Updated Apartment Community with
For Sale
Contact for pricing
8600 Zuni SE, Albuquerque, NM 87108
Twenty-five updated units with secure shared outdoor space and an on-site community laundry room.
Property Size15,325 SF
Price / SF$104.05
Days on Market96
Property Features for 8600 Zuni SE
General Information
Standard status
Active
Size
15,325 SF
Property subtype
Multifamily
Zoning
R-T
Occupancy
96%
Investment Type
Value Add
Net Operating Income
$115,442
Additional Details
Cap Rate
11.1%
Multifamily Units
25
Building Details
Year Built
1960
Units
25
Tenancy
Multi
Listing Agency:
N.M. Apartments, Inc.
Listed By:
Todd Clarke · License #13711
(505) 440-8633
Source:
Crexi
Added: Jun 2
Changed: Aug 25
Last Checked: Sep 4 at 11:37AM
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 N.M. Apartments, Inc.
Investment Insights
Based on property information with market context.
This updated 25-unit apartment community offers a straightforward unit mix of twenty-four 1 bedroom, 1 bath apartments and one 2 bedroom, 1 bath apartment. Apartments have been updated with care for tenant comfort while retaining the property’s original vintage charm. Recent improvements include thermal windows, updated fixtures, fresh paint, and Luxury Vinyl Plank flooring. Interior layouts feature open kitchens with counter space and bar tops, along with oversized full bathrooms with mid-century modern built-ins and tile work, including extensive counter and vanity space.
The community includes a soft-gated entry and parking right in front of apartments. For shared amenities, residents have access to a large community laundry room, with free machines provided for residents, plus multiple secured communal outdoor spaces. A new dog run is included among the outdoor updates. The property is positioned in the Southeast area near Zuni and Wyoming, providing residents with access to shopping, public transit, and nearby destinations including Kirtland Air Force Base and Sandia Labs.
From a tenant-support standpoint, the combination of updated interiors, convenient parking, and resident-focused shared amenities supports everyday livability. Ownership structure includes 2024 changes in utility responsibility, with the owner paying utilities for 22 of 25 units at that time, reduced to 9 units as of today.
The community includes a soft-gated entry and parking right in front of apartments. For shared amenities, residents have access to a large community laundry room, with free machines provided for residents, plus multiple secured communal outdoor spaces. A new dog run is included among the outdoor updates. The property is positioned in the Southeast area near Zuni and Wyoming, providing residents with access to shopping, public transit, and nearby destinations including Kirtland Air Force Base and Sandia Labs.
From a tenant-support standpoint, the combination of updated interiors, convenient parking, and resident-focused shared amenities supports everyday livability. Ownership structure includes 2024 changes in utility responsibility, with the owner paying utilities for 22 of 25 units at that time, reduced to 9 units as of today.
Key Highlights
- 25‑unit apartment community built in 1960 at 8600 Zuni SE in the International District
- Unit mix: 24 one‑bedroom/one‑bath apartments and 1 two‑bedroom/one‑bath apartment
- 2024 update: utilities were paid for 22 of 25 units, reduced from the prior arrangement
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
$129,445
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
8.12%
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%
$2,588,900
$2.6M
Cap Rate 7%
$1,849,214
$1.8M
Cap Rate 9%
$1,438,278
$1.4M
Market Conditions
NOI Build-Up for 15,325 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
$248.3K $16.20/SF
− Vacancy
−$12.9K −$0.84/SF
EGI
$235.4K $15.36/SF
− OpEx
−$105.9K −$6.91/SF
NOI
$129.4K $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%
$2,588,900
Cap Rate 7%
$1,849,214
Cap Rate 9%
$1,438,278
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,445 @ 7.0% cap · market cap 8.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.71M
$3.24M – $4.33M
NOI $259,520 @ 7.0% cap · market cap 16.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25
Residential units
Location Intelligence
Trade Area within ½ mile
755
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 - Twenty-five updated units with secure shared outdoor space and an on-site community laundry room.
Where is this apartment building located?
The property is located at 8600 Zuni SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,594,615.
What are key features of this property?
This property features: 25‑unit apartment community built in 1960 at 8600 Zuni SE in the International District; Unit mix: 24 one‑bedroom/one‑bath apartments and 1 two‑bedroom/one‑bath apartment; 2024 update: utilities were paid for 22 of 25 units, reduced from the prior arrangement
