118 S Main St 10 Unit Apartment Building $1,753,267 CAD ($175,327 CAD/Unit) 8.04% Cap Rate Belen, NM 87002

Situated in the heart of downtown Belen—immediately adjacent to City Hall and the newly constructed Valencia County Courthouse—118 South Main Street offers investors a rare opportunity to acquire a fully renovated, stabilized 10-unit multifamily asset with strong in-place cash flow and minimal deferred maintenance.
This ±9,000 SF property has been exceptionally well maintained and recently upgraded, featuring a new roof, new air conditioning units in all apartments, updated stucco on the east façade, and a new concrete walkway. All units are smoke-free and include ADA-compliant bathrooms, with tenants benefiting from all municipal utilities, including gas, water, electricity, and Wi-Fi. Fourteen on-site parking spaces and exterior lighting further enhance tenant convenience and operational efficiency.
The property is usually 100% occupied, generating consistent income with a current estimated Net Operating Income (NOI) of approximately $102,860 annually. A current rent roll is available, and the asset is professionally managed, making this a true turn-key investment suitable for both seasoned and first-time multifamily investors.
Zoned C-1 (while taxed as residential per the Valencia County Assessor), the property offers long-term flexibility in a highly walkable downtown setting near restaurants, retail, grocery stores, and community amenities. Belen—known as the “Hub City”—is located approximately 30 miles south of Albuquerque and just 16 miles from Los Lunas, home to significant industrial development and regional employment drivers.
Offered at $1,280,000 ($128,000 per unit), 118 South Main Street combines stable in-place NOI, recent capital improvements, and a central civic location—positioning it as a compelling cash-flowing investment with durable fundamentals and long-term upside.