Updated 7-Unit Apartment
For Sale
$994,495
1003-1005 Carlisle Boulevard SE, Albuquerque, NM 87106
ResidentialIncome, Albuquerque, NM
Property Size4,805 SF
Lot Size0.18 Acres
Price / SF$206.97
Days on Market137
Property Features for 1003-1005 Carlisle Boulevard SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-MH*
Bedrooms
8
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 3, Bedroom 7, Bedroom 4, Bathroom 7, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bathroom 1, Bathroom 6, Bedroom 1, Bathroom 4, Bathroom 2, Bedroom 8, Bathroom 5
Parking
11
Patio and Porch features
Patio
Exterior features
Landscaping, Patio
Appliances
Dryer, FreeStandingGasRange, Refrigerator, RangeHood, Washer
Directions
From Carlisle and Ridgecrest: south on Carlisle approximately 6 Blocks. Property is on the SW Corner of Smith and Carlisle SE.
Subdivision
42 - UNM South
Standard status
Active
APN
101605651822841514
Size
4,805 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
9108
Utilities
Heating system
Forced Air, Central
Cooling system
Varies by Unit
Amenities
in-unit washer/dryer
private yard spaces
Building Details
Year built
1947
Floors in Building
2
Number of units
7
Flooring type
Vinyl, Wood
Building materials
Frame, Stucco
Listing Agency:
Deacon Property Services
(505) 878-0100
Listed By:
Kyle E Deacon · License #15579
(505) 803-3775
Added: May 1
Changed: Sep 12
Last Checked: Sep 14 at 5:06AM
MLS# 1107259
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 7-unit apartment property comprises a fourplex and a triplex situated on two separate parcels. The buildings provide 4,805 square feet of space on 0.18 acres and date to 1947. Interior improvements include updated finishes, wood and vinyl flooring, forced-air and central heating, and unit-specific cooling. Apartments are equipped with washers, dryers, refrigerators, gas ranges, and range hoods, while patios and private yard areas add outdoor space.
The property is located at 1003-1005 Carlisle Boulevard SE in Albuquerque’s Knob Heights area, near neighborhood parks, a community garden, Castle Coffee, and the Source Community Center. The location is also minutes from the University of New Mexico, Central New Mexico Community College, Kirtland Air Force Base, Albuquerque International Sunport, and I-25.
The property is located at 1003-1005 Carlisle Boulevard SE in Albuquerque’s Knob Heights area, near neighborhood parks, a community garden, Castle Coffee, and the Source Community Center. The location is also minutes from the University of New Mexico, Central New Mexico Community College, Kirtland Air Force Base, Albuquerque International Sunport, and I-25.
Key Highlights
- 7‑unit apartment property with a fourplex and triplex on two separate parcels
- 4,805 square feet on 0.18 acres
- Updated interiors with wood and vinyl flooring
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
$40,586
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
4.08%
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%
$811,720
$811.7K
Cap Rate 7%
$579,800
$579.8K
Cap Rate 9%
$450,956
$451.0K
Market Conditions
NOI Build-Up for 4,805 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
$77.8K $16.20/SF
− Vacancy
−$4.0K −$0.84/SF
EGI
$73.8K $15.36/SF
− OpEx
−$33.2K −$6.91/SF
NOI
$40.6K $8.45/SF
Area
Albuquerque, NM
Vacancy
5.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$811,720
Cap Rate 7%
$579,800
Cap Rate 9%
$450,956
Alternative Uses
Best Use
Apartment 5plus
$579.8K
$507.3K – $676.4K
NOI $40,586 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,370 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
340
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
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?
Apartment building - Two parcels combine a fourplex and triplex with private patios and in-unit laundry equipment.
Where is this apartment building located?
The property is located at 1003-1005 Carlisle Boulevard SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $994,495.
What are key features of this property?
This property features: 7‑unit apartment property with a fourplex and triplex on two separate parcels; 4,805 square feet on 0.18 acres; Updated interiors with wood and vinyl flooring
