10-Unit Apartment
New
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 Market5
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 4, Bedroom 5, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 3
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) 878-0100
Added: Aug 18
Changed: Aug 20
Last Checked: Aug 22 at 2:06PM
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 = 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
$65,208
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
6.52%
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%
$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
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
$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 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%
$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
Property Profile
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
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?
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
