Historic Ranch-Style Apartment
For Sale
$1,249,000
24 Matisse Road NE, Albuquerque, NM 87123
ResidentialIncome, Albuquerque, NM
Property Size8,134 SF
Lot Size10.71 Acres
Price / SF$153.55
Days on Market297
Property Features for 24 Matisse Road NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
A-2
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bathroom 2, Bathroom 3, Bedroom 3, Basement, Bedroom 5, Bathroom 5, Bathroom 1, Bedroom 7, Bedroom 6, Bedroom 1, Bathroom 4, Bedroom 4, Bedroom 2
Patio and Porch features
Patio
Exterior features
Landscaping, PropaneTankOwned, Patio
Fireplace
1
Appliances
Dryer, FreeStandingGasRange, Washer
Directions
From the intersection of Tramway and Central, continue east on Central and take NM 333 which crosses over I-40. Continue on NM 333 and turn north onto Matisse. On Matisse turn left at the fork in the road stay to the left and circle around to the back of the property. *(Only 3 miles from the intersection of Central and Tramway)
Subdivision
210 - Carnuel/Monticello
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
Hot Water(Heating), Baseboard, Electric (Heating), Propane (Heating)
Cooling system
Varies by Unit
Amenities
rock fireplaces
wrought-iron porches
built-in BBQ pits
koi pond
privacy fence
Building Details
Year built
1946
Floors in Building
2
Number of units
6
Flooring type
Tile, Wood, Brick, Carpet
Building materials
Frame, Concrete, Stone, Stucco
Listing Agency:
Keller Williams Realty
(505) 897-1100
Listed By:
Anne M Vallejos · License #41997
(505) 331-8306
Added: Nov 10, 2025
Changed: Sep 2
Last Checked: Sep 3 at 10:06AM
MLS# 1094511
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.
Built in 1946, this 8,134-square-foot apartment property occupies 10.71 acres and includes a seven-bedroom, six-bath main residence with two casitas. Each casita has its own entry, private driveway, and courtyard, creating a multi-structure layout across the grounds.
Architectural details include original kitchen cabinetry, rock fireplaces, wrought-iron porches, built-in BBQ pits, classic bathroom fixtures, and a mix of tile, wood, brick, and carpet flooring. The property also features a koi pond, privacy fencing, landscaped areas, shade trees, and Sandia views. Located at 24 Matisse Road NE in Albuquerque, the property offers access to National Forest hiking and is minutes from the I-40 Tramway/Central exit.
Architectural details include original kitchen cabinetry, rock fireplaces, wrought-iron porches, built-in BBQ pits, classic bathroom fixtures, and a mix of tile, wood, brick, and carpet flooring. The property also features a koi pond, privacy fencing, landscaped areas, shade trees, and Sandia views. Located at 24 Matisse Road NE in Albuquerque, the property offers access to National Forest hiking and is minutes from the I-40 Tramway/Central exit.
Key Highlights
- 10.71‑acre property with 8,134 square feet of improvements
- Seven bedrooms and six bathrooms across the main residence and casitas
- Two casitas, each with a separate entry, private driveway, and courtyard
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
$68,705
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
5.50%
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%
$1,374,100
$1.4M
Cap Rate 7%
$981,500
$981.5K
Cap Rate 9%
$763,389
$763.4K
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
$131.8K $16.20/SF
− Vacancy
−$6.9K −$0.84/SF
EGI
$124.9K $15.36/SF
− OpEx
−$56.2K −$6.91/SF
NOI
$68.7K $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%
$1,374,100
Cap Rate 7%
$981,500
Cap Rate 9%
$763,389
Alternative Uses
Best Use
Apartment 5plus
$981.5K
$858.8K – $1.15M
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
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
Lease Details
Yes
Highway access
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?
Apartment building - A primary residence and two separately entered casitas provide distinct living areas with private driveways and courtyards.
Where is this apartment building 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: 10.71‑acre property with 8,134 square feet of improvements; Seven bedrooms and six bathrooms across the main residence and casitas; Two casitas, each with a separate entry, private driveway, and courtyard
