Downtown Triplex with mixed use zoning – 8.63% cap rate

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30746258
Property Subtypes: Duplex/Fourplex
Status: Pending
Number of Units: 3 Units
Building Size (RSF): 3,075 SF
Gross Land Area: 0.16 Acres
Sale Price: $272,000
Unit Price: $90,666.67 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Usable Size (USF): 3,075 SF
Sale Terms: Cash to Seller
Cap Rate: 6.54%
Gross Rent Multiplier: 10.94
Last Updated: 9/17/2021

Overview / Comments

On behalf of the owner, NM Apartment Advisors is excited to bring to market this downtown triplex. The property is located at 12th/Lomas and walking distance to the downtown core as well as the old downtown square and their combined over 100+ restaurants and retail opportunities.

Located at 524 12th NW, 1114 and 1118 Lomas NW, this property contains a medium sized one bedroom one bath, a vacant ready for owner-occupant large one bedroom one bath with basement, as well as a leased two-bedroom one bath unit.

20 page flyer at

Measures of investment performance at ask price of $272,000 with a current average rent of $967 are a GRM of 8.23, a 8.90% cap rate before reserves, 8.63% cap rate after reserves, 22.90% after tax IRR, $90,667 per unit, and a price per sf of $88.46.

If all of the unit rents are raised to the market of $1,100, the measures of investment performance improve to a cap rate of 10.53%, and a cash on cash of 25.34%.

The property is being marketed using the BID process – one date for tour and a fixed deadline for offers. In the event of multiple offers, the listing brokers will conduct a best and final round, inviting only those buyers who are in the top 50% of all offers.

Critical dates:
Property tour is scheduled for noon, Wednesday, September 8th – qualified buyers must RSVP at

There are not other tour dates/times available.

Offer deadline is noon, Friday, September 10th.

Downtown investments are hard to find – do not wait on this one!

Todd Clarke CCIM CIPs
NM Apartment Advisors Inc.
(505) 440-TODD

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Downtown
Taxing Authority: Bernalillo County
Tax ID/APN: 101305845416843409
Zoning: MX-L - Mixed-use: Low Intensity
Total Number of Buildings: 2
Property Condition: Fair
Number of Stories: 1
Year Built: 1926
Roof Type: Gable

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,607 113,456 303,729
Median Age: 39.71 34.87 34.59
Households: 5,689 46,681 121,293


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