4-Unit Quadplex with Updated
For Sale
$349,000
1029 Palomas Drive Se A-d, Albuquerque, NM 87108
Fully leased residential income property with a varied unit mix near medical services, shopping, dining, and major transportation routes.
Property Size3,199 SF
Price / SF$109.10
Days on Market63
Property Features for 1029 Palomas Drive Se A-d
General Information
Standard status
Active
Size
3,199 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
3 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1958
Listing Agency:
Couture Brokerage
Listed By:
Toni-Lei Renee Ponic · License #15258
(505) 321-3259
Source:
Thesouthwestlife
Added: Aug 6
Changed: Oct 4
Last Checked: Oct 5 at 10:55PM
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 Couture Brokerage
Investment Insights
Based on property information with market context.
This 3,199-square-foot quadplex contains four residential units: three two-bedroom, one-bath apartments and one one-bedroom, one-bath apartment. The property was built in 1958 and has a torch-down Appex 4.5M roof installed in April 2024. All four units are fully leased, providing an occupied residential configuration for an income-property buyer.
Located near the VA Hospital, the property also sits within reach of medical facilities, shopping, dining, and major transportation routes. Its Albuquerque setting and four-unit layout support straightforward multifamily operations, while the mix of larger and smaller apartments provides varied residential configurations within one asset.
Located near the VA Hospital, the property also sits within reach of medical facilities, shopping, dining, and major transportation routes. Its Albuquerque setting and four-unit layout support straightforward multifamily operations, while the mix of larger and smaller apartments provides varied residential configurations within one asset.
Key Highlights
- Four‑unit quadplex with three 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 3,199 SF building constructed in 1958
- Fully leased across all four units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,203
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$584,060
$584.1K
Cap Rate 7%
$417,186
$417.2K
Cap Rate 9%
$324,478
$324.5K
Market Conditions
NOI Build-Up for 3,199 SF
Gross rent
$44.1K $13.80/SF
− Vacancy
−$2.4K −$0.76/SF
EGI
$41.7K $13.04/SF
− OpEx
−$12.5K −$3.91/SF
NOI
$29.2K $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%
$584,060
Cap Rate 7%
$417,186
Cap Rate 9%
$324,478
Alternative Uses
Best Use
Multifamily LT 5
$417.2K
$365.0K – $486.7K
NOI $29,203 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$386.0K
$337.8K – $450.4K
NOI $27,021 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$773.9K
$677.2K – $902.9K
NOI $54,173 @ 7.0% cap · market cap 15.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,001
Businesses Nearby
Explore this area
Business Placement
Demographics for 87108, NM
36,773
Population
19,153
Households
1.9
Avg Household Size
39
Median Age
33%
College-Educated
85%
High-School Grad
5.9 sq mi
ZIP Area
6,233
Density / Sq Mi
$39,578
Median Household Income
$31,478
Median Earnings
$828
Median Rent
$227,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Quadplex - Fully leased residential income property with a varied unit mix near medical services, shopping, dining, and major transportation routes.
Where is this quadplex located?
The property is located at 1029 Palomas Drive Se A-d Albuquerque, NM.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Four‑unit quadplex with three 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 3,199 SF building constructed in 1958; Fully leased across all four units
