Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Historic Route 66 Ranch Home Title is generated by Realmo AI

    24 Matisse Road NE, Albuquerque, NM 87123

    View on Map
    Claim this Listing
    For Sale
    $1,249,000

    MULTI_FAMILY - Albuquerque, NM

    Property size:
    8,134 SF
    Lot size:
    10.71 Acres
    Price / SF:
    $153/SF
    Added:
    Nov 10, 2025
    Days on Market:
    205
    Last Refresh:
    Jun 3 at 10:06 am

    Property Features for 24 Matisse Road NE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    7
    Bathrooms
    6
    Rooms
    Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 7, Bathroom 6, Basement, Bedroom 4, Bathroom 5, Bedroom 2, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4
    Patio and Porch features
    Patio
    Exterior features
    Landscaping, PropaneTankOwned, Patio
    Fireplace
    1
    Appliances
    Dryer, FreeStandingGasRange, Washer
    Standard status
    Active
    APN
    102505709901830105
    Size
    8,134 SF
    Lot size
    10.71 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5182

    Utilities

    Utilities
    Propane
    Heating system
    Baseboard, Electric (Heating), Hot Water(Heating), Propane (Heating)
    Cooling system
    Varies by Unit

    Building Details

    Year built
    1946
    Floors in Building
    2
    Number of units
    6
    Flooring type
    Wood, Tile, Carpet, Brick
    Building materials
    Frame, Concrete, Stone, Stucco

    We can help!

    Listing Contact
    Anne M Vallejos
    Anne M Vallejos

    Listing agent Anne M Vallejos License #41997

    Listing office Keller Williams Realty 6240 Riverside Plaza NW #100, Albuquerque, NM

    Listing date Nov 10, 2025

    MLS# 1094511 Listing URL

    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.

    HighLights

    • The listing could not be generated because the provided key selling points are empty.

    Overview

    This historic Route 66 ranch-style home, built in 1940, is situated on 10.7 acres. The property was originally part of a 200-acre Tres Pistoles Canyon homestead amid granite boulders. The property includes a main house and two casitas, each with a private entry, driveway, and courtyard. The entire property comprises 7 bedrooms, 6 bathrooms, and 8,134 square feet. The property offers views of the Sandia Mountains and access to the National Forest for hiking. The home retains historical charm with original kitchen cabinets, classic bathtubs and showers, flooring, rock fireplaces, wrought-iron porches, and built-in BBQ pits. The main floor features a koi pond and privacy fence, while the lower back area has shade trees. The property is located minutes from the I-40 Tramway/Central exit. The property is approved for Residential Financing if buyer qualifies.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $131.8k $16.20
    − Vacancy −$6.9k −$0.84
    EGI $124.9k $15.36
    − OpEx −$56.2k −$6.91
    NOI $68.7k $8.45
    8,134 SF · lease $16.20/SF/yr · vacancy 5.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $981.5K
    $858.8K – $1.15M (±1% cap)
    NOI $68,705 @ 7.0% cap · market cap 5.50%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.97M
    $1.72M – $2.30M (±1% cap)
    NOI $137,744 @ 7.0% cap · market cap 11.03%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Auto Repair Shop Hotel & Motel Bed & Breakfast Pet Store Catering Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Albuquerque
    County
    Sandoval
    State
    New Mexico
    Longitude
    -106.4466569
    Latitude
    35.0684338

    Nearby Similar for Sale

    • $400,000

      Commercial Property in North Valley

      Versatile commercial property in Albuquerque's North Valley with two spaces.
      9807 4th Street NW, Albuquerque, NM 87114
      View Details
    • $7,250,000
      16,104 SF

      Prime Albuquerque Retail Portfolio

      Two-parcel retail portfolio at a high-traffic Albuquerque intersection.
      4340 San Mateo Boulevard NE, Albuquerque, NM 87110
      View Details
    • $950,000
      9,100 SF

      Albuquerque Multifamily Investment Opportunity

      Seven updated townhome-style apartments with condo conversion potential.
      3505 Lafayette Drive NE, Albuquerque, NM 87107
      View Details
    • $1,793,434
      16,020 SF

      Soft-Gated Multifamily Community

      Well-maintained apartments with modern upgrades, secured outdoor areas, and a large community laundry room with free machines.
      8600 Zuni Road SE, Albuquerque, NM 87108
      View Details
    • $499,000
      2,900 SF

      Industrial Property with Inspection Pit

      Centrally located industrial property with fenced yard and inspection pit.
      1907 8th Street NW, Albuquerque, NM 87102
      View Details
    • $549,999
      4,465 SF

      South Valley Investment Opportunity

      Income-producing property with multiple units and flexible potential uses.
      3102 Rosendo Garcia Road SW, Albuquerque, NM 87105
      View Details
    • $619,900
      1,613 SF

      Restored Adobe Duplex Property

      Own two lovingly restored adobe homes with updated kitchens and baths, currently operating as short-term rentals.
      1913 Lomas Boulevard NW, Albuquerque, NM 87104
      View Details
    • $825,000

      Albuquerque Commercial Live/Work Space

      Versatile commercial property with live/work setup and modern amenities.
      8612 PASEO ALAMEDA NE, Albuquerque, NM 87113
      View Details
    • $641,829
      4,194 SF

      Albuquerque Fourplex with Laundry

      Fourplex with two-bedroom units and in-unit laundry.
      3609 Wellesley Drive NE, Albuquerque, NM 87107
      View Details
    • $619,887
      2,670 SF

      UNM Area Apartment Complex

      Eight-unit apartment complex near UNM, CNM, and Presbyterian Hospital.
      2104 Lead Avenue SE, Albuquerque, NM 87106
      View Details
    • $1,450,000
      4,499 SF

      Turnkey Assisted Living Facility

      Assisted living facility in Albuquerque Country Club area.
      1711 Park Avenue SW, Albuquerque, NM 87104
      View Details
    • $540,000

      Albuquerque Freestanding Commercial Property

      Fully leased commercial property in prime Albuquerque location.
      6108 Lomas Boulevard NE, Albuquerque, NM 87110
      View Details

    FAQs

    What type of property is this?
    Single family property - Historic Route 66 ranch home on 10.7 acres.
    Where is this single family property located?
    The property is located at 24 Matisse Road NE 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: The listing could not be generated because the provided key selling points are empty.
    (505) 331-8306
    We can help!
    Listing Contact
    Anne M Vallejos
    Anne M Vallejos
    Real Estate License ID: 41997
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    24 Matisse Road NE, Albuquerque, NM 87123
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!