Historic Route 66 Ranch
For Sale
$1,249,000
24 Matisse Road, Albuquerque, NM 87123
Historic Route 66 ranch on 10.7 acres with casitas.
Property Size8,134 SF
Lot Size10.70 Acres
Price / SF$153.55
Days on Market253
Property Features for 24 Matisse Road
General Information
Standard status
Active
Size
8,134 SF
Lot size
10.70 Acres
Property subtype
MF
Building Details
Year Built
1946
Listing Agency:
Keller Williams Realty
(505) 331-8306
Listed By:
Anne Vallejos · License #41997
Source:
Realnex
Added: Nov 19, 2025
Changed: Jul 6
Last Checked: Jul 6 at 12:11PM
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
Investment Insights
Based on property information with market context.
This historic Route 66 ranch-style home, built in 1940, is situated on 10.7 acres. Originally part of a 200-acre Tres Pistoles Canyon homestead, the property features granite boulders and a history of notable visitors. The property includes a main house and two casitas, each with a private entry, driveway, and courtyard. The main floor features a koi pond and privacy fence, while the lower back area offers shade trees. Architectural details include extensive masonry and flagstone work, adobe, brick, and saltillo floors, and open wood ceilings. Original kitchen cabinets, classic bathtubs and showers, flooring, rock fireplaces, wrought-iron porches, and built-in BBQ pits add to the historical charm. The 8,134 square foot property contains 7 beds and 6 baths. Breathtaking views of the Sandia Mountains and convenient access to the National Forest for hiking are available. Located minutes from I-40's Tramway/Central exit.
Key Highlights
- 10.7‑acre property with main house and 2 casitas, each with private entry and driveway
- Sprawling 8,134 sq ft with 7 beds and 6 baths
- Historic Route 66 ranch‑style home built in 1940 with original features
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
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
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?
Multifamily property - Historic Route 66 ranch on 10.7 acres with casitas.
Where is this multifamily property located?
The property is located at 24 Matisse Road 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: 10.7‑acre property with main house and 2 casitas, each with private entry and driveway; Sprawling 8,134 sq ft with 7 beds and 6 baths; Historic Route 66 ranch‑style home built in 1940 with original features
