Triplex With
For Sale
$342,000
816 Ortiz Dr SE, Albuquerque, NM 87108
Three leased units with varied private outdoor areas, parking, storage, and a garage-workshop configuration.
Property Size2,470 SF
Price / SF$138.46
Days on Market28
Property Features for 816 Ortiz Dr SE
General Information
Standard status
Active
Size
2,470 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
3
Amenities
courtyard
covered patio
Building Details
Year Built
1972
Listing Agency:
Realty One of New Mexico
(505) 480-1461
Listed By:
Anahi M Salcido · License #20470
Source:
Thesouthwestlife
Added: Aug 4
Changed: Aug 30
Last Checked: Aug 30 at 7:54PM
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 Realty One of New Mexico
Investment Insights
Based on property information with market context.
This triplex contains three separate units within a 2,470-square-foot property built in 1972. Shared outdoor features include a courtyard and covered patio. Unit A has an enclosed front yard, a single-car garage with additional storage or workshop space, two extra parking spaces, and a bathroom with a double vanity. Unit C offers a gated backyard with raised flower beds, a compost box, and two large storage sheds.
Each unit has at least one parking space, and all three units are leased. The property is located near Nob Hill, UNM, Kirtland Air Force Base, and the VA hospital.
Each unit has at least one parking space, and all three units are leased. The property is located near Nob Hill, UNM, Kirtland Air Force Base, and the VA hospital.
Key Highlights
- Three separate leased units in a 2,470‑square‑foot triplex
- Built in 1972 with a shared courtyard and covered patio
- Unit A includes a single‑car garage, storage or workshop area, and two extra parking spaces
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
$22,548
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
6.59%
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%
$450,960
$451.0K
Cap Rate 7%
$322,114
$322.1K
Cap Rate 9%
$250,533
$250.5K
Market Conditions
NOI Build-Up for 2,470 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
$34.1K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$32.2K $13.04/SF
− OpEx
−$9.7K −$3.91/SF
NOI
$22.5K $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%
$450,960
Cap Rate 7%
$322,114
Cap Rate 9%
$250,533
Alternative Uses
Best Use
Multifamily LT 5
$322.1K
$281.9K – $375.8K
NOI $22,548 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$298.0K
$260.8K – $347.7K
NOI $20,863 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$597.5K
$522.9K – $697.1K
NOI $41,828 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
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?
Triplex - Three leased units with varied private outdoor areas, parking, storage, and a garage-workshop configuration.
Where is this triplex located?
The property is located at 816 Ortiz Dr SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $342,000.
What are key features of this property?
This property features: Three separate leased units in a 2,470‑square‑foot triplex; Built in 1972 with a shared courtyard and covered patio; Unit A includes a single‑car garage, storage or workshop area, and two extra parking spaces
