Two-Unit Duplex with Extra
For Sale
$275,000
1303-1305 Iron Avenue SW, Albuquerque, NM 87102
MULTI_FAMILY - Albuquerque, NM
Property Size1,128 SF
Lot Size0.16 Acres
Price / SF$243.79
Days on Market16
Property Features for 1303-1305 Iron Avenue SW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-ML*
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1
Appliances
FreeStandingGasRange, Refrigerator
Subdivision
Raynolds Addition
Directions
take Lomas Blvd west towards downtown. Turn left onto 12th Street NW. Continue south past Central Avenue. Tur right onto Iron Ave. SW Continue to 1303 Iron Ave. SW
Standard status
Active
APN
101305734131510703
Size
1,128 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
2649
Building Details
Year built
1920
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Stucco
Listing Agency:
Maestas Real Estate Services
(505) 463-3565
Listed By:
Anita Maestas · License #16029
(505) 463-3565
Added: Aug 1
Changed: Aug 15
Last Checked: Aug 16 at 3:06PM
MLS# 1109233
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 1,128-square-foot duplex contains two one-bedroom, one-bath units. Built in 1920, the property has stucco construction, vinyl flooring, and individual kitchens equipped with freestanding gas ranges and refrigerators. An additional lot is included, with alley access and room for additional buildings.
The property is positioned near Downtown Albuquerque and Old Town, with Rio Grande Pool, Rio Grande Park, and the ABQ BioPark Zoo within walking distance. Bicycle routes connect the area to Downtown, Old Town Plaza, and the trail system along the Bosque and Rio Grande. Current underwriting reflects a 6.19% cap rate.
The property is positioned near Downtown Albuquerque and Old Town, with Rio Grande Pool, Rio Grande Park, and the ABQ BioPark Zoo within walking distance. Bicycle routes connect the area to Downtown, Old Town Plaza, and the trail system along the Bosque and Rio Grande. Current underwriting reflects a 6.19% cap rate.
Key Highlights
- Two 1‑bedroom, 1‑bath units in a 1,128‑square‑foot duplex
- Additional lot with alley access and space for additional buildings
- Built in 1920 with stucco construction and vinyl 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
$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
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,978
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, one-bath residences with alley access and proximity to Downtown Albuquerque and Old Town.
Where is this duplex located?
The property is located at 1303-1305 Iron Avenue SW 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 1‑bedroom, 1‑bath units in a 1,128‑square‑foot duplex; Additional lot with alley access and space for additional buildings; Built in 1920 with stucco construction and vinyl flooring
