3-Unit Triplex with Private
1004 Madeira Drive SE, Albuquerque, NM 87108
For Sale
New
$385,000
Residential Income, Albuquerque, NM
Property Size2,600 SF
Lot Size0.19 Acres
Price / SF$148.08
Days on Market4
Property Features for 1004 Madeira Drive SE
General Information
Property type
Property subtype
Zoning
Bedrooms
Full bathrooms
Rooms
Subdivision
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Amenities
central air conditioning
central forced heating
landscaping
walled yards
playground
outdoor storage
Building Details
Year built
Floors in Building
Number of units
Listing Agency:
Home Authority
(505) 898-9000
Listed By:
John R Sabourin · License NM #17243
(505) 261-6359
Added: Nov 11
Changed: Nov 12
Last Checked: Nov 14 at 1:06AM
MLS# 1113831
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.
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Investment Insights
Based on property information with market context.
This 2,600-square-foot triplex contains three two-bedroom, one-bathroom residences. Central air conditioning and central forced-air heat serve the units, and new water heaters are in place. Each residence has enclosed front and rear yard areas. The property also includes a playground, outdoor storage units, and parking for each residence.
The 0.19-acre property is in Albuquerque and is zoned R-MH*. Built in 1957, it has landscaping across the grounds. The owner pays for water and sewer service.
The 0.19-acre property is in Albuquerque and is zoned R-MH*. Built in 1957, it has landscaping across the grounds. The owner pays for water and sewer service.
Key Highlights
- Three residences, each with 2 bedrooms and 1 bathroom
- 2,600 square feet on 0.19 acres
- R‑MH* zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,735
Cap Rate
6.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$474,700
$474.7K
Cap Rate 7%
$339,071
$339.1K
Cap Rate 9%
$263,722
$263.7K
Market Conditions
NOI Build-Up for 2,600 SF
Gross rent
$35.9K $13.80/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$33.9K $13.04/SF
− OpEx
−$10.2K −$3.91/SF
NOI
$23.7K $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 Rate 5%
$474,700
Cap Rate 7%
$339,071
Cap Rate 9%
$263,722
Alternative Uses
Best Use
Multifamily LT 5
$339.1K
$296.7K – $395.6K
NOI $23,735 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$313.7K
$274.5K – $366.0K
NOI $21,961 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$629.0K
$550.4K – $733.8K
NOI $44,029 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
989
Businesses Nearby
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Business Placement
Demographics for 87108, NM
36,773
Population
19,153
Households
1.9
Avg Household Size
39
Median Age
33%
College-Educated
85%
High-School Grad
5.9 sq mi
ZIP Area
6,233
Density / Sq Mi
$39,578
Median Household Income
$31,478
Median Earnings
$828
Median Rent
$227,600
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Albuquerque, NM
Properties on Market for Triplexes in Albuquerque
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - Each residence offers two bedrooms, central climate control, and its own enclosed outdoor space.
Where is this triplex located?
The property is located at 1004 Madeira Drive SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Three residences, each with 2 bedrooms and 1 bathroom; 2,600 square feet on 0.19 acres; R‑MH* zoning
