Updated Quadplex with Unit
For Sale
$349,900
209 Texas St NE, Albuquerque, NM 87108
Four residential units feature durable finishes, electric systems, and included kitchen appliances.
Property Size2,650 SF
Price / SF$132.04
Days on Market52
Property Features for 209 Texas St NE
General Information
Standard status
Active
Size
2,650 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
4
Amenities
stoves and refrigerators
washer hookups
Building Details
Year Built
1950
Listing Agency:
MORE Realty, Inc
(505) 610-1893
Listed By:
Tahir Gauba
Source:
Thesouthwestlife
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 30 at 8:14PM
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 MORE Realty, Inc
Investment Insights
Based on property information with market context.
Built in 1950, this 2,650-square-foot quadplex contains three two-bedroom, one-bath residences and one one-bedroom, one-bath residence. Recent property improvements include a newer roof with warranty coverage, updated fencing, and refreshed stucco surfaces. Each unit has electric systems, while stoves and refrigerators are provided throughout. Durable flooring replaces carpet across the interiors, and select residences include washer hookups.
The property is located at 209 Texas St NE in Albuquerque, New Mexico 87108. Its defined unit mix and apartment-level amenities provide a clear residential income configuration, with practical finishes and equipment incorporated into each residence.
The property is located at 209 Texas St NE in Albuquerque, New Mexico 87108. Its defined unit mix and apartment-level amenities provide a clear residential income configuration, with practical finishes and equipment incorporated into each residence.
Key Highlights
- Three 2‑bedroom, 1‑bath units plus one 1‑bedroom, 1‑bath unit
- 2,650 square feet on a property built in 1950
- Newer roof with warranty, newer fencing, and refreshed stucco surfaces
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
$24,191
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
6.91%
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%
$483,820
$483.8K
Cap Rate 7%
$345,586
$345.6K
Cap Rate 9%
$268,789
$268.8K
Market Conditions
NOI Build-Up for 2,650 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
$36.6K $13.80/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$34.6K $13.04/SF
− OpEx
−$10.4K −$3.91/SF
NOI
$24.2K $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%
$483,820
Cap Rate 7%
$345,586
Cap Rate 9%
$268,789
Alternative Uses
Best Use
Multifamily LT 5
$345.6K
$302.4K – $403.2K
NOI $24,191 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$319.8K
$279.8K – $373.1K
NOI $22,384 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$641.1K
$561.0K – $747.9K
NOI $44,876 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 87108, NM
36,773
Population
19,153
Households
1.9
Avg Household Size
39
Median Age
33%
College-Educated
85%
High-School Grad
5.9 sq mi
ZIP Area
6,233
Density / Sq Mi
$39,578
Median Household Income
$31,478
Median Earnings
$828
Median Rent
$227,600
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 - Four residential units feature durable finishes, electric systems, and included kitchen appliances.
Where is this quadplex located?
The property is located at 209 Texas St NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bath units plus one 1‑bedroom, 1‑bath unit; 2,650 square feet on a property built in 1950; Newer roof with warranty, newer fencing, and refreshed stucco surfaces
