Fourplex Income Property with Central
For Sale
$349,000
1029 Palomas Drive SE, Albuquerque, NM 87108
MULTI_FAMILY - Albuquerque, NM
Property Size3,199 SF
Lot Size0.19 Acres
Price / SF$109.10
Days on Market23
Property Features for 1029 Palomas Drive SE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-MH*
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 4, Bedroom 5, Bedroom 1, Bedroom 2, Bedroom 4, Bedroom 7, Bathroom 1, Bathroom 3, Bedroom 3, Bathroom 2
Exterior features
Lighting
Appliances
FreeStandingGasRange, Refrigerator, RangeHood
Subdivision
Pl Add
Directions
San Mateo/Kathryn Head East on Kathryn t Palomas DR Go South on Palomas DR to Propety West Side of street
Standard status
Active
APN
101805608921832204
Size
3,199 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
3612
Utilities
Heating system
Central
Building Details
Year built
1958
Floors in Building
1
Number of units
4
Flooring type
Wood, Tile
Building materials
Frame
Listing Agency:
Couture Brokerage
(505) 321-3259
Listed By:
Toni-Lei Renee Ponic · License #15258
(505) 321-3259
Added: Jul 21
Changed: Aug 2
Last Checked: Aug 12 at 1:06PM
MLS# 1108100
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.
Well-maintained fourplex income property featuring three two-bedroom, one-bath units and one one-bedroom, one-bath unit. The property is fully leased. Interior finishes include wood and tile flooring, with central heating and frame construction. Exterior features include lighting, and the unit appliances listed include free-standing gas ranges, refrigerators, and range hoods.
Built in 1958 and situated on a 0.19-acre lot, the property contains 3,199 square feet. The home is located at 1029 Palomas Drive SE in Albuquerque, NM 87108, in Bernalillo County.
A roof replacement is noted as Torch down Appex 4.5M installed April 2024. With its multi-unit configuration and proximity to medical facilities, shopping, dining, and major transportation routes, the property is positioned for long-term occupancy.
Built in 1958 and situated on a 0.19-acre lot, the property contains 3,199 square feet. The home is located at 1029 Palomas Drive SE in Albuquerque, NM 87108, in Bernalillo County.
A roof replacement is noted as Torch down Appex 4.5M installed April 2024. With its multi-unit configuration and proximity to medical facilities, shopping, dining, and major transportation routes, the property is positioned for long-term occupancy.
Key Highlights
- 0.19‑acre lot with 3,199 SF fourplex
- Three two‑bedroom, one‑bath units plus one one‑bedroom, one‑bath unit
- Property fully leased
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
$29,203
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
8.37%
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%
$584,060
$584.1K
Cap Rate 7%
$417,186
$417.2K
Cap Rate 9%
$324,478
$324.5K
Market Conditions
NOI Build-Up for 3,199 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
$44.1K $13.80/SF
− Vacancy
−$2.4K −$0.76/SF
EGI
$41.7K $13.04/SF
− OpEx
−$12.5K −$3.91/SF
NOI
$29.2K $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%
$584,060
Cap Rate 7%
$417,186
Cap Rate 9%
$324,478
Alternative Uses
Best Use
Multifamily LT 5
$417.2K
$365.0K – $486.7K
NOI $29,203 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$386.0K
$337.8K – $450.4K
NOI $27,021 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$773.9K
$677.2K – $902.9K
NOI $54,173 @ 7.0% cap · market cap 15.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,567
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fourplex with three two-bedroom units and one one-bedroom unit, fully leased, with central heating and frame construction.
Where is this quadplex located?
The property is located at 1029 Palomas Drive SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 0.19‑acre lot with 3,199 SF fourplex; Three two‑bedroom, one‑bath units plus one one‑bedroom, one‑bath unit; Property fully leased
