10-Unit Apartment
For Sale
$999,565
1104 Palomas Drive SE, Albuquerque, NM 87108
ResidentialIncome, Albuquerque, NM
Property Size7,720 SF
Lot Size0.56 Acres
Price / SF$129.48
Days on Market51
Property Features for 1104 Palomas Drive SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-MH*
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 5, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 4
Patio and Porch features
Patio
Exterior features
Patio
Appliances
FreeStandingGasRange, Refrigerator
Subdivision
Virginia Place
Directions
From I-40 and Gibson - east to San Mateo, north to Eastern, east to Palomas
Standard status
Active
APN
101805610818831610
Size
7,720 SF
Lot size
0.56 Acres
Taxes and HOA fees
Tax Annual Amount
6065
Utilities
Heating system
Forced Air
Building Details
Year built
1955
Floors in Building
1
Number of units
10
Flooring type
Carpet
Building materials
Frame, Stucco
Listing Agency:
Deacon Property Services
(505) 878-0100
Listed By:
Kyle E Deacon · License #15579
(505) 803-3775
Added: Aug 18
Changed: Sep 14
Last Checked: Oct 7 at 10:06AM
MLS# 1109470
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 10-unit apartment property at 1104 Palomas Drive SE comprises two fourplexes and one duplex. Each residence offers two bedrooms and one bathroom, with a combined property size of 7,720 square feet on 0.56 acres. The buildings were constructed in 1955 and feature frame construction with stucco exteriors.
Prior improvements include new soffits, windows, synthetic stucco, solid laminate flooring, lighting, and electrical updates. Some hot water heaters were also replaced, and the property has central forced-air furnaces. Additional features include patios, freestanding gas ranges, and refrigerators. The property is located in Albuquerque, NM 87108, in Bernalillo County.
Prior improvements include new soffits, windows, synthetic stucco, solid laminate flooring, lighting, and electrical updates. Some hot water heaters were also replaced, and the property has central forced-air furnaces. Additional features include patios, freestanding gas ranges, and refrigerators. The property is located in Albuquerque, NM 87108, in Bernalillo County.
Key Highlights
- 10‑unit property with two‑bedroom, one‑bath residences
- Two fourplexes and one duplex on 0.56 acres
- 7,720 square feet of property size
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.
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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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Remodeled multifamily property with patios, appliances, and forced-air heating.
Where is this apartment building located?
The property is located at 1104 Palomas Drive SE 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 property with two‑bedroom, one‑bath residences; Two fourplexes and one duplex on 0.56 acres; 7,720 square feet of property size
