Triplex with TPO
For Sale
$299,000
119 Charleston Street SE, Albuquerque, NM 87108
MULTI_FAMILY - Albuquerque, NM
Property Size1,784 SF
Lot Size0.16 Acres
Price / SF$167.60
Days on Market20
Property Features for 119 Charleston Street SE
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
MX-L*
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 1
Subdivision
B M Moore Addition
Directions
From Louisiana and Central, go east to Charleston, than right to the address
Standard status
Active
APN
101905720305130413
Size
1,784 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
1635
Utilities
Heating system
Ductless (Heating)
Cooling system
Ductless
Building Details
Year built
1955
Floors in Building
1
Number of units
3
Flooring type
Tile, Carpet
Listing Agency:
EXP Realty LLC
(505) 554-3873
Listed By:
Gilbert S. Gallegos · License #47638
(505) 350-8245
Added: Jul 23
Changed: Aug 2
Last Checked: Aug 11 at 7:06PM
MLS# 1108252
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 turnkey triplex investment includes three fully rented units and a property that has been recently updated. The building features a new TPO roof, ductless (mini-split) heating and cooling in every unit, plus new windows, fresh paint, and new doors throughout. Interior flooring includes carpet and tile. The property was built in 1955 and includes three bedrooms and three bathrooms across the unit layout.
Located in Albuquerque, NM 87108 (Bernalillo County), the property sits on a 0.16-acre lot with 1,784 square feet of building area. It’s positioned for low-maintenance operations as an income-producing rental property.
Located in Albuquerque, NM 87108 (Bernalillo County), the property sits on a 0.16-acre lot with 1,784 square feet of building area. It’s positioned for low-maintenance operations as an income-producing rental property.
Key Highlights
- 0.16‑acre triplex lot
- 1,784 square feet total building area
- Built in 1955
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
$16,286
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
5.45%
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%
$325,720
$325.7K
Cap Rate 7%
$232,657
$232.7K
Cap Rate 9%
$180,956
$181.0K
Market Conditions
NOI Build-Up for 1,784 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
$24.6K $13.80/SF
− Vacancy
−$1.4K −$0.76/SF
EGI
$23.3K $13.04/SF
− OpEx
−$7.0K −$3.91/SF
NOI
$16.3K $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%
$325,720
Cap Rate 7%
$232,657
Cap Rate 9%
$180,956
Alternative Uses
Best Use
Multifamily LT 5
$232.7K
$203.6K – $271.4K
NOI $16,286 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$215.3K
$188.4K – $251.2K
NOI $15,069 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$431.6K
$377.6K – $503.5K
NOI $30,211 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
869
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?
Triplex - All units are fully rented in this turnkey triplex with ductless mini-split heating and cooling.
Where is this triplex located?
The property is located at 119 Charleston Street SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 0.16‑acre triplex lot; 1,784 square feet total building area; Built in 1955
