Two-Story
For Sale
$350,000
134 Rhode Island St SE, Albuquerque, NM 87108
Two-story residential income property with a consistent two-bedroom, one-bath unit layout.
Property Size3,060 SF
Lot Size0.16 Acres
Price / SF$114.38
Days on Market280
Property Features for 134 Rhode Island St SE
General Information
Standard status
Active
Size
3,060 SF
Total Parking Spaces
6
Lot size
0.16 Acres
Property subtype
Multifamily
Zoning
MX-L
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Asking Price
$350,000
Road Access
Yes
Amenities
6 Parking Spaces
Building Details
Year Built
1980
Stories
2
Listing Agency:
Berger Briggs Real Estate & Property Management
(505) 247-0447
Listed By:
Harrison Alley · License #48822
(505) 247-0447
Source:
Carnm.resimplifi
Added: Nov 23, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:33PM
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 Berger Briggs Real Estate & Property Management
Investment Insights
Based on property information with market context.
This two-story quadplex contains 3,060 square feet with four two-bedroom, one-bath units. Built in 1980, the property occupies a 0.155-acre lot and carries MX-L zoning, providing a defined multifamily asset profile in Southeast Albuquerque.
The property is located at 134 Rhode Island St SE near Central Ave, Zuni Rd, and major arterial routes. Projected gross income is $46,800 annually, with a projected cap rate of 8.4%. The four-unit configuration creates a consistent operating layout, while the property is also offered as part of a larger portfolio that includes two single-family income-producing homes.
The property is located at 134 Rhode Island St SE near Central Ave, Zuni Rd, and major arterial routes. Projected gross income is $46,800 annually, with a projected cap rate of 8.4%. The four-unit configuration creates a consistent operating layout, while the property is also offered as part of a larger portfolio that includes two single-family income-producing homes.
Key Highlights
- Four 2‑bedroom, 1‑bath units in a two‑story quadplex
- 3,060 sq. ft. building on a 0.155‑acre lot
- MX‑L zoning
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
$27,934
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
7.98%
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%
$558,680
$558.7K
Cap Rate 7%
$399,057
$399.1K
Cap Rate 9%
$310,378
$310.4K
Market Conditions
NOI Build-Up for 3,060 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
$42.2K $13.80/SF
− Vacancy
−$2.3K −$0.76/SF
EGI
$39.9K $13.04/SF
− OpEx
−$12.0K −$3.91/SF
NOI
$27.9K $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%
$558,680
Cap Rate 7%
$399,057
Cap Rate 9%
$310,378
Alternative Uses
Best Use
Multifamily LT 5
$399.1K
$349.2K – $465.6K
NOI $27,934 @ 7.0% cap · market cap 7.98%
Second Best
Apartment 5plus
$369.2K
$323.1K – $430.8K
NOI $25,847 @ 7.0% cap · market cap 7.38%
Theoretical Best
Office A
$740.3K
$647.7K – $863.7K
NOI $51,819 @ 7.0% cap · market cap 14.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
852
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two-story residential income property with a consistent two-bedroom, one-bath unit layout.
Where is this quadplex located?
The property is located at 134 Rhode Island St SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units in a two‑story quadplex; 3,060 sq. ft. building on a 0.155‑acre lot; MX‑L zoning
