Offered at $850,000 ($141,666/unit) with an attractive 7.28% acquisition cap rate, 511 Spruce St SE presents a rare opportunity to acquire a fully stabilized multifamily asset with proven in-place cash flow. The property is 100% occupied and features four fully furnished units, with five of the six units having undergone extensive renovations including new roofs, heating and cooling systems, exterior paint and stucco, appliances, flooring, and interior paint. A diverse unit mix supports broad tenant demand, while its long history of strong occupancy as furnished rentals is complemented by an exceptional location near UNM, Presbyterian Hospital, CNM, Kirtland Air Force Base, and Downtown Albuquerque.
For sale
$850,000
511 Spruce St SE, Albuquerque, NM 87106
7beds
6baths
3,749sqft
Multi Family
Built in 1936
-- sqft lot
$-- Zestimate®
$227/sqft
$-- HOA
What's special
Fully furnished unitsInterior paintExterior paint and stuccoNew roofsHeating and cooling systems
- 71 days |
- 242 |
- 17 |
Zillow last checked:
Listing updated:
Listed by:
Luke Scarpa 505-504-8883,
NAI SunVista Commercial RE 505-878-0001
Source: SWMLS,MLS#: 1105527
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 7
- Bathrooms: 6
Heating
- Ductless
Cooling
- Ductless, Evaporative Cooling
Appliances
- Included: Dishwasher, Free-Standing Gas Range, Microwave, Refrigerator
- Laundry: Washer Hookup, Dryer Hookup, In Unit
Features
- Flooring: Tile, Vinyl
Interior area
- Total structure area: 3,749
- Total interior livable area: 3,749 sqft
Property
Features
- Levels: One
- Stories: 1
Lot
- Size: 0.31 Acres
Details
- Parcel number: 101505717917630909
- Zoning description: R-T*
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Condition
- Resale
- New construction: No
- Year built: 1936
Utilities & green energy
- Utilities for property: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Green energy
- Energy generation: None
Community & HOA
Community
- Security: Complex Fenced
- Subdivision: Terrace Add
Location
- Region: Albuquerque
Financial & listing details
- Price per square foot: $227/sqft
- Tax assessed value: $224,990
- Annual tax amount: $3,168
- Date on market: 6/15/2026
- Cumulative days on market: 70 days
- Listing terms: Cash,Conventional
- Total actual rent: 8495
- Tenant pays: None
Estimated market value
Not available
Estimated sales range
Not available
$1,360/mo
Price history
| Date | Event | Price |
|---|---|---|
| 6/15/2026 | Listed for sale | $850,000+65.1%$227/sqft |
Source:  SWMLS #1105527 Report a problem | ||
| 7/30/2020 | Listing removed | $514,900$137/sqft |
Source: Absolute Real Estate #972174 Report a problem | ||
| 7/13/2020 | Listed for sale | $514,900$137/sqft |
Source: Absolute Real Estate #972174 Report a problem | ||
| 2/4/2016 | Listing removed | $575 |
Source: Owner Report a problem | ||
| 12/16/2015 | Listed for rent | $575-39.5% |
Source: Owner Report a problem | ||
| 10/19/2015 | Listing removed | $950 |
Source: Owner Report a problem | ||
| 10/5/2015 | Listed for rent | $950 |
Source: Owner Report a problem | ||
| 3/9/2015 | Listing removed | $950 |
Source: Owner Report a problem | ||
| 2/11/2015 | Listed for rent | $950 |
Source: Owner Report a problem | ||
| 11/15/2013 | Listing removed | $950 |
Source: Go Section8 Report a problem | ||
| 11/9/2013 | Listed for rent | $950 |
Source: Go Section8 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $3,169 +3.2% | $74,989 +3% |
| 2024 | $3,072 +1.7% | $72,805 +3% |
| 2023 | $3,021 +3.5% | $70,685 +3% |
| 2022 | $2,919 +51.1% | $68,626 +50.4% |
| 2021 | $1,932 +1.7% | $45,641 +3% |
| 2020 | $1,901 | $44,311 +3% |
| 2019 | -- | $43,021 |
| 2018 | $1,630 -8.4% | $43,021 +3% |
| 2017 | $1,779 +6.2% | $41,768 +6.1% |
| 2016 | $1,675 -95.6% | $39,371 +3% |
| 2015 | $38,225 +2325.6% | $38,225 +3% |
| 2014 | $1,576 | $37,112 +3% |
| 2013 | $1,576 | $36,031 -49% |
| 2012 | -- | $70,616 |
| 2011 | -- | $70,616 |
| 2010 | -- | $70,616 -20% |
| 2009 | -- | $88,324 |
| 2008 | -- | $88,324 -8% |
| 2007 | -- | $96,023 +227.8% |
| 2006 | -- | $29,297 +3% |
| 2005 | -- | $28,444 +3% |
| 2004 | -- | $27,615 +3% |
| 2003 | -- | $26,812 +3% |
| 2002 | -- | $26,031 |
| 2001 | -- | $26,031 |
| 2000 | -- | $26,031 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: Sycamore
Nearby schools
GreatSchools rating
- 7/10Monte Vista Elementary SchoolGrades: PK-5Distance: 1.4 mi
- 6/10Jefferson Middle SchoolGrades: 6-8Distance: 1.4 mi
- 3/10Albuquerque High SchoolGrades: 9-12Distance: 1.3 mi
- $--2 bd1 ba800 sqft511 Spruce St SE #11316087, Albuquerque, NM 87106Off Market
- $---- bd1 ba400 sqft511 Spruce St SE #11353815, Albuquerque, NM 87106Off Market
- $--1 bd1 ba-- sqft511 Spruce St SE #11323102, Albuquerque, NM 87106Off Market
- $--2 bd1 ba800 sqft1218 Coal Ave SE, Albuquerque, NM 87106Off Market
- $343,1002 bd1 ba800 sqft1218 Coal Ave SE, Albuquerque, NM 87106Off Market
- $--1 bd1 ba-- sqft507 Spruce St SE, Albuquerque, NM 87106Off Market
- $180,2164 bd2 ba1.3k sqft1212 Coal Ave SE, Albuquerque, NM 87106Off Market
- $--2 bd1 ba900 sqft1210 Coal Ave SE, Albuquerque, NM 87106Off Market
A local agent can set up tours, give advice and negotiate with sellers.
Similar homes
- $750,0006 bd4 ba2.8k sqft2109 Gold Ave SE, Albuquerque, NM 87106For Sale
MLS ID #1109662, Christopher M Lucas, Chris Lucas Real Estate. SWMLS - $797,0005 bd6 ba3.8k sqft907 Silver Ave SW, Albuquerque, NM 87102For Sale
MLS ID #1109166, Patricia A Culp, Coldwell Banker Legacy. SWMLS - $994,4958 bd7 ba4.8k sqft1003-1005 Carlisle Blvd SE, Albuquerque, NM 87106For Sale
MLS ID #1107259, Kyle E Deacon, Deacon Property Services. SWMLS - $725,0006 bd3 ba3.8k sqft313 McKnight Ave NE #A-b, Albuquerque, NM 87102For Sale
MLS ID #1108831, Anita Maestas, Maestas Real Estate Services. SWMLS - $785,0004 bd3 ba3.3k sqft1509 Harvard Ct NE, Albuquerque, NM 87106For SaleMLS ID #1103539, Deidria D. Butterfield, Butterfield Lane Properties. SWMLS
- $695,0009 bd5 ba3.3k sqft301 Graceland Dr SE, Albuquerque, NM 87108For SaleMLS ID #1109351, Julie Turner, Realty One Group Concierge. SWMLS
- $575,0004 bd4 ba3k sqft1216 Coal Ave SW #1218, Albuquerque, NM 87102For SaleMLS ID #1109687, Lisa Parker, RE/MAX SELECT. SWMLS
- $510,0008 bd15 ba3.1k sqft1809 Girard Blvd SE, Albuquerque, NM 87106For SaleMLS ID #1103323, Todd D Clarke, NM Apartment Advisors, Inc.. SWMLS
- $522,5008 bd4 ba3.1k sqft2810 Vail Ave SE, Albuquerque, NM 87106For SaleMLS ID #1108204, Todd D Clarke, NM Apartment Advisors, Inc.. SWMLS
- $528,8954 bd4 ba3.8k sqft1928 Buena Vista Dr SE, Albuquerque, NM 87106For SaleMLS ID #1106970, Todd D Clarke, NM Apartment Advisors, Inc.. SWMLS
- $850,0005 bd3 ba4.3k sqft432 Mockingbird Ln, Corrales, NM 87048For SaleMLS ID #1109689, Samantha Saiz, Simply Real Estate. SWMLS
- $565,0004 bd2 ba2.3k sqft3017 Frontier Ave NE, Albuquerque, NM 87106For SaleMLS ID #1105898, Stephen M Burke, Keller Williams Realty. SWMLS
- $479,9954 bd3 ba2.1k sqft1003 Carlisle Blvd SE, Albuquerque, NM 87106For SaleMLS ID #1103320, Kyle E Deacon, Deacon Property Services. SWMLS
- $535,1506 bd3 ba2.7k sqft313 McKnight Main A & B Ave NE, Albuquerque, NM 87102For SaleMLS ID #1097072, Todd D Clarke, NM Apartment Advisors, Inc.. SWMLS
- $530,0007 bd4 ba3.1k sqft907 Coal Ave SW, Albuquerque, NM 87102For SaleMLS ID #1098715, Kyle E Deacon, Deacon Property Services. SWMLS
- $500,0006 bd4 ba2.3k sqft905 Coal Ave SW, Albuquerque, NM 87102For SaleMLS ID #1106191, Mick Burke, Hunter Chase Realty. SWMLS
- $699,9004 bd4 ba4.3k sqft713 Montclaire Dr NE, Albuquerque, NM 87110For SaleMLS ID #1104945, Nathan Louis Boitano, RE/MAX SELECT. SWMLS
- $1,034,0005 bd4 ba3.5k sqft6201 Keyenta Pl NW, Albuquerque, NM 87120For SaleMLS ID #1109717, Vincent F Rivas, Realty One of New Mexico. SWMLS
- $425,0004 bd2 ba2k sqft801 Amherst Dr NE, Albuquerque, NM 87106For SaleMLS ID #1107013, Dawn B Poket, Coldwell Banker Legacy. SWMLS
- $550,0008 bd4 ba3.4k sqft1237 Menaul Blvd NW, Albuquerque, NM 87107For SaleMLS ID #1103919, Luke Scarpa, NAI SunVista Commercial RE. SWMLS
