Updated Duplex with Detached
For Sale
$334,500
Pending
121 Princeton Dr SE, Albuquerque, NM 87106
Two separate residences provide flexible layouts, private outdoor areas, and off-street parking near UNM.
Property Size1,980 SF
Days on Market14
Property Features for 121 Princeton Dr SE
General Information
Standard status
Pending
Size
1,980 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1929
Buildings
2
Listing Agency:
Platlabs, LLC
(303) 848-6215
Listed By:
Missy Ashcraft
(505) 362-6823
Source:
Missyashcraft
Added: Sep 14
Changed: Sep 26
Last Checked: Sep 26 at 7:05AM
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 Platlabs, LLC
Investment Insights
Based on property information with market context.
This 1929 duplex property includes a 1,440 SF main house and a 540 SF casita, creating a two-residence compound with flexible living and work areas. The main house features three bedrooms, a large living room, enclosed sunroom, studio with separate driveway entry, private primary suite, laundry and utility room, and built-in storage. Additional space includes a 240 SF basement, 168 SF enclosed sunroom, and 170 SF finished hobby, workshop, or storage area outside the heated SF. The 540 SF casita has a full-size kitchen, open layout, stacked washer and dryer, updated fixtures, and luxury vinyl plank flooring.
Located at 121 Princeton Dr SE, the property sits 1 block from UNM and near local shopping, entertainment, breweries, and restaurants. Both residences have private outdoor areas, while the main house offers a long driveway and the casita includes a private gated driveway.
Located at 121 Princeton Dr SE, the property sits 1 block from UNM and near local shopping, entertainment, breweries, and restaurants. Both residences have private outdoor areas, while the main house offers a long driveway and the casita includes a private gated driveway.
Key Highlights
- Two‑residence property totaling 1,980 SF, with a 1,440 SF main house and 540 SF casita
- Main house includes 3 bedrooms, a studio with separate entry, sunroom, and private primary suite
- Casita offers a full‑size kitchen, stacked washer/dryer, updated fixtures, and luxury vinyl plank flooring
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
$18,075
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
5.40%
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%
$361,500
$361.5K
Cap Rate 7%
$258,214
$258.2K
Cap Rate 9%
$200,833
$200.8K
Market Conditions
NOI Build-Up for 1,980 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
$27.3K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$25.8K $13.04/SF
− OpEx
−$7.7K −$3.91/SF
NOI
$18.1K $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%
$361,500
Cap Rate 7%
$258,214
Cap Rate 9%
$200,833
Alternative Uses
Best Use
Multifamily LT 5
$258.2K
$225.9K – $301.3K
NOI $18,075 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$238.9K
$209.1K – $278.7K
NOI $16,724 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$479.0K
$419.1K – $558.8K
NOI $33,530 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,611
Businesses Nearby
Explore this area
Business Placement
Demographics for 87106, NM
26,987
Population
13,893
Households
1.9
Avg Household Size
32
Median Age
53%
College-Educated
91%
High-School Grad
35.8 sq mi
ZIP Area
754
Density / Sq Mi
$51,079
Median Household Income
$29,393
Median Earnings
$904
Median Rent
$332,100
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?
Duplex - Two separate residences provide flexible layouts, private outdoor areas, and off-street parking near UNM.
Where is this duplex located?
The property is located at 121 Princeton Dr SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $334,500.
What are key features of this property?
This property features: Two‑residence property totaling 1,980 SF, with a 1,440 SF main house and 540 SF casita; Main house includes 3 bedrooms, a studio with separate entry, sunroom, and private primary suite; Casita offers a full‑size kitchen, stacked washer/dryer, updated fixtures, and luxury vinyl plank flooring
