Townhome-Style Apartment
For Sale
$1,424,506
808 Ortiz Dr Se, Albuquerque, NM 87108
Twelve-unit multifamily property with private outdoor areas, separate utility metering, and a mix of renovated interiors.
Property Size9,650 SF
Price / SF$147.62
Days on Market14
Property Features for 808 Ortiz Dr Se
General Information
Standard status
Active
Size
9,650 SF
Property subtype
Residential Income
Financials
Asking Price
$1,424,506
Cap Rate
6.86%
Gross Rent Multiplier
8.73
Average Monthly Rent
$1,134
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$10,569
Amenities
dishwasher
washer/dryer
storage closets
secured courtyard
gated entry
private backyard
patio
Building Details
Stories
2
Listing Agency:
NM Apartment Advisors, Inc.
(505) 440-8633
Listed By:
Todd D Clarke · License #13711
(505) 440-8633
Source:
Exprealty
Added: Aug 10
Changed: Aug 22
Last Checked: Aug 22 at 7:02AM
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 NM Apartment Advisors, Inc.
Investment Insights
Based on property information with market context.
This 12-unit multifamily compound combines two-story townhome-style apartments with a fourplex arranged around a courtyard. Units include two- and three-bedroom layouts, private bedrooms, full and half baths, galley kitchens with appliances, separate utility rooms, full-size washer and dryer connections, storage, and private patios or backyards. The fourplex includes two 3 bed / 1.5 bath plans and two 2 bed / 1 bath plans. Several apartments have received interior and exterior upgrades, including appliances, luxury vinyl plank and tile flooring, fixtures, and finishes.
The property includes secured and gated access, landscaped common areas, balconies, patio spaces, and detached storage closets. Gas and electric service are separately metered. The 9,650-square-foot compound is located at 804, 808, and 812 Ortiz Dr SE in Albuquerque, with access to parks, shopping, Nob Hill, I-40, Kirtland Air Force Base, and the Albuquerque Community Services Headquarters.
The property includes secured and gated access, landscaped common areas, balconies, patio spaces, and detached storage closets. Gas and electric service are separately metered. The 9,650-square-foot compound is located at 804, 808, and 812 Ortiz Dr SE in Albuquerque, with access to parks, shopping, Nob Hill, I-40, Kirtland Air Force Base, and the Albuquerque Community Services Headquarters.
Key Highlights
- 12‑unit multifamily compound with two‑story townhome‑style apartments
- 9,650 SF property across 804, 808, and 812 Ortiz Dr SE
- Unit mix includes two 3 bed / 1.5 bath plans and two 2 bed / 1 bath plans
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
$81,510
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
5.72%
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%
$1,630,200
$1.6M
Cap Rate 7%
$1,164,429
$1.2M
Cap Rate 9%
$905,667
$905.7K
Market Conditions
NOI Build-Up for 9,650 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
$156.3K $16.20/SF
− Vacancy
−$8.1K −$0.84/SF
EGI
$148.2K $15.36/SF
− OpEx
−$66.7K −$6.91/SF
NOI
$81.5K $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%
$1,630,200
Cap Rate 7%
$1,164,429
Cap Rate 9%
$905,667
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.02M – $1.36M
NOI $81,510 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $163,417 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
954
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 - Twelve-unit multifamily property with private outdoor areas, separate utility metering, and a mix of renovated interiors.
Where is this apartment building located?
The property is located at 808 Ortiz Dr 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‑unit multifamily compound with two‑story townhome‑style apartments; 9,650 SF property across 804, 808, and 812 Ortiz Dr SE; Unit mix includes two 3 bed / 1.5 bath plans and two 2 bed / 1 bath plans
