8-Unit Apartment
For Sale
$619,887
2104 Lead Avenue SE, Albuquerque, NM 87106
ResidentialIncome, Albuquerque, NM
Property Size2,670 SF
Lot Size0.16 Acres
Price / SF$232.17
Days on Market93
Property Features for 2104 Lead Avenue SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-T*
Bedrooms
1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1
Appliances
Refrigerator
Subdivision
Buena Vista Heights Add
Directions
From I-25 and Coal east to Yale, north to Lead, west to property.
Standard status
Active
APN
101505747717341720
Size
2,670 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
Lot 2 Block 4 Buena Vista Heights Addn
Tax Annual Amount
1941
Legal Description
Lot 2 Block 4 Buena Vista Heights Addn
Utilities
Cooling system
Ductless
Building Details
Year built
1936
Floors in Building
3
Number of units
8
Flooring type
Vinyl, Carpet
Building materials
Frame, Stucco
Listing Agency:
NM Apartment Advisors, Inc.
(505) 440-8633
Listed By:
Todd D Clarke · License #13711
(505) 440-8633
Added: May 29
Changed: Aug 19
Last Checked: Aug 29 at 4:06PM
MLS# 1104393
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 multifamily property includes eight apartments arranged across two buildings: a three-story structure with six studio units and a single-story duplex containing two one-bedroom units. The buildings date to 1936 and have been updated for energy efficiency and resident comfort. Frame and stucco construction, vinyl and carpet flooring, ductless cooling, and refrigerators are identified among the property features. The 2,670-square-foot property occupies 0.16 acres.
The compound is located at 2104 Lead Avenue SE in Albuquerque, near CNM, UNM, Presbyterian Hospital, I-25, Nob Hill, and Roosevelt Park. Access is available from Lead Avenue and a south-side alley, with parking positioned beside the unit entries.
The compound is located at 2104 Lead Avenue SE in Albuquerque, near CNM, UNM, Presbyterian Hospital, I-25, Nob Hill, and Roosevelt Park. Access is available from Lead Avenue and a south-side alley, with parking positioned beside the unit entries.
Key Highlights
- Eight apartments across two buildings: six studios and two one‑bedroom units
- 2,670 square feet on a 0.16‑acre site
- Three‑story apartment building plus single‑story duplex
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
$24,374
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
3.93%
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%
$487,480
$487.5K
Cap Rate 7%
$348,200
$348.2K
Cap Rate 9%
$270,822
$270.8K
Market Conditions
NOI Build-Up for 2,670 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
$36.8K $13.80/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$34.8K $13.04/SF
− OpEx
−$10.4K −$3.91/SF
NOI
$24.4K $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%
$487,480
Cap Rate 7%
$348,200
Cap Rate 9%
$270,822
Alternative Uses
Best Use
Multifamily LT 5
$348.2K
$304.7K – $406.2K
NOI $24,374 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$322.2K
$281.9K – $375.9K
NOI $22,553 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$645.9K
$565.2K – $753.6K
NOI $45,215 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,303
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated multifamily compound with studio and one-bedroom layouts, adjacent parking, and access from Lead Avenue.
Where is this apartment building located?
The property is located at 2104 Lead Avenue SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $619,887.
What are key features of this property?
This property features: Eight apartments across two buildings: six studios and two one‑bedroom units; 2,670 square feet on a 0.16‑acre site; Three‑story apartment building plus single‑story duplex
