University Area Apartment
For Sale
$450,000
2104 Lead Ave SE, Albuquerque, NM 87106
Eight units mix studios and one-bedroom apartments with updates for energy efficiency and parking by each entry.
Property Size2,670 SF
Price / SF$168.54
Days on Market156
Property Features for 2104 Lead Ave SE
General Information
Standard status
Active
Size
2,670 SF
Total Parking Spaces
11
Property subtype
Multifamily
Zoning
R-T
Site & Location
Neighborhood
Shl
Highway Access
Yes
Additional Details
Cap Rate
8.71%
Multifamily Units
8
Amenities
11 Parking Spaces
Building Details
Year Built
1936
Tenancy
Multi
Listing Agency:
Deacon Property Services
Listed By:
Kyle Deacon · License #15579
(505) 803-3775
Source:
Carnm.resimplifi
Added: May 22
Changed: Oct 18
Last Checked: Oct 23 at 3:29AM
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
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Investment Insights
Based on property information with market context.
This university-area eightplex at 2104 Lead SE provides eight residential units configured as six studios in a three-story building and two one-bedroom apartments in a separate single-story duplex. The property was updated for energy efficiency and resident comfort. Tenant entries are supported by ample parking located right next to the unit entries, and the overall site offers fluid access from Lead along a clean, well-traveled alley to the south.
The community is described as being just blocks from the UNM and CNM campuses, with proximity to Presbyterian Hospital, I-25, Nob Hill, and Roosevelt Park. The area also includes nearby shopping and a range of dining and local retail options, including a Smith’s grocery store and multiple restaurants, cafes, and micro-breweries.
For buyers and investors, the unit mix supports multiple household types, combining studio-style space with two one-bedroom apartments within one cohesive property. Its location within walking distance of UNM and CNM can be a practical fit for operators looking to serve residents associated with the university market. The property is being offered for sale with a comprehensive materials package available through the listing firm, including floorplans, photos, and a virtual tour of a studio unit.
The community is described as being just blocks from the UNM and CNM campuses, with proximity to Presbyterian Hospital, I-25, Nob Hill, and Roosevelt Park. The area also includes nearby shopping and a range of dining and local retail options, including a Smith’s grocery store and multiple restaurants, cafes, and micro-breweries.
For buyers and investors, the unit mix supports multiple household types, combining studio-style space with two one-bedroom apartments within one cohesive property. Its location within walking distance of UNM and CNM can be a practical fit for operators looking to serve residents associated with the university market. The property is being offered for sale with a comprehensive materials package available through the listing firm, including floorplans, photos, and a virtual tour of a studio unit.
Key Highlights
- 2104 Lead SE 8‑plex built in 1936 with 6 studio units in a 3‑story building and 2 one‑bedroom units in a single‑story duplex
- On‑site parking is right next to unit entries, with access from Lead and a clean, well‑traveled alley to the south
- Property updates include energy‑efficiency upgrades for resident comfort
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,553
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$451,060
$451.1K
Cap Rate 7%
$322,186
$322.2K
Cap Rate 9%
$250,589
$250.6K
Market Conditions
NOI Build-Up for 2,670 SF
Gross rent
$43.3K $16.20/SF
− Vacancy
−$2.2K −$0.84/SF
EGI
$41.0K $15.36/SF
− OpEx
−$18.5K −$6.91/SF
NOI
$22.6K $8.45/SF
Area
Albuquerque, NM
Vacancy
5.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$451,060
Cap Rate 7%
$322,186
Cap Rate 9%
$250,589
Alternative Uses
Best Use
Apartment 5plus
$322.2K
$281.9K – $375.9K
NOI $22,553 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$645.9K
$565.2K – $753.6K
NOI $45,215 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
8
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,303
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Eight units mix studios and one-bedroom apartments with updates for energy efficiency and parking by each entry.
Where is this apartment building located?
The property is located at 2104 Lead Ave SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2104 Lead SE 8‑plex built in 1936 with 6 studio units in a 3‑story building and 2 one‑bedroom units in a single‑story duplex; On‑site parking is right next to unit entries, with access from Lead and a clean, well‑traveled alley to the south; Property updates include energy‑efficiency upgrades for resident comfort
