Renovated
For Sale
$611,262
124 Princeton Drive SE, Albuquerque, NM 87106
ResidentialIncome, Albuquerque, NM
Property Size2,561 SF
Lot Size0.16 Acres
Price / SF$238.68
Days on Market12
Property Features for 124 Princeton Drive SE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
MX-L*
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 1, Bathroom 2, Bedroom 1, Bathroom 4, Basement, Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 3
Parking
6
Patio and Porch features
Patio
Interior features
CeilingFans
Exterior features
Lighting, Patio
Appliances
Dryer, FreeStandingGasRange, Refrigerator, RangeHood, Washer
Subdivision
University Heights Addition
Directions
From Central and Girard. West on Central to Princeton. South on Princeton 1 block. Property is on the NE corner of Princeton and Silver SE.
Standard status
Active
APN
101605719423833101
Size
2,561 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
7597
Utilities
Heating system
Ductless (Heating)
Cooling system
Ductless, Ceiling Fan(s)
Amenities
private patios
landscaped walkways
off-street parking
garage
carports
laundry room
Building Details
Year built
1945
Floors in Building
1
Number of units
4
Flooring type
Wood, Vinyl, Tile
Building materials
Frame, Stucco
Listing Agency:
Deacon Property Services
Listed By:
Kyle E Deacon · License #15579
(505) 878-0100
Added: Oct 12
Changed: Oct 19
Last Checked: Oct 23 at 12:06AM
MLS# 1112694
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.
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Investment Insights
Based on property information with market context.
Built in 1945 and renovated in 2019, this 2,561-square-foot quadplex contains a main house with two to three bedrooms and three one-bedroom apartments. The 0.16-acre property includes thermal windows, mini-split HVAC, updated fixtures, custom tile, and retained original finishes. Private patios and landscaped walkways serve the residences. The main house has a washer and dryer; the apartments share a laundry room. Gas and electricity are separately metered for each unit. Parking includes a garage and two carports.
The property is at the northeast corner of Princeton and Silver, about one block from the University of New Mexico campus. Central New Mexico Community College, Nob Hill, restaurants, cafes, microbreweries, and local retail are also nearby.
The property is at the northeast corner of Princeton and Silver, about one block from the University of New Mexico campus. Central New Mexico Community College, Nob Hill, restaurants, cafes, microbreweries, and local retail are also nearby.
Key Highlights
- Four residences: a two- to three‑bedroom main house and three one‑bedroom apartments
- 2,561 square feet on a 0.16‑acre lot
- Built in 1945; renovated in 2019
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,379
Cap Rate
3.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$467,580
$467.6K
Cap Rate 7%
$333,986
$334.0K
Cap Rate 9%
$259,767
$259.8K
Market Conditions
NOI Build-Up for 2,561 SF
Gross rent
$35.3K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$33.4K $13.04/SF
− OpEx
−$10.0K −$3.91/SF
NOI
$23.4K $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 Rate 5%
$467,580
Cap Rate 7%
$333,986
Cap Rate 9%
$259,767
Alternative Uses
Best Use
Multifamily LT 5
$334.0K
$292.2K – $389.7K
NOI $23,379 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$309.0K
$270.4K – $360.5K
NOI $21,632 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$619.6K
$542.1K – $722.8K
NOI $43,369 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,611
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Quadplex - The property combines a two- to three-bedroom house with three one-bedroom apartments and shared resident amenities.
Where is this quadplex located?
The property is located at 124 Princeton Drive SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $611,262.
What are key features of this property?
This property features: Four residences: a two- to three‑bedroom main house and three one‑bedroom apartments; 2,561 square feet on a 0.16‑acre lot; Built in 1945; renovated in 2019
