Triplex With Two
For Sale
$1,249,000
24 Matisse Rd, Albuquerque, NM 87123
Multi-structure residential property with separate entries, private driveways, courtyards, and A-2 zoning across an expansive acreage setting.
Property Size8,134 SF
Price / SF$153.55
Days on Market294
Property Features for 24 Matisse Rd
General Information
Standard status
Active
Size
8,134 SF
Property subtype
Multifamily
Zoning
A-2
Amenities
Power
Water
Sewer
Building Details
Year Built
1946
Listing Agency:
Keller Williams Realty - Riverside
(505) 331-8306
Listed By:
Anne Vallejos · License #41997
(505) 331-8306
Source:
Carnm.resimplifi
Added: Nov 9, 2025
Changed: Aug 29
Last Checked: Aug 30 at 1:15PM
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 - Riverside
Investment Insights
Based on property information with market context.
This occupied triplex includes a main residence and two casitas, each offering a separate entry, private driveway, and courtyard. The property contains 7 beds and 6 baths across 8,134 square feet on 10.7 acres. Original kitchen cabinetry, classic bath fixtures, rock fireplaces, wrought-iron porches, built-in BBQ pits, masonry, flagstone, adobe, brick, saltillo flooring, and open wood ceilings retain the property's historic character. A koi pond, privacy fencing, shade trees, and extensive hardscape add distinct outdoor features.
The property offers Sandia views and access to National Forest hiking, while remaining minutes from the I-40 Tramway/Central exit. It is zoned A-2 and is occupied, with showings requiring advance scheduling. Residential financing approval is available for a buyer who qualifies.
The property offers Sandia views and access to National Forest hiking, while remaining minutes from the I-40 Tramway/Central exit. It is zoned A-2 and is occupied, with showings requiring advance scheduling. Residential financing approval is available for a buyer who qualifies.
Key Highlights
- Main residence plus 2 casitas, each with a separate entry, private driveway, and courtyard
- 8,134 sq ft property with 7 beds and 6 baths
- 10.7 acres with Sandia views and National Forest hiking access
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
$74,253
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
5.94%
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%
$1,485,060
$1.5M
Cap Rate 7%
$1,060,757
$1.1M
Cap Rate 9%
$825,033
$825.0K
Market Conditions
NOI Build-Up for 8,134 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
$112.2K $13.80/SF
− Vacancy
−$6.2K −$0.76/SF
EGI
$106.1K $13.04/SF
− OpEx
−$31.8K −$3.91/SF
NOI
$74.3K $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%
$1,485,060
Cap Rate 7%
$1,060,757
Cap Rate 9%
$825,033
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$928.2K – $1.24M
NOI $74,253 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$981.5K
$858.8K – $1.15M
NOI $68,705 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$1.97M
$1.72M – $2.30M
NOI $137,744 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 87123, NM
44,110
Population
20,533
Households
2.1
Avg Household Size
40
Median Age
33%
College-Educated
89%
High-School Grad
28.9 sq mi
ZIP Area
1,526
Density / Sq Mi
$61,552
Median Household Income
$35,867
Median Earnings
$995
Median Rent
$236,400
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?
Triplex - Multi-structure residential property with separate entries, private driveways, courtyards, and A-2 zoning across an expansive acreage setting.
Where is this triplex located?
The property is located at 24 Matisse Rd Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Main residence plus 2 casitas, each with a separate entry, private driveway, and courtyard; 8,134 sq ft property with 7 beds and 6 baths; 10.7 acres with Sandia views and National Forest hiking access
