.2‑acre lot
- Three total buildings with one larger unit and two upstairs loft‑style studios
- Two detached casita‑style properties at 702 and 702 1/2 Kelleher NW
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
$27,038
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
3.00%
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%
$540,760
$540.8K
Cap Rate 7%
$386,257
$386.3K
Cap Rate 9%
$300,422
$300.4K
Market Conditions
NOI Build-Up for 3,201 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
$51.9K $16.20/SF
− Vacancy
−$2.7K −$0.84/SF
EGI
$49.2K $15.36/SF
− OpEx
−$22.1K −$6.91/SF
NOI
$27.0K $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%
$540,760
Cap Rate 7%
$386,257
Cap Rate 9%
$300,422
Alternative Uses
Best Use
Apartment 5plus
$386.3K
$338.0K – $450.6K
NOI $27,038 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$774.4K
$677.6K – $903.5K
NOI $54,207 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,402
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?
Multifamily property - Three-building residential property with detached casitas, loft-style studios, separate utility metering, and on-site parking.
Where is this multifamily property located?
The property is located at 807 8th Street NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 3,201‑square‑foot multifamily property on a 0.2‑acre lot; Three total buildings with one larger unit and two upstairs loft‑style studios; Two detached casita‑style properties at 702 and 702 1/2 Kelleher NW
