Duplex with Separate
For Sale
$399,000
215 Madison Street NE, Albuquerque, NM 87108
ResidentialIncome, Albuquerque, NM
Property Size1,656 SF
Lot Size0.16 Acres
Price / SF$240.94
Days on Market102
Property Features for 215 Madison Street NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-MH*
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 1
Appliances
Dryer, FreeStandingGasRange, Microwave, Refrigerator, Washer
Subdivision
Resvoir Add Subd
Directions
From San Mateo and Lomas, South on San Mateo, West on Grande, South on Madison to 215.
Standard status
Active
APN
101705736228710303
Size
1,656 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
Lot 17, Block 3, The Heights Reservoir Addition
Tax Annual Amount
2553
Legal Description
Lot 17, Block 3, The Heights Reservoir Addition
Utilities
Heating system
Forced Air
Amenities
refrigerated air
CFA heat
hardwood floors
washer & dryer in the unit
separately metered gas & electric
separate yards
Building Details
Year built
1946
Floors in Building
1
Number of units
2
Flooring type
Wood, Tile
Building materials
Frame, Stucco
Listing Agency:
Coldwell Banker Legacy · Coldwell Banker Real Estate
(505) 293-3700
Listed By:
Sandi D. Pressley · License #14871
(505) 263-2173
Added: Jun 18
Changed: Sep 12
Last Checked: Sep 27 at 12:06AM
MLS# 1105886
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 1,656-square-foot duplex, built in 1946, contains two residential units with a practical configuration for owner occupancy or rental use. Both units feature refrigerated air, forced-air heat, hardwood and tile flooring, in-unit washers and dryers, and separate yards. Each unit also includes a 1CG, while gas and electric service are separately metered. Appliances include refrigerators, microwaves, free-standing gas ranges, washers, and dryers.
The property occupies 0.16 acres at 215 Madison Street NE in Albuquerque’s 87108 ZIP code, near the University of New Mexico and the Nob Hill area. Shopping, dining, parks, hospitals, and transportation are identified nearby. Frame and stucco construction complete the property’s physical profile.
The property occupies 0.16 acres at 215 Madison Street NE in Albuquerque’s 87108 ZIP code, near the University of New Mexico and the Nob Hill area. Shopping, dining, parks, hospitals, and transportation are identified nearby. Frame and stucco construction complete the property’s physical profile.
Key Highlights
- 1,656‑square‑foot duplex on a 0.16‑acre lot
- Both units include refrigerated air and forced‑air heat
- Separate yards and independently metered gas and electric service
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
$15,117
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
3.79%
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%
$302,340
$302.3K
Cap Rate 7%
$215,957
$216.0K
Cap Rate 9%
$167,967
$168.0K
Market Conditions
NOI Build-Up for 1,656 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
$22.9K $13.80/SF
− Vacancy
−$1.3K −$0.76/SF
EGI
$21.6K $13.04/SF
− OpEx
−$6.5K −$3.91/SF
NOI
$15.1K $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%
$302,340
Cap Rate 7%
$215,957
Cap Rate 9%
$167,967
Alternative Uses
Best Use
Multifamily LT 5
$216.0K
$189.0K – $252.0K
NOI $15,117 @ 7.0% cap · market cap 3.79%
Second Best
Apartment 5plus
$199.8K
$174.9K – $233.1K
NOI $13,988 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$400.6K
$350.5K – $467.4K
NOI $28,043 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,874
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with in-unit laundry, refrigerated air, and independently metered gas and electric service.
Where is this duplex located?
The property is located at 215 Madison Street NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,656‑square‑foot duplex on a 0.16‑acre lot; Both units include refrigerated air and forced‑air heat; Separate yards and independently metered gas and electric service
