Short-Term Rental Property with Owner's
For Sale
$495,000
2404 Cunningham Avenue SE, Albuquerque, NM 87106
ResidentialIncome, Albuquerque, NM
Property Size1,930 SF
Lot Size0.17 Acres
Price / SF$256.48
Days on Market48
Property Features for 2404 Cunningham Avenue SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
PC
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2
Parking
2
Interior features
CeilingFans
Exterior features
Lighting
Appliances
Dryer, Dishwasher, FreeStandingGasRange, Disposal, RangeHood, Washer
Subdivision
Mesa Del Sol Neighborhood Montage
Directions
Take University South to Strand Loop SE, west (right) to first street, north (right) on Cunningham to address.
Standard status
Active
APN
101605113008531020
Size
1,930 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
6957
Utilities
Heating system
Central, Forced Air
Cooling system
Ceiling Fan(s)
Building Details
Year built
2012
Floors in Building
1
Number of units
2
Flooring type
Tile, Carpet
Building materials
Frame, Stucco
Listing Agency:
Realty One of New Mexico
(505) 883-9400
Listed By:
Holly V Adams · License #39286
(505) 450-2981
Added: Jul 25
Changed: Sep 4
Last Checked: Sep 10 at 11:06AM
MLS# 1107955
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 1,930-square-foot residential income property was built in 2012 and has been used as an Airbnb. The layout includes three bedrooms, two bathrooms, an open kitchen, and a primary suite separated from the main living areas. The owner’s unit includes all but a kitchenette, while much of the furniture may be available for purchase by the new owner. Interior features include 9-foot ceilings, recessed lighting, a large kitchen island with granite countertops, 42-inch birch cabinetry, stainless steel appliances, and a tankless water heater. Forced-air central heating, tile and carpet flooring, and a frame-and-stucco exterior are also present.
The property occupies 0.17 acres at 2404 Cunningham Avenue SE in Albuquerque’s Mesa Del Sol community. A community pool and park are located down the street. The residence also has a private outdoor area enclosed by a coyote fence, along with landscaping and a catio or bird sanctuary.
The property occupies 0.17 acres at 2404 Cunningham Avenue SE in Albuquerque’s Mesa Del Sol community. A community pool and park are located down the street. The residence also has a private outdoor area enclosed by a coyote fence, along with landscaping and a catio or bird sanctuary.
Key Highlights
- 1,930 square feet on a 0.17‑acre lot
- Used as an Airbnb with an owner’s unit including all but a kitchenette
- Three bedrooms and two bathrooms
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
$17,618
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
3.56%
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%
$352,360
$352.4K
Cap Rate 7%
$251,686
$251.7K
Cap Rate 9%
$195,756
$195.8K
Market Conditions
NOI Build-Up for 1,930 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
$26.6K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$25.2K $13.04/SF
− OpEx
−$7.6K −$3.91/SF
NOI
$17.6K $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%
$352,360
Cap Rate 7%
$251,686
Cap Rate 9%
$195,756
Alternative Uses
Best Use
Multifamily LT 5
$251.7K
$220.2K – $293.6K
NOI $17,618 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$232.9K
$203.8K – $271.7K
NOI $16,302 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$466.9K
$408.5K – $544.7K
NOI $32,683 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
9 ft
Clear height
Location Intelligence
Trade Area within ½ mile
61
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Furnished short-term rental setup with a separate primary suite and private outdoor space in Mesa Del Sol.
Where is this short term rental property located?
The property is located at 2404 Cunningham Avenue SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 1,930 square feet on a 0.17‑acre lot; Used as an Airbnb with an owner’s unit including all but a kitchenette; Three bedrooms and two bathrooms
