Two-Unit Duplex with Covered
For Sale
$245,000
1646 Ferris Avenue SW, Albuquerque, NM 87105
MULTI_FAMILY - Albuquerque, NM
Property Size1,680 SF
Lot Size0.13 Acres
Price / SF$145.83
Days on Market8
Property Features for 1646 Ferris Avenue SW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bathroom 1
Security features
Security
Appliances
Dryer, FreeStandingGasRange, Refrigerator, Washer
Subdivision
Middle Rio Grande Conservancy
Directions
From Bridge, south on Isleta, right on Ferris, property is on your left.
Standard status
Active
APN
101205433353210820
Size
1,680 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
1493
Utilities
Heating system
Forced Air
Amenities
washer/dryer connections
covered space
Building Details
Year built
1950
Floors in Building
1
Number of units
2
Flooring type
Carpet, Laminate, Tile
Building materials
Stucco
Listing Agency:
EXP Realty LLC
(505) 554-3873
Listed By:
Roberta G Gore · License #49163
(505) 917-1447
Added: Aug 7
Changed: Aug 14
Last Checked: Aug 14 at 5:06PM
MLS# 1108934
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 duplex contains two residences, each arranged with two bedrooms and one bathroom. The combined property measures 1,680 square feet on a 0.13-acre lot. Both units include laundry connections, while the rear residence has a washer and dryer in place. Parking is provided for both units, with an additional covered area behind the property that can accommodate vehicles or outdoor use.
Built in 1950, the building has stucco construction and a mix of carpet, laminate, and tile flooring. Heating is provided by forced air. Existing appliances include a refrigerator and freestanding gas range, with a washer and dryer located in the rear unit. The property is located at 1646 Ferris Avenue SW in Albuquerque, NM 87105.
Built in 1950, the building has stucco construction and a mix of carpet, laminate, and tile flooring. Heating is provided by forced air. Existing appliances include a refrigerator and freestanding gas range, with a washer and dryer located in the rear unit. The property is located at 1646 Ferris Avenue SW in Albuquerque, NM 87105.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,680 square feet on a 0.13‑acre lot
- Laundry connections in both units; washer and dryer in the rear unit
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
$15,227
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
6.22%
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%
$304,540
$304.5K
Cap Rate 7%
$217,529
$217.5K
Cap Rate 9%
$169,189
$169.2K
Market Conditions
NOI Build-Up for 1,680 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
$23.2K $13.80/SF
− Vacancy
−$1.4K −$0.85/SF
EGI
$21.8K $12.95/SF
− OpEx
−$6.5K −$3.88/SF
NOI
$15.2K $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%
$304,540
Cap Rate 7%
$217,529
Cap Rate 9%
$169,189
Alternative Uses
Best Use
Multifamily LT 5
$217.5K
$190.3K – $253.8K
NOI $15,227 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$199.9K
$175.0K – $233.3K
NOI $13,996 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$366.6K
$320.8K – $427.7K
NOI $25,660 @ 7.0% cap · market cap 10.47%
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
267
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex with matching two-bedroom layouts, private parking, and laundry connections in each residence.
Where is this duplex located?
The property is located at 1646 Ferris Avenue SW Albuquerque, NM.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 1,680 square feet on a 0.13‑acre lot; Laundry connections in both units; washer and dryer in the rear unit
