Remodeled Triplex with Updated
For Sale
$465,000
1609 Lundy Lane SW, Albuquerque, NM 87105
ResidentialIncome, Albuquerque, NM
Property Size2,766 SF
Lot Size0.28 Acres
Price / SF$168.11
Days on Market63
Property Features for 1609 Lundy Lane SW
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
R-1A*
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1
Parking
2
Interior features
CeilingFans
Appliances
Dryer, FreeStandingGasRange, Refrigerator, Washer
Subdivision
Lundy Add
Directions
From Big Eye, south on I-25.West on Ave Cesar Chavez.South of Goff Blvd SWEast on Lundy Lane. Property on north side of Lundy Lane.
Standard status
Active
APN
101205641413440926
Size
2,766 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Annual Amount
3465
Utilities
Heating system
Central, Forced Air
Cooling system
Ceiling Fan(s)
Building Details
Year built
1941
Floors in Building
1
Number of units
3
Flooring type
Carpet, Laminate
Building materials
Frame, Stucco
Listing Agency:
EXP Realty LLC
(505) 554-3873
Listed By:
Rafael De La Fuente · License #54000
(505) 550-5594
Added: Jun 28
Changed: Aug 22
Last Checked: Aug 29 at 5:06PM
MLS# 1106694
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 Albuquerque triplex contains three residential units totaling 2,766 square feet on a 0.28-acre lot. Unit C provides 3 bedrooms and 1 bathroom across approximately 1,300 square feet, while Units A and B each include 2 bedrooms, 1 bathroom, and approximately 733 square feet. The property has undergone extensive remodeling, with updated systems, newer appliances, laminate and carpet flooring, central forced-air heating, and ceiling fans. Washers, dryers, refrigerators, and freestanding gas ranges are included. Unit C also has new windows, and the roof was replaced 2 years ago.
Built in 1941, the frame-and-stucco property includes parking for two or more vehicles per unit. Its location is 1609 Lundy Lane SW in Albuquerque, NM 87105, within Bernalillo County. The unit mix combines two 2-bedroom residences with one larger 3-bedroom residence, offering varied residential configurations within one multifamily asset.
Built in 1941, the frame-and-stucco property includes parking for two or more vehicles per unit. Its location is 1609 Lundy Lane SW in Albuquerque, NM 87105, within Bernalillo County. The unit mix combines two 2-bedroom residences with one larger 3-bedroom residence, offering varied residential configurations within one multifamily asset.
Key Highlights
- Three‑unit property totaling 2,766 square feet on 0.28 acres
- Unit mix includes two 2 BR, 1 bath units and one 3 BR, 1 bath unit
- Unit C measures approximately 1,300 sf; Units A and B each measure approximately 733 sf
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
$25,071
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
5.39%
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%
$501,420
$501.4K
Cap Rate 7%
$358,157
$358.2K
Cap Rate 9%
$278,567
$278.6K
Market Conditions
NOI Build-Up for 2,766 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
$38.2K $13.80/SF
− Vacancy
−$2.4K −$0.85/SF
EGI
$35.8K $12.95/SF
− OpEx
−$10.7K −$3.88/SF
NOI
$25.1K $9.06/SF
Area
ZIP 87105
Vacancy
6.17%
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%
$501,420
Cap Rate 7%
$358,157
Cap Rate 9%
$278,567
Alternative Uses
Best Use
Multifamily LT 5
$358.2K
$313.4K – $417.9K
NOI $25,071 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$329.2K
$288.0K – $384.1K
NOI $23,043 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$603.5K
$528.1K – $704.1K
NOI $42,247 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Explore this area
Business Placement
Demographics for 87105, NM
54,151
Population
20,263
Households
2.7
Avg Household Size
39
Median Age
16%
College-Educated
80%
High-School Grad
40.2 sq mi
ZIP Area
1,347
Density / Sq Mi
$49,928
Median Household Income
$32,490
Median Earnings
$972
Median Rent
$200,300
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?
Triplex - Three residential units offer refreshed interiors, newer appliances, and dedicated parking for multiple vehicles.
Where is this triplex located?
The property is located at 1609 Lundy Lane SW Albuquerque, NM.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Three‑unit property totaling 2,766 square feet on 0.28 acres; Unit mix includes two 2 BR, 1 bath units and one 3 BR, 1 bath unit; Unit C measures approximately 1,300 sf; Units A and B each measure approximately 733 sf
