12-Unit Townhome-Style Apartment
New
For Sale
$1,424,506
808 Ortiz Drive SE, Albuquerque, NM 87108
MULTI_FAMILY - Albuquerque, NM
Property Size9,650 SF
Lot Size0.46 Acres
Price / SF$147.62
Days on Market1
Property Features for 808 Ortiz Drive SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-ML*
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 4, Bedroom 5, Bathroom 1
Exterior features
Landscaping
Appliances
Refrigerator
Subdivision
Lots 2, 3 & 4, Block 6, Esparanza Addition
Directions
From I-25 and Gibson, east to Ortiz, north to property.
Standard status
Active
APN
101805604238321015
Size
9,650 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Description
Lots 2, 3 & 4, Block 6, Esparanza Addition
Tax Annual Amount
10569
Legal Description
Lots 2, 3 & 4, Block 6, Esparanza Addition
Utilities
Heating system
Forced Air
Amenities
secured courtyard
gated entry
Building Details
Year built
1972
Floors in Building
2
Number of units
12
Flooring type
Vinyl
Building materials
Block, Frame, Stucco
Listing Agency:
NM Apartment Advisors, Inc.
(505) 440-8633
Listed By:
Todd D Clarke · License #13711
(505) 440-8633
Added: Aug 10
Last Checked: Aug 10 at 3:06PM
MLS# 1108861
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 12-unit apartment compound encompasses 9,650 square feet on 0.46 acres across 804, 808, and 812 Ortiz Drive SE. The 804 and 808 buildings feature two-story, townhome-style apartments with two-bedroom layouts, spacious living areas, galley kitchens with appliances, separate utility rooms, full-size washers and dryers, private patios, and backyard areas. Several residences have updated appliances, vinyl plank or tile flooring, fixtures, and finishes.
The 812 building is a two-story fourplex with two three-bedroom, 1.5-bath units and two two-bedroom, one-bath units. Its plaza-style courtyard includes balconies and patio areas, while gated entry and secured common spaces serve the property. Apartments are separately metered for gas and electric, and the buildings include detached storage, landscaping, block, frame, and stucco construction, vinyl flooring, and forced-air heating.
The property is in Albuquerque near parks, shopping, Nob Hill, I-40, Kirtland Air Force Base, and the Albuquerque Community Services Headquarters. Interior and exterior upgrades have been completed across portions of the compound, with some apartments fully updated and others partially updated.
The 812 building is a two-story fourplex with two three-bedroom, 1.5-bath units and two two-bedroom, one-bath units. Its plaza-style courtyard includes balconies and patio areas, while gated entry and secured common spaces serve the property. Apartments are separately metered for gas and electric, and the buildings include detached storage, landscaping, block, frame, and stucco construction, vinyl flooring, and forced-air heating.
The property is in Albuquerque near parks, shopping, Nob Hill, I-40, Kirtland Air Force Base, and the Albuquerque Community Services Headquarters. Interior and exterior upgrades have been completed across portions of the compound, with some apartments fully updated and others partially updated.
Key Highlights
- 12‑unit apartment compound spanning 9,650 square feet on 0.46 acres
- Unit mix includes two 3‑bedroom/1.5‑bath apartments and two 2‑bedroom/1‑bath apartments at 812 Ortiz
- Two‑story townhome‑style layouts at 804 and 808 Ortiz with private patios and backyard areas
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
989
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 - Multifamily compound with separately metered utilities, private outdoor areas, secured access, and a mix of renovated interiors.
Where is this apartment building located?
The property is located at 808 Ortiz Drive 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 apartment compound spanning 9,650 square feet on 0.46 acres; Unit mix includes two 3‑bedroom/1.5‑bath apartments and two 2‑bedroom/1‑bath apartments at 812 Ortiz; Two‑story townhome‑style layouts at 804 and 808 Ortiz with private patios and backyard areas
