Remodeled 10-Unit Apartment
For Sale
$999,565
1104 Palomas Dr, Albuquerque, NM 87108
The complex combines two fourplexes and a duplex with two-bedroom, one-bathroom units.
Property Size7,720 SF
Price / SF$129.48
Days on Market100
Property Features for 1104 Palomas Dr
General Information
Standard status
Active
Size
7,720 SF
Property subtype
Residential Income
Units
Unit Mix
10 x 2BR/1BA
Multifamily Units
10
Building Details
Year Built
1955
Buildings
3
Listing Agency:
Deacon Property Services
Listed By:
Kyle E Deacon · License #15579
(505) 878-0100
Source:
Findalbuquerqueproperties
Added: Jul 9
Changed: Oct 1
Last Checked: Oct 14 at 11:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Deacon Property Services
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Investment Insights
Based on property information with market context.
Built in 1955, the 7,720-square-foot apartment property comprises two fourplexes and one duplex, totaling 10 two-bedroom, one-bathroom units. Improvements completed by the prior owner include new soffits, windows, synthetic stucco, solid laminate flooring, updated lighting and electrical systems, and replacement of some hot water heaters. The property also has central forced-air furnaces.
Located at 1104 Palomas Dr in Albuquerque, New Mexico, the asset is positioned within an area identified in the source information as having major employment announcements. The remarks also reference citywide expansion involving Netflix, Facebook, Intel and Amazon. These surrounding employment-related facts provide context for evaluating the property alongside its unit configuration and completed improvements.
Located at 1104 Palomas Dr in Albuquerque, New Mexico, the asset is positioned within an area identified in the source information as having major employment announcements. The remarks also reference citywide expansion involving Netflix, Facebook, Intel and Amazon. These surrounding employment-related facts provide context for evaluating the property alongside its unit configuration and completed improvements.
Key Highlights
- 10‑unit apartment property with two fourplexes and one duplex
- All units feature a two‑bedroom, one‑bathroom layout
- 7,720 SF property built in 1955
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,208
Cap Rate
6.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,304,160
$1.3M
Cap Rate 7%
$931,543
$931.5K
Cap Rate 9%
$724,533
$724.5K
Market Conditions
NOI Build-Up for 7,720 SF
Gross rent
$125.1K $16.20/SF
− Vacancy
−$6.5K −$0.84/SF
EGI
$118.6K $15.36/SF
− OpEx
−$53.4K −$6.91/SF
NOI
$65.2K $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 Rate 5%
$1,304,160
Cap Rate 7%
$931,543
Cap Rate 9%
$724,533
Alternative Uses
Best Use
Apartment 5plus
$931.5K
$815.1K – $1.09M
NOI $65,208 @ 7.0% cap · market cap 6.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,734 @ 7.0% cap · market cap 13.08%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,001
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The complex combines two fourplexes and a duplex with two-bedroom, one-bathroom units.
Where is this apartment building located?
The property is located at 1104 Palomas Dr Albuquerque, NM.
What is the asking price?
The asking price for this property is $999,565.
What are key features of this property?
This property features: 10‑unit apartment property with two fourplexes and one duplex; All units feature a two‑bedroom, one‑bathroom layout; 7,720 SF property built in 1955
