Quadplex With Ductless Mini-Split
For Sale
$546,500
1920 Lead Avenue SE, Albuquerque, NM 87106
MULTI_FAMILY - Albuquerque, NM
Property Size2,038 SF
Lot Size0.21 Acres
Price / SF$268.16
Days on Market23
Property Features for 1920 Lead Avenue SE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-ML*
Bedrooms
3
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 3, Bathroom 4, Basement, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 1
Parking
8
Interior features
CeilingFans
Fireplace
1
Appliances
Dryer, FreeStandingGasRange, Refrigerator, Washer
Subdivision
Terrace Park Addition
Directions
From Yale and Lead: West on Lead to Property. 1920 Lead Ave SE is on the south side of the street.
Standard status
Active
APN
101505743017641621
Size
2,038 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
4095
Utilities
Heating system
Ductless (Heating), Zoned, Electric (Heating)
Cooling system
Ceiling Fan(s), Ductless
Building Details
Year built
1935
Floors in Building
1
Number of units
4
Flooring type
Tile, Concrete, Wood, Carpet, Vinyl
Building materials
Frame, Stucco
Listing Agency:
Deacon Property Services
(505) 878-0100
Listed By:
Kyle E Deacon · License #15579
(505) 878-0100
Added: Jul 21
Changed: Aug 3
Last Checked: Aug 12 at 2:06AM
MLS# 1107834
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 four-unit quadplex offers multiple distinct apartment layouts and ceiling fans throughout. The home is built with frame and stucco construction and includes mixed flooring such as tile, concrete, wood, carpet, and vinyl. Heating and cooling are provided via zoned electric systems and ductless mini-split heating and cooling in all units. The property also includes a fireplace and in-unit laundry appliances including a washer and dryer, plus kitchen appliances such as refrigerators and free-standing gas ranges.
Recent upgrades include a newer roof, thermal windows, and updated electrical service. The large lot provides off-street parking with access options off both the alley and Lead Ave, along with potential to create additional common and private yard spaces or add additional units. A detached garage is separately metered for electric.
Built in 1935, the property is located in the UNM area of Albuquerque near Roosevelt Park, CNM, UNM Hospital, Downtown, and about two blocks from Presbyterian Hospital.
Recent upgrades include a newer roof, thermal windows, and updated electrical service. The large lot provides off-street parking with access options off both the alley and Lead Ave, along with potential to create additional common and private yard spaces or add additional units. A detached garage is separately metered for electric.
Built in 1935, the property is located in the UNM area of Albuquerque near Roosevelt Park, CNM, UNM Hospital, Downtown, and about two blocks from Presbyterian Hospital.
Key Highlights
- Four‑apartment quadplex with ductless (mini‑split) heating and cooling in all units
- 0.21‑acre lot with off‑street parking and access off the alley and Lead Ave
- Recent upgrades include a newer roof, thermal windows, and updated electrical service
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
$18,604
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
3.40%
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%
$372,080
$372.1K
Cap Rate 7%
$265,771
$265.8K
Cap Rate 9%
$206,711
$206.7K
Market Conditions
NOI Build-Up for 2,038 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
$28.1K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$26.6K $13.04/SF
− OpEx
−$8.0K −$3.91/SF
NOI
$18.6K $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%
$372,080
Cap Rate 7%
$265,771
Cap Rate 9%
$206,711
Alternative Uses
Best Use
Multifamily LT 5
$265.8K
$232.6K – $310.1K
NOI $18,604 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$245.9K
$215.2K – $286.9K
NOI $17,214 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$493.0K
$431.4K – $575.2K
NOI $34,512 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,634
Businesses Nearby
Explore this area
Business Placement
Demographics for 87106, NM
26,987
Population
13,893
Households
1.9
Avg Household Size
32
Median Age
53%
College-Educated
91%
High-School Grad
35.8 sq mi
ZIP Area
754
Density / Sq Mi
$51,079
Median Household Income
$29,393
Median Earnings
$904
Median Rent
$332,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-apartment quadplex on a 0.21-acre lot with ductless heating and cooling in all units.
Where is this quadplex located?
The property is located at 1920 Lead Avenue SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $546,500.
What are key features of this property?
This property features: Four‑apartment quadplex with ductless (mini‑split) heating and cooling in all units; 0.21‑acre lot with off‑street parking and access off the alley and Lead Ave; Recent upgrades include a newer roof, thermal windows, and updated electrical service
