Ocotillo Ridge 140 Jefferson St SE 20 Unit Apartment Building $5,900,000 ($295,000/Unit) 5.37% Cap Rate Albuquerque, NM 87108

• 20-Unit, Newly Constructed (2024) Townhome-Style Multifamily Community
• Built by Local Architect & Developer (Self-Developed Project)
• Unit Mix: 12 Two-Bedroom Units (1,056 SF Avg) | 8 One-Bedroom Units (801 SF Avg)
• Total Building Area: ±19,100 SF | Land Area: 0.85 Acres
• Price Per Unit: $295,000
• Price Per Square Foot: $309/SF
• Gross Rent Multiplier (GRM): 15.13
• Current NOI: $316,752.62
• CAP Rate: 5.37% | Pro-Forma CAP Rate: 5.56%
• 20 Secure On-Site Parking Spaces
• Oversized Private Patios/Balconies & In-Suite Laundry in Every Unit
• Located in the East Nob Hill / Hiland Corridor Within the Path of Nob Hill’s Eastward Growth
Ocotillo Ridge is a 20-unit, townhome-style multifamily community completed in 2024 by local architect and developer Evan Davis, who self-developed the project with a focus on durable construction and efficient, functional layouts. The property consists of twelve (12) two-bedroom units averaging approximately 1,056 square feet and eight (8) one-bedroom units averaging approximately 801 square feet. The community includes 20 secure on-site parking spaces serving residents.
The residences feature open-concept floor plans with polished concrete flooring, large window lines, and strong natural light throughout both living and bedroom levels. Each unit includes oversized private patios or balconies that expand usable living area and enhance unit desirability.
Kitchens are finished with full appliance packages, stone countertops, and generous cabinet storage integrated into efficient eat-in layouts. Units include oversized bedroom closets, modern finish packages, and in-suite full-size washer and dryer installations. The townhome configuration creates strong separation between living and sleeping areas, offering a product type that remains highly competitive within the market.
The property demonstrates strong rental performance supported by its recent construction, private outdoor spaces, modern finish quality, and low-maintenance design.
Ocotillo Ridge is positioned within the rapidly emerging East Nob Hill / Hiland corridor, a submarket widely viewed as the eastward expansion of Albuquerque’s established Nob Hill district along historic Route 66. Continued reinvestment and redevelopment activity along Central Avenue has steadily pushed new residential and mixed-use development east, placing the property directly within the path of Nob Hill’s long-term growth trajectory.
The surrounding corridor has experienced significant recent investment, including the Platinum Apartments development, the redevelopment of the historic De Anza Motor Lodge, and the newly delivered Hiland Plaza mixed-use community. Additional residential redevelopment projects currently underway along Central Avenue and San Mateo Boulevard further reinforce the area’s transformation and signal sustained momentum for new housing supply and neighborhood activation.
This development pipeline has contributed to measurable rent growth and strong absorption across the East Albuquerque submarket, where vacancy rates have remained near historic lows and rent growth has outperformed long-term averages. As Nob Hill continues to mature and pricing pressures push housing demand outward, East Nob Hill is increasingly capturing renter demand seeking newer product at relative value compared to core Nob Hill assets.
Ocotillo Ridge benefits from its location within this expansion corridor, offering investors exposure to one of Albuquerque’s most active redevelopment zones and a submarket demonstrating continued rent growth, strong tenant demand, and increasing long-term investment interest.