Six-Unit Apartment
For Sale
$665,000
9238 4th Street NW, Albuquerque, NM 87114
ResidentialIncome, Albuquerque, NM
Property Size3,575 SF
Lot Size0.47 Acres
Price / SF$186.01
Days on Market20
Property Features for 9238 4th Street NW
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
C-1
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 3, Bedroom 2
Parking
10
Appliances
FreeStandingGasRange, Refrigerator
Directions
Heading West on Paseo Del Norte, Take the left exit onto 2nd St NW/NM-47 toward 4th St. Turn sharp right onto 2nd St NW/NM-47. Turn left onto Ortega Rd NW. Turn right onto 4th St NW/NM-556.
Subdivision
100 - North Valley
Standard status
Active
APN
101606408044020712
Size
3,575 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Annual Amount
6800
Utilities
Heating system
Ductless (Heating), Electric (Heating)
Cooling system
Ductless
Building Details
Year built
1979
Floors in Building
3
Number of units
6
Flooring type
Vinyl, Carpet, Laminate
Building materials
Stucco
Listing Agency:
Keller Williams Realty
(505) 271-8200
Listed By:
Steven A Grant · License #52493
(505) 238-0308
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 29 at 9:06PM
MLS# 1110084
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 six-unit apartment property comprises two separate buildings totaling 3,575 square feet. 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 conventional long-term leasing approach. Two one-bedroom units may be reconfigured from one bedroom to two bedrooms, subject to applicable requirements.
Constructed in 1979, the property features stucco exteriors, vinyl, carpet, and laminate flooring, along with ductless heating and cooling and electric heat. Freestanding gas ranges and refrigerators are included. The property is located at 9238 4th Street NW in Albuquerque’s North Valley, along the 4th Street 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.
Constructed in 1979, the property features stucco exteriors, vinyl, carpet, and laminate flooring, along with ductless heating and cooling and electric heat. Freestanding gas ranges and refrigerators are included. The property is located at 9238 4th Street NW in Albuquerque’s North Valley, along the 4th Street 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.
Key Highlights
- Six‑unit apartment property totaling 3,575 square feet
- Unit mix includes 3 studios, 2 one‑bedroom units, and 1 two‑bedroom unit
- Two separate buildings on the property
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 detached buildings offer a varied unit mix with studios, one-bedroom apartments, and a two-bedroom apartment.
Where is this apartment building located?
The property is located at 9238 4th Street 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 totaling 3,575 square feet; Unit mix includes 3 studios, 2 one‑bedroom units, and 1 two‑bedroom unit; Two separate buildings on the property
