Updated Two-Unit
For Sale
$295,000
1709 Walter St, Albuquerque, NM 87102
Separate gas and electric meters place those utilities under tenant responsibility.
Property Size1,219 SF
Price / SF$242
Days on Market23
Property Features for 1709 Walter St
General Information
Standard status
Active
Size
1,219 SF
Total Parking Spaces
4
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x studio, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$25,140
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,575
Listing Agency:
Realty One Group Concierge
(505) 453-4946
Listed By:
Angela S. Price
(505) 453-4946
Source:
Exprealty
Added: Aug 7
Changed: Aug 22
Last Checked: Aug 29 at 11:18AM
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 Realty One Group Concierge
Investment Insights
Based on property information with market context.
This 1,219-square-foot duplex contains a front studio and a rear two-bedroom, one-bath unit. Both residences are occupied, with the studio leased through 11/30/26 and the larger unit operating on a month-to-month rental arrangement. Four confirmed off-street parking spaces are provided, with possible additional tandem parking.
Improvements completed from 2022-2026 include ductless heat-pump systems, sewer-line work, a new electrical panel and gas line for Unit B, and a metal roof for Unit A. Additional work includes a tankless water heater, insulation, kitchen and bathroom updates, flooring, and xeriscaping. Gas and electric are separately metered and paid by tenants, while the owner covers water, sewer, and trash.
A city certification dated 5/2/22 supports the existing two-unit use as legally nonconforming. The property is located at 1709 Walter St in Albuquerque, New Mexico.
Improvements completed from 2022-2026 include ductless heat-pump systems, sewer-line work, a new electrical panel and gas line for Unit B, and a metal roof for Unit A. Additional work includes a tankless water heater, insulation, kitchen and bathroom updates, flooring, and xeriscaping. Gas and electric are separately metered and paid by tenants, while the owner covers water, sewer, and trash.
A city certification dated 5/2/22 supports the existing two-unit use as legally nonconforming. The property is located at 1709 Walter St in Albuquerque, New Mexico.
Key Highlights
- 1,219‑square‑foot duplex with a front studio and rear 2BR/1BA unit
- Both units occupied; studio lease runs through 11/30/26 and rear unit is month‑to‑month
- Four confirmed off‑street parking spaces plus potential additional tandem parking
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
$11,128
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
3.77%
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%
$222,560
$222.6K
Cap Rate 7%
$158,971
$159.0K
Cap Rate 9%
$123,644
$123.6K
Market Conditions
NOI Build-Up for 1,219 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
$16.8K $13.80/SF
− Vacancy
−$925 −$0.76/SF
EGI
$15.9K $13.04/SF
− OpEx
−$4.8K −$3.91/SF
NOI
$11.1K $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%
$222,560
Cap Rate 7%
$158,971
Cap Rate 9%
$123,644
Alternative Uses
Best Use
Multifamily LT 5
$159.0K
$139.1K – $185.5K
NOI $11,128 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$147.1K
$128.7K – $171.6K
NOI $10,297 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$294.9K
$258.0K – $344.1K
NOI $20,643 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
489
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 - Separate gas and electric meters place those utilities under tenant responsibility.
Where is this duplex located?
The property is located at 1709 Walter St Albuquerque, NM.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1,219‑square‑foot duplex with a front studio and rear 2BR/1BA unit; Both units occupied; studio lease runs through 11/30/26 and rear unit is month‑to‑month; Four confirmed off‑street parking spaces plus potential additional tandem parking
