Two-Home Duplex
For Sale
$390,000
1512 &1510 3rd Street NW, Albuquerque, NM 87102
ResidentialIncome, Albuquerque, NM
Property Size1,250 SF
Lot Size0.21 Acres
Price / SF$312
Days on Market194
Property Features for 1512 &1510 3rd Street NW
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
NR-LM*
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bathroom 1, Bedroom 1, Bedroom 2
Parking
4
Appliances
Refrigerator
Directions
Aspen and 3rd Street south to 1512 3rd Street on east side of street.
Subdivision
80 - Downtown Area
Standard status
Active
APN
101405830044611924
Size
1,250 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
1849
Amenities
gated entrance
Building Details
Year built
1920
Floors in Building
1
Number of units
2
Listing Agency:
Lucero Realty
(505) 821-7978
Listed By:
Arturo Lucero · License #12624
(505) 270-3367
Added: Mar 18
Changed: Sep 18
Last Checked: Sep 27 at 12:06AM
MLS# 1100691
Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex property includes two homes situated across three city lots totaling 0.21 acres. The property size is 1,250 square feet, and the improvements date to 1920. Both homes are currently occupied, with interior access available after an executed contract.
On-site parking is complemented by a gated entrance from the alley, providing additional vehicle and storage access. The property is near I-40, Downtown, and major corridors. A refrigerator is included, and the property contains two bedrooms, two bathrooms, and a basement.
On-site parking is complemented by a gated entrance from the alley, providing additional vehicle and storage access. The property is near I-40, Downtown, and major corridors. A refrigerator is included, and the property contains two bedrooms, two bathrooms, and a basement.
Key Highlights
- Two homes across three city lots totaling 0.21 acres
- 1,250‑square‑foot property with improvements dating to 1920
- Both homes are currently occupied
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$11,411
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$228,220
$228.2K
Cap Rate 7%
$163,014
$163.0K
Cap Rate 9%
$126,789
$126.8K
Market Conditions
NOI Build-Up for 1,250 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$17.3K $13.80/SF
− Vacancy
−$949 −$0.76/SF
EGI
$16.3K $13.04/SF
− OpEx
−$4.9K −$3.91/SF
NOI
$11.4K $9.13/SF
Area
Albuquerque, NM
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$228,220
Cap Rate 7%
$163,014
Cap Rate 9%
$126,789
Alternative Uses
Best Use
Multifamily LT 5
$163.0K
$142.6K – $190.2K
NOI $11,411 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$150.8K
$132.0K – $176.0K
NOI $10,558 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$302.4K
$264.6K – $352.8K
NOI $21,168 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,219
Businesses Nearby
Explore this area
Business Placement
Demographics for 87102, NM
20,610
Population
11,346
Households
1.8
Avg Household Size
38
Median Age
34%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,171
Density / Sq Mi
$37,276
Median Household Income
$29,184
Median Earnings
$868
Median Rent
$174,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied homes offer on-site parking, gated alley access, and proximity to I-40 and Downtown.
Where is this duplex located?
The property is located at 1512 &1510 3rd Street NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two homes across three city lots totaling 0.21 acres; 1,250‑square‑foot property with improvements dating to 1920; Both homes are currently occupied
