Historic Ranch-Style Triplex with
For Sale
$1,249,000
24 Matisse Road NE, Albuquerque, NM 87123
MULTI_FAMILY - Albuquerque, NM
Property Size8,134 SF
Lot Size10.71 Acres
Price / SF$153.55
Days on Market275
Property Features for 24 Matisse Road NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
A-2
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 4, Basement, Bathroom 4, Bedroom 2, Bathroom 1, Bedroom 7, Bathroom 2, Bedroom 1, Bathroom 5, Bathroom 3, Bathroom 6, Bedroom 3, Bedroom 5, Bedroom 6
Patio and Porch features
Patio
Exterior features
Landscaping, PropaneTankOwned, Patio
Fireplace
1
Appliances
Dryer, FreeStandingGasRange, Washer
Directions
From the intersection of Tramway and Central, continue east on Central and take NM 333 which crosses over I-40. Continue on NM 333 and turn north onto Matisse. On Matisse turn left at the fork in the road stay to the left and circle around to the back of the property. *(Only 3 miles from the intersection of Central and Tramway)
Subdivision
210 - Carnuel/Monticello
Standard status
Active
APN
102505709901830105
Size
8,134 SF
Lot size
10.71 Acres
Taxes and HOA fees
Tax Annual Amount
5182
Utilities
Utilities
Propane
Heating system
Electric (Heating), Propane (Heating), Hot Water(Heating), Baseboard
Cooling system
Varies by Unit
Amenities
original kitchen cabinets
classic bathtubs/showers
rock fireplaces
wrought-iron porches
built-in BBQ pits
koi pond
privacy fence
courtyards
Building Details
Year built
1946
Floors in Building
2
Number of units
6
Flooring type
Brick, Carpet, Wood, Tile
Building materials
Frame, Concrete, Stone, Stucco
Listing Agency:
Keller Williams Realty
(505) 897-1100
Listed By:
Anne M Vallejos · License #41997
(505) 331-8306
Added: Nov 10, 2025
Changed: Aug 1
Last Checked: Aug 12 at 2:06PM
MLS# 1094511
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.
Historic ranch-style triplex on 10.71 acres built in 1946, totaling 8,134 sq ft. The main home plus two casitas provide 7 bedrooms and 6 bathrooms, with each casita offering its own entry, private driveway, and courtyard areas.
Interior details include original kitchen cabinets and classic bathtubs/showers, along with period flooring, rock fireplaces, and wrought-iron porches. The home features a koi pond on the main floor and a privacy fence, with shade trees in the lower back area. Exterior amenities include landscaping, a patio, and built-in BBQ pits.
Heating is available via electric and propane sources, including hot water and baseboard, and cooling varies by unit. The property includes a propane tank (owned) and is served by propane utilities. Outdoor appeal includes Sandia views and easy National Forest hiking access, with access to I-40 minutes from the Tramway/Central exit.
Interior details include original kitchen cabinets and classic bathtubs/showers, along with period flooring, rock fireplaces, and wrought-iron porches. The home features a koi pond on the main floor and a privacy fence, with shade trees in the lower back area. Exterior amenities include landscaping, a patio, and built-in BBQ pits.
Heating is available via electric and propane sources, including hot water and baseboard, and cooling varies by unit. The property includes a propane tank (owned) and is served by propane utilities. Outdoor appeal includes Sandia views and easy National Forest hiking access, with access to I-40 minutes from the Tramway/Central exit.
Key Highlights
- 10.71 acres with a total of 8,134 sq ft in a 1946 historic ranch‑style triplex
- 7 bedrooms and 6 bathrooms across the main house and two casitas
- Two casitas, each with its own entry, private driveway, and courtyard
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
$74,253
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
5.94%
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%
$1,485,060
$1.5M
Cap Rate 7%
$1,060,757
$1.1M
Cap Rate 9%
$825,033
$825.0K
Market Conditions
NOI Build-Up for 8,134 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
$112.2K $13.80/SF
− Vacancy
−$6.2K −$0.76/SF
EGI
$106.1K $13.04/SF
− OpEx
−$31.8K −$3.91/SF
NOI
$74.3K $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%
$1,485,060
Cap Rate 7%
$1,060,757
Cap Rate 9%
$825,033
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$928.2K – $1.24M
NOI $74,253 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$981.5K
$858.8K – $1.15M
NOI $68,705 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$1.97M
$1.72M – $2.30M
NOI $137,744 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 87123, NM
44,110
Population
20,533
Households
2.1
Avg Household Size
40
Median Age
33%
College-Educated
89%
High-School Grad
28.9 sq mi
ZIP Area
1,526
Density / Sq Mi
$61,552
Median Household Income
$35,867
Median Earnings
$995
Median Rent
$236,400
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?
Triplex - Historic ranch-style triplex with two casitas, each with a private entry and courtyard, plus patio and propane heating.
Where is this triplex located?
The property is located at 24 Matisse Road NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: 10.71 acres with a total of 8,134 sq ft in a 1946 historic ranch‑style triplex; 7 bedrooms and 6 bathrooms across the main house and two casitas; Two casitas, each with its own entry, private driveway, and courtyard
