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 Market71
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
Listed By:
Anita Maestas · License #16029
(505) 463-3565
Source:
Albuquerquehomefinders
Added: Aug 5
Changed: Oct 1
Last Checked: Oct 12 at 7:58PM
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 / Yr
$10,297
Cap Rate
3.74%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
