Two-Unit Duplex with Extra
For Sale
$275,000
1303-1305 Iron Ave, Albuquerque, NM 87102
Two one-bedroom residences with alley-accessed land near Downtown Albuquerque and Old Town.
Property Size1,128 SF
Price / SF$243.79
Days on Market18
Property Features for 1303-1305 Iron Ave
General Information
Standard status
Active
Size
1,128 SF
Property subtype
Residential Income
Financials
Asking Price
$275,000
Cap Rate
6.19%
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
Maestas Real Estate Services
(505) 362-6823
Listed By:
Anita Maestas
Source:
Albuquerquehomefinders
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 28 at 12:19PM
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 Maestas Real Estate Services
Investment Insights
Based on property information with market context.
This 1,128-square-foot duplex, constructed in 1920, contains two one-bedroom, one-bathroom units. The property also includes a separate 0.1618-acre lot with alley access and room for additional buildings.
Located at 1303-1305 Iron Ave SW, the property is near Downtown Albuquerque and Old Town. Rio Grande Pool, Rio Grande Park, and the ABQ BioPark Zoo are within walking distance, while bicycle routes connect with Downtown, Old Town Plaza, and the trail network along the Bosque and Rio Grande.
Current underwriting reflects a 6.19% cap rate. The two-unit configuration and additional land provide a compact multifamily property with defined existing improvements and an extra parcel.
Located at 1303-1305 Iron Ave SW, the property is near Downtown Albuquerque and Old Town. Rio Grande Pool, Rio Grande Park, and the ABQ BioPark Zoo are within walking distance, while bicycle routes connect with Downtown, Old Town Plaza, and the trail network along the Bosque and Rio Grande.
Current underwriting reflects a 6.19% cap rate. The two-unit configuration and additional land provide a compact multifamily property with defined existing improvements and an extra parcel.
Key Highlights
- Two one‑bedroom/one‑bathroom units
- 1,128 SF duplex built in 1920
- Separate 0.1618‑acre lot included
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
$10,297
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
3.74%
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%
$205,940
$205.9K
Cap Rate 7%
$147,100
$147.1K
Cap Rate 9%
$114,411
$114.4K
Market Conditions
NOI Build-Up for 1,128 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
$15.6K $13.80/SF
− Vacancy
−$856 −$0.76/SF
EGI
$14.7K $13.04/SF
− OpEx
−$4.4K −$3.91/SF
NOI
$10.3K $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%
$205,940
Cap Rate 7%
$147,100
Cap Rate 9%
$114,411
Alternative Uses
Best Use
Multifamily LT 5
$147.1K
$128.7K – $171.6K
NOI $10,297 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$136.1K
$119.1K – $158.8K
NOI $9,528 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$272.9K
$238.8K – $318.4K
NOI $19,102 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
974
Businesses Nearby
Explore this area
Business Placement
Demographics for 87102, NM
20,610
Population
11,346
Households
1.8
Avg Household Size
38
Median Age
34%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,171
Density / Sq Mi
$37,276
Median Household Income
$29,184
Median Earnings
$868
Median Rent
$174,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom residences with alley-accessed land near Downtown Albuquerque and Old Town.
Where is this duplex located?
The property is located at 1303-1305 Iron Ave Albuquerque, NM.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two one‑bedroom/one‑bathroom units; 1,128 SF duplex built in 1920; Separate 0.1618‑acre lot included
