Furnished Duplex with
For Sale
$389,900
1805 Alvarado Dr, Albuquerque, NM 87110
Two leased units offer distinct layouts, private laundry, storage, and access to an irrigated yard.
Property Size1,921 SF
Price / SF$202.97
Days on Market17
Property Features for 1805 Alvarado Dr
General Information
Standard status
Active
Size
1,921 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$3,576
Amenities
washer/dryer
detached storage shed
private patio
irrigated yard
Listing Agency:
MJC Realty
(612) 298-9393
Listed By:
Andrew Meyer
(612) 298-9393
Source:
Exprealty
Added: Aug 7
Changed: Aug 20
Last Checked: Aug 23 at 7:59AM
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 MJC Realty
Investment Insights
Based on property information with market context.
This 1,921-square-foot duplex includes two furnished residences: one configured with 2 bedrooms and 2 bathrooms, with potential for a third bedroom, and a second offering 2 bedrooms and 1 bathroom. Both units are rented through the end of the year and have established rental histories. Each residence includes its own washer and dryer, while interior finishes combine hardwood, tile, and LVP flooring.
Exterior features include off-street carport parking, built-in carport storage, a detached storage shed, and an irrigated yard. The rear residence also has a private patio. Furnishings convey with the property. The duplex is in Albuquerque’s NE Heights near Uptown, with shopping, dining, and major routes nearby.
Exterior features include off-street carport parking, built-in carport storage, a detached storage shed, and an irrigated yard. The rear residence also has a private patio. Furnishings convey with the property. The duplex is in Albuquerque’s NE Heights near Uptown, with shopping, dining, and major routes nearby.
Key Highlights
- Furnished duplex totaling 1,921 SF
- Unit mix includes 2 bed/2 bath and 2 bed/1 bath residences
- First unit has possible 3rd bedroom
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
$17,536
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
4.50%
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%
$350,720
$350.7K
Cap Rate 7%
$250,514
$250.5K
Cap Rate 9%
$194,844
$194.8K
Market Conditions
NOI Build-Up for 1,921 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
$26.5K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$25.1K $13.04/SF
− OpEx
−$7.5K −$3.91/SF
NOI
$17.5K $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%
$350,720
Cap Rate 7%
$250,514
Cap Rate 9%
$194,844
Alternative Uses
Best Use
Multifamily LT 5
$250.5K
$219.2K – $292.3K
NOI $17,536 @ 7.0% cap · market cap 4.50%
Second Best
Apartment 5plus
$231.8K
$202.8K – $270.4K
NOI $16,226 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$464.7K
$406.6K – $542.2K
NOI $32,531 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,755
Businesses Nearby
Explore this area
Business Placement
Demographics for 87110, NM
38,441
Population
19,591
Households
2
Avg Household Size
42
Median Age
38%
College-Educated
93%
High-School Grad
8.8 sq mi
ZIP Area
4,368
Density / Sq Mi
$63,593
Median Household Income
$40,244
Median Earnings
$1,096
Median Rent
$251,400
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 - Two leased units offer distinct layouts, private laundry, storage, and access to an irrigated yard.
Where is this duplex located?
The property is located at 1805 Alvarado Dr Albuquerque, NM.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Furnished duplex totaling 1,921 SF; Unit mix includes 2 bed/2 bath and 2 bed/1 bath residences; First unit has possible 3rd bedroom
