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    12229 Menaul Blvd Albuquerque, NM 87112

    Sponsored
    For Sale
    $579,429

    NE Heights, 3-unit apartment building

    Property size:
    3,107 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 3-unit apartment building, situated in Albuquerque's desirable Northeast Heights, presents a compelling investment opportunity. The property boasts a total of 3,107 square feet, encompassing three distinct units: a spacious 1,274 sq ft, 3-bedroom, 2-bathroom unit with a 2-car garage; a 1,100 sq ft, 2-bedroom, 1-bathroom unit; and an 829 sq ft, 2-bedroom, 1-bathroom unit. Each unit features its own private outdoor space. Built in 1977, this single-story building sits on a 0.19-acre lot zoned R-T. Currently generating a NOI of $30,399, representing a 5.25% cap rate at an asking price of $579,429 ($193,143 per unit and $186.49 per square foot). Pro-forma NOI is projected at $37,656, indicating a 6.50% pro-forma cap rate. The property's location offers proximity to Sandia foothills trails and shopping conveniences. This is a rare opportunity to acquire a well-maintained, owner-occupied triplex in a highly sought-after neighborhood with significant potential for increased rental income and improved investment metrics. The property's current average rent is $1,325 per unit. With market rents estimated at $1,633 per unit, the investment performance would significantly improve. The property's APN is 102205943630110604.

    Property Features for 12229 Menaul Blvd

    General Information

    Property type
    Multifamily properties
    Square Feet
    3,107 SF
    Lot Size
    8,276 SF

    Building Details

    Year Built
    1977
    Buildings
    1
    Stories
    1
    Units
    3

    HighLights

    • $579,429 asking price for this Albuquerque, NM triplex.
    • Multifamily property with three units, totaling 3,107 square feet.
    • Located on a 0.19‑acre lot at 12229 Menaul Blvd NE, Albuquerque, NM 87112.
    • Features a 5.25% cap rate and a pro‑forma cap rate of 6.50%, with a current NOI of $30,399 and a pro‑forma NOI of $37,656.
    • Built in 1977, this one‑story building is zoned R‑T.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Albuquerque
    County
    Bernalillo
    State
    New Mexico
    Longitude
    -106.50148181437
    Latitude
    35.108853856238

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    FAQs

    What type of property is this?
    Multifamily property - NE Heights, 3-unit apartment building
    Where is this multifamily property located?
    The property is located at 12229 Menaul Blvd Albuquerque, NM.
    What is the asking price?
    The asking price for this property is $579,429.
    What are key features of this property?
    This property features: $579,429 asking price for this Albuquerque, NM triplex.; Multifamily property with three units, totaling 3,107 square feet.; Located on a 0.19-acre lot at 12229 Menaul Blvd NE, Albuquerque, NM 87112.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    12229 Menaul Blvd Albuquerque, NM 87112
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