Upgraded Four-Unit Apartment
For Sale
$546,500
1920 Lead Ave, Albuquerque, NM 87106
Distinct apartment layouts feature contemporary finishes and individual heating and cooling systems.
Property Size2,038 SF
Price / SF$268.16
Days on Market23
Property Features for 1920 Lead Ave
General Information
Standard status
Active
Size
2,038 SF
Property subtype
Residential Income
Additional Details
Road Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$4,095
Listing Agency:
Deacon Property Services
(505) 878-0100
Listed By:
Kyle E Deacon · License #15579
(505) 878-0100
Source:
Exprealty
Added: Jul 23
Changed: Aug 14
Last Checked: Aug 14 at 5:17AM
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 Deacon Property Services
Investment Insights
Based on property information with market context.
This 2,038 SF quadplex contains four apartments, each with a distinct floor plan and contemporary interior finishes. Recent improvements include a newer roof, thermal windows, updated electrical service, and zoned mini-split heating and cooling in every unit. Artistic details and unit-specific amenities add variation across the property.
The property is located in the UNM area near Roosevelt Park, CNM, UNM Hospital, Downtown, and Presbyterian Hospital, which is two blocks away. The large lot provides off-street parking with access from both the alley and Lead Ave. A detached garage has its own electric meter and offers additional use potential. The property also includes opportunities to create more common and private yard areas or add apartments.
The property is located in the UNM area near Roosevelt Park, CNM, UNM Hospital, Downtown, and Presbyterian Hospital, which is two blocks away. The large lot provides off-street parking with access from both the alley and Lead Ave. A detached garage has its own electric meter and offers additional use potential. The property also includes opportunities to create more common and private yard areas or add apartments.
Key Highlights
- Four‑unit quadplex with 2,038 SF of property size
- Newer roof, thermal windows, and updated electrical service
- Zoned mini‑split heating and cooling in all four apartments
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
$18,604
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
3.40%
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%
$372,080
$372.1K
Cap Rate 7%
$265,771
$265.8K
Cap Rate 9%
$206,711
$206.7K
Market Conditions
NOI Build-Up for 2,038 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
$28.1K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$26.6K $13.04/SF
− OpEx
−$8.0K −$3.91/SF
NOI
$18.6K $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%
$372,080
Cap Rate 7%
$265,771
Cap Rate 9%
$206,711
Alternative Uses
Best Use
Multifamily LT 5
$265.8K
$232.6K – $310.1K
NOI $18,604 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$245.9K
$215.2K – $286.9K
NOI $17,214 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$493.0K
$431.4K – $575.2K
NOI $34,512 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,396
Businesses Nearby
Explore this area
Business Placement
Demographics for 87106, NM
26,987
Population
13,893
Households
1.9
Avg Household Size
32
Median Age
53%
College-Educated
91%
High-School Grad
35.8 sq mi
ZIP Area
754
Density / Sq Mi
$51,079
Median Household Income
$29,393
Median Earnings
$904
Median Rent
$332,100
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?
Quadplex - Distinct apartment layouts feature contemporary finishes and individual heating and cooling systems.
Where is this quadplex located?
The property is located at 1920 Lead Ave Albuquerque, NM.
What is the asking price?
The asking price for this property is $546,500.
What are key features of this property?
This property features: Four‑unit quadplex with 2,038 SF of property size; Newer roof, thermal windows, and updated electrical service; Zoned mini‑split heating and cooling in all four apartments
