6-Unit Apartment
New
For Sale
$665,000
9238 4th St NW, Albuquerque, NM 87114
Two separated buildings provide a six-unit multifamily configuration with studios, one-bedroom apartments, and a two-bedroom unit.
Property Size3,575 SF
Lot Size0.48 Acres
Price / SF$186.01
Days on Market2
Property Features for 9238 4th St NW
General Information
Standard status
Active
Size
3,575 SF
Lot size
0.48 Acres
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 1BR, 1 x 2BR, 3 x studio
Multifamily Units
6
Building Details
Year Built
1979
Buildings
2
Listing Agency:
Sonoran Holdings, LLC
(505) 362-6823
Listed By:
Missy Ashcraft
(505) 362-6823
Source:
Missyashcraft
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 9:45AM
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 Sonoran Holdings, LLC
Investment Insights
Based on property information with market context.
This six-unit apartment property comprises two separate buildings on a 0.48-acre parcel, with 3,575 square feet of improvements. The unit mix includes three studios, two one-bedroom apartments, and one two-bedroom apartment. The studios have documented short-term rental operating history, while the property also supports a traditional long-term leasing approach. Built in 1979, the asset offers a newer construction profile than much of Albuquerque’s small multifamily inventory.
The property is located at 9238 4th St NW in Albuquerque’s North Valley, along the 4th St corridor between Paseo Del Norte and Alameda. Balloon Fiesta Park is under 2 miles away, and I-25 provides access toward the metro core, Kirtland, and Sandia Labs. The Rio Rancho employment corridor, Intel’s expanding campus, and Presbyterian Rust Medical Center are across the river. County drainage, bike lane, and ADA improvements are underway on 4th St.
The property is located at 9238 4th St NW in Albuquerque’s North Valley, along the 4th St corridor between Paseo Del Norte and Alameda. Balloon Fiesta Park is under 2 miles away, and I-25 provides access toward the metro core, Kirtland, and Sandia Labs. The Rio Rancho employment corridor, Intel’s expanding campus, and Presbyterian Rust Medical Center are across the river. County drainage, bike lane, and ADA improvements are underway on 4th St.
Key Highlights
- Six‑unit apartment property with 3 studios, 2 one‑bedroom apartments, and 1 two‑bedroom unit
- Two separate buildings situated on a 0.48‑acre parcel
- 3,575 square feet of improvements
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
$27,281
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
4.10%
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%
$545,620
$545.6K
Cap Rate 7%
$389,729
$389.7K
Cap Rate 9%
$303,122
$303.1K
Market Conditions
NOI Build-Up for 3,575 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
$52.8K $14.76/SF
− Vacancy
−$3.2K −$0.89/SF
EGI
$49.6K $13.87/SF
− OpEx
−$22.3K −$6.24/SF
NOI
$27.3K $7.63/SF
Area
ZIP 87114
Vacancy
6.00%
Lease Rate
$14.76 /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%
$545,620
Cap Rate 7%
$389,729
Cap Rate 9%
$303,122
Alternative Uses
Best Use
Apartment 5plus
$389.7K
$341.0K – $454.7K
NOI $27,281 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$739.2K
$646.8K – $862.4K
NOI $51,746 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
Explore this area
Business Placement
Demographics for 87114, NM
69,402
Population
28,038
Households
2.5
Avg Household Size
37
Median Age
39%
College-Educated
95%
High-School Grad
20.9 sq mi
ZIP Area
3,321
Density / Sq Mi
$81,768
Median Household Income
$48,127
Median Earnings
$1,321
Median Rent
$296,200
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 - Two separated buildings provide a six-unit multifamily configuration with studios, one-bedroom apartments, and a two-bedroom unit.
Where is this apartment building located?
The property is located at 9238 4th St NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Six‑unit apartment property with 3 studios, 2 one‑bedroom apartments, and 1 two‑bedroom unit; Two separate buildings situated on a 0.48‑acre parcel; 3,575 square feet of improvements
