Building Details

Year Built 1936

Listing Agency: Maddox & Co/REALTORS

Listed By: Liska Maddox · License #47587 Show Phone

Source: Albuquerquehomefinders

Added: Jun 2 Changed: Oct 10 Last Checked: Oct 14 at 11:05PM

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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 Maddox & Co/REALTORS

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Investment Insights

Based on property information with market context.

This short-term rental property includes two adobe homes on a .25-acre parcel, each retaining historic character alongside updated kitchens and bathrooms. Interior details include thick adobe walls, wood flooring, and vintage light fixtures. New roofs were installed 4/26, and the property was built in 1936.

A private gated entrance leads to ample on-site parking. The residences are currently used as Airbnbs and have also accommodated an art studio, a small private school, and a jewelry shop. The two-home configuration supports a range of residential, rental, and live-work arrangements within one property.

Key Highlights

• Two adobe homes situated on a .25‑acre parcel
• Historic construction dating to 1936
• Updated kitchens and bathrooms in each home

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,427

Cap Rate

3.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$428,540 $428.5K

Cap Rate 7%

$306,100 $306.1K

Cap Rate 9%

$238,078 $238.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,613 SF

Gross rent

$34.8K $21.60/SF

− Vacancy

−$6.3K −$3.89/SF

EGI

$28.6K $17.71/SF

− OpEx

−$7.1K −$4.43/SF

NOI

$21.4K $13.28/SF

Area

Albuquerque, NM

Vacancy

18.00%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$428,540

Cap Rate 7%

$306,100

Cap Rate 9%

$238,078

Alternative Uses

Best Use

Office B

$306.1K

$267.8K – $357.1K (±1% cap)

NOI $21,427 @ 7.0% cap · market cap 3.60%

Second Best

Mixed Use

$280.0K

$245.0K – $326.6K (±1% cap)

NOI $19,598 @ 7.0% cap · market cap 3.29%

Theoretical Best

Office A

$390.2K

$341.4K – $455.3K (±1% cap)

NOI $27,315 @ 7.0% cap · market cap 4.59%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Short term rental ...

Suggested Use

Top Pick Electrical Service Locksmith Grocery & Convenience Store Daycare Center Veterinary Clinic Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,382

Businesses Nearby

Explore this area Business Placement

Demographics for 87104, NM

12,537

Population

6,628

Households

1.9

Avg Household Size

43

Median Age

48%

College-Educated

92%

High-School Grad

4.2 sq mi

ZIP Area

2,985

Density / Sq Mi

$67,714

Median Household Income

$55,156

Median Earnings

$1,022

Median Rent

$300,000

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Short term rental property - Restored adobe residences offer updated kitchens and bathrooms, gated access, and flexible live-work use.

Where is this short term rental property located?

The property is located at 1913 Lomas Blvd Albuquerque, NM.

What is the asking price?

The asking price for this property is $595,000.

What are key features of this property?

This property features: Two adobe homes situated on a .25‑acre parcel; Historic construction dating to 1936; Updated kitchens and bathrooms in each home