Updated Four-Unit Apartment
For Sale
$546,500
1920 Lead Avenue SE, Albuquerque, NM 87106
ResidentialIncome, Albuquerque, NM
Property Size2,038 SF
Lot Size0.21 Acres
Price / SF$268.16
Days on Market69
Property Features for 1920 Lead Avenue SE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-ML*
Bedrooms
3
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 3, Bathroom 4, Bedroom 1, Bathroom 3, Bathroom 2, Bedroom 2, Bathroom 1
Parking
8
Interior features
CeilingFans
Fireplace
1
Appliances
Dryer, FreeStandingGasRange, Refrigerator, Washer
Subdivision
Terrace Park Addition
Directions
From Yale and Lead: West on Lead to Property. 1920 Lead Ave SE is on the south side of the street.
Standard status
Active
APN
101505743017641621
Size
2,038 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
4095
Utilities
Heating system
Electric (Heating), Zoned, Ductless (Heating)
Cooling system
Ceiling Fan(s), Ductless
Building Details
Year built
1935
Floors in Building
1
Number of units
4
Flooring type
Concrete, Vinyl, Tile, Carpet, Wood
Building materials
Frame, Stucco
Listing Agency:
Deacon Property Services
(505) 878-0100
Listed By:
Kyle E Deacon · License #15579
(505) 803-3775
Added: Jul 21
Changed: Sep 14
Last Checked: Sep 27 at 1:06PM
MLS# 1107834
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 1935 multifamily property contains four apartments within 2,038 square feet on a 0.21-acre lot. Recent improvements include a newer roof, thermal windows, updated electrical service, zoned mini-split heating and cooling in each unit, and contemporary interior finishes. Apartment layouts vary, with individual floor plans and a mix of wood, tile, concrete, carpet, and vinyl flooring. Appliances include refrigerators, free-standing gas ranges, washers, and dryers. A detached garage has separate electric metering, while the property also includes a basement, fireplace, ceiling fans, and stucco and frame construction.
The property is located in Albuquerque's UNM area near Roosevelt Park, CNM, UNM Hospital, Downtown, and Presbyterian Hospital. Off-street parking is available on the large lot, with access from both the alley and Lead Avenue. The four-unit configuration, updated building systems, and separate garage provide a defined multifamily operating layout.
The property is located in Albuquerque's UNM area near Roosevelt Park, CNM, UNM Hospital, Downtown, and Presbyterian Hospital. Off-street parking is available on the large lot, with access from both the alley and Lead Avenue. The four-unit configuration, updated building systems, and separate garage provide a defined multifamily operating layout.
Key Highlights
- Four apartments totaling 2,038 square feet
- 0.21‑acre lot with substantial off‑street parking
- Newer roof, thermal windows, and updated electrical service
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
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Current Use
Lease Details
4
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,136
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - UNM-area multifamily property with upgraded systems, contemporary apartment finishes, off-street parking, and alley and Lead Avenue access.
Where is this quadplex located?
The property is located at 1920 Lead Avenue SE 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 apartments totaling 2,038 square feet; 0.21‑acre lot with substantial off‑street parking; Newer roof, thermal windows, and updated electrical service
