Two-Home Multifamily
For Sale
$475,000
212 Sycamore Street NE, Albuquerque, NM 87106
Two detached residences are paired with a detached garage and recreational vehicle pad.
Property Size1,575 SF
Days on Market188
Property Features for 212 Sycamore Street NE
General Information
Standard status
Active
Size
1,575 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
Ductless
Built-In Gas Range
Microwave
Refrigerator
Washer
Cable Available, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Building Details
Building Size
1,575 SF
Year Built
1943
Buildings
3
Listing Agency:
Keller Williams Realty - Albuquerque
(505) 264-6518
Listed By:
Kevin Valles · License #47444
(505) 264-6518
Source:
Kw
Added: Feb 23
Changed: Aug 29
Last Checked: Aug 29 at 6:55PM
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 Keller Williams Realty - Albuquerque
Investment Insights
Based on property information with market context.
This multifamily property comprises two detached residences and a separate three-car garage with an RV pad. One home measures 886 square feet and offers two bedrooms and one bathroom; the second contains 689 square feet with one bedroom and one bathroom. Both residences have been remodeled and include ductless mini-split systems for heating and refrigerated air. Interior features include built-in gas ranges, microwaves, refrigerators, and washers.
The property is located at 212 Sycamore Street NE in Albuquerque, near historic downtown and in close proximity to the University of New Mexico, Presbyterian Hospital, and UNM Hospital. The detached garage includes water and sewer stub-outs, while the property has connected electricity, natural gas, water, sewer, and available cable service.
The property is located at 212 Sycamore Street NE in Albuquerque, near historic downtown and in close proximity to the University of New Mexico, Presbyterian Hospital, and UNM Hospital. The detached garage includes water and sewer stub-outs, while the property has connected electricity, natural gas, water, sewer, and available cable service.
Key Highlights
- Two detached homes: 886 SF with 2 bedrooms and 1 bathroom, plus 689 SF with 1 bedroom and 1 bathroom
- Detached 3‑car garage with RV pad
- Both residences remodeled and equipped with ductless mini‑split heating and refrigerated air
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
$13,304
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
2.80%
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%
$266,080
$266.1K
Cap Rate 7%
$190,057
$190.1K
Cap Rate 9%
$147,822
$147.8K
Market Conditions
NOI Build-Up for 1,575 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
$25.5K $16.20/SF
− Vacancy
−$1.3K −$0.84/SF
EGI
$24.2K $15.36/SF
− OpEx
−$10.9K −$6.91/SF
NOI
$13.3K $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 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%
$266,080
Cap Rate 7%
$190,057
Cap Rate 9%
$147,822
Alternative Uses
Best Use
Apartment 5plus
$190.1K
$166.3K – $221.7K
NOI $13,304 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$381.0K
$333.4K – $444.5K
NOI $26,672 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,730
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?
Multifamily property - Two detached residences are paired with a detached garage and recreational vehicle pad.
Where is this multifamily property located?
The property is located at 212 Sycamore Street NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two detached homes: 886 SF with 2 bedrooms and 1 bathroom, plus 689 SF with 1 bedroom and 1 bathroom; Detached 3‑car garage with RV pad; Both residences remodeled and equipped with ductless mini‑split heating and refrigerated air
