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
- 14 days |
- 262 |
- 14 |
Zillow last checked:
Listing updated:
Listed by:
Luke Scarpa 505-504-8883,
NAI SunVista Commercial RE 505-878-0001
Source: SWMLS,MLS#: 1105527
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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
- 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 | -- | $26,031 |
Find assessor info on the county website
Monthly payment
Est. payment$--/mo
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
See how much you could borrow to make a competitive offer.
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
A local agent can set up tours, give advice and negotiate with sellers.
- New Mexico
- Bernalillo County
- Albuquerque
- 87106
- Sycamore
- 511 Spruce St SE
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