Updated Four-Unit Furnished
For Sale
$750,000
2109 Gold Ave, Albuquerque, NM 87106
Four furnished residences offer shared laundry, off-street parking, and energy-efficient mechanical systems in a fully occupied property.
Property Size2,886 SF
Price / SF$259.88
Days on Market22
Property Features for 2109 Gold Ave
General Information
Standard status
Active
Size
2,886 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR, 2 x studio
Multifamily Units
4
Additional Details
Gross Income
$54,600
Amenities
shared laundry room
Building Details
Year Built
1930
Buildings
3
Tenancy
Multi
Listing Agency:
Chris Lucas Real Estate
Listed By:
Christopher M Lucas · License #20631
(505) 463-5317
Source:
Albuquerquehomefinders
Added: Aug 15
Changed: Sep 4
Last Checked: Sep 4 at 7:38AM
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 Chris Lucas Real Estate
Investment Insights
Based on property information with market context.
This four-unit residential income property combines a 2-bedroom adobe house, a duplex with two studio residences, and a separate 2-story 2-bedroom casita. The property contains 2,886 square feet and includes a secure shared laundry room, new appliances from 2022 and newer, tandem parking in front, five additional spaces behind the buildings, and approximately 200 square feet of basement storage. All units are furnished and currently occupied.
Mechanical and building updates include mini-split heating and cooling throughout, ceiling cassette mini-splits in the 2-story building, on-demand hot water in some units, updated electrical service from 2023, and TPO roofing systems on three units. The duplex was built in 2022, while the stand-alone casita was completed in 2024. Located at 2109 Gold Ave in Albuquerque, the property is positioned between UNM and CNM, with both campuses described as walkable from the site.
Mechanical and building updates include mini-split heating and cooling throughout, ceiling cassette mini-splits in the 2-story building, on-demand hot water in some units, updated electrical service from 2023, and TPO roofing systems on three units. The duplex was built in 2022, while the stand-alone casita was completed in 2024. Located at 2109 Gold Ave in Albuquerque, the property is positioned between UNM and CNM, with both campuses described as walkable from the site.
Key Highlights
- Four fully furnished units, including one 2‑bedroom house, two studios, and one 2‑bedroom casita
- 2,886‑square‑foot property with approximately 200 square feet of basement storage
- 2‑bedroom adobe house measures approximately 986 square feet
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
$26,345
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
3.51%
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%
$526,900
$526.9K
Cap Rate 7%
$376,357
$376.4K
Cap Rate 9%
$292,722
$292.7K
Market Conditions
NOI Build-Up for 2,886 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
$39.8K $13.80/SF
− Vacancy
−$2.2K −$0.76/SF
EGI
$37.6K $13.04/SF
− OpEx
−$11.3K −$3.91/SF
NOI
$26.3K $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%
$526,900
Cap Rate 7%
$376,357
Cap Rate 9%
$292,722
Alternative Uses
Best Use
Multifamily LT 5
$376.4K
$329.3K – $439.1K
NOI $26,345 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$348.2K
$304.7K – $406.3K
NOI $24,377 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$698.2K
$610.9K – $814.6K
NOI $48,873 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,349
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?
Quadplex - Four furnished residences offer shared laundry, off-street parking, and energy-efficient mechanical systems in a fully occupied property.
Where is this quadplex located?
The property is located at 2109 Gold Ave Albuquerque, NM.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Four fully furnished units, including one 2‑bedroom house, two studios, and one 2‑bedroom casita; 2,886‑square‑foot property with approximately 200 square feet of basement storage; 2‑bedroom adobe house measures approximately 986 square feet
