Ranch-Style Multifamily with
For Sale
$1,249,000
24 Matisse Road NE, Albuquerque, NM 87123
MULTI_FAMILY - Albuquerque, NM
Property Size8,134 SF
Lot Size10.71 Acres
Price / SF$153.55
Days on Market263
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 2, Bathroom 6, Bedroom 2, Bathroom 5, Bedroom 5, Bedroom 7, Bathroom 1, Bathroom 3, Basement, Bathroom 4, Bedroom 4, Bedroom 6, Bedroom 1, Bedroom 3
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
Baseboard, Hot Water(Heating), Propane (Heating), Electric (Heating)
Cooling system
Varies by Unit
Building Details
Year built
1946
Floors in Building
2
Number of units
6
Flooring type
Tile, Brick, Carpet, Wood
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: Jul 28
Last Checked: Jul 30 at 11:06PM
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.
Historic Route 66 ranch-style home built in 1940, offered with a main house plus two casitas for a total of 7 bedrooms and 6 bathrooms. The configuration includes separate entries, private driveways, and private courtyards for each structure. Interior features noted include original kitchen cabinets, classic bathtubs/showers, period flooring, rock fireplaces, wrought-iron porches, and built-in BBQ pits. The main floor also includes a koi pond and a privacy fence, and the lower back area includes shade trees.
The property sits on 10.71 acres with granite boulders and Sandia views, along with easy National Forest hiking access. Public remarks also note the home is minutes from the I-40 Tramway/Central exit.
Financing: the property is stated as approved for residential financing if the buyer qualifies.
The property sits on 10.71 acres with granite boulders and Sandia views, along with easy National Forest hiking access. Public remarks also note the home is minutes from the I-40 Tramway/Central exit.
Financing: the property is stated as approved for residential financing if the buyer qualifies.
Key Highlights
- Historic Route 66 ranch‑style home built in 1946 on 10.7 acres
- Total of 7 bedrooms and 6 bathrooms with 8,134 SF across the main house and 2 casitas
- Main house plus 2 casitas, each with its own entry, private driveway, and courtyard
Financial Insights For Multifamily LT 5
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 | $112.2k | $13.80 |
| − Vacancy | −$6.2k | −$0.76 |
| EGI | $106.1k | $13.04 |
| − OpEx | −$31.8k | −$3.91 |
| NOI | $74.3k | $9.13 |
8,134 SF · lease $13.80/SF/yr · vacancy 5.50% · expense 30.00%
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
Lease Details
Yes
Fenced yard
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?
Triplex - Historic 1940 home with main house and two casitas, each with separate entry and courtyards on expansive grounds.
Where is this triplex 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: Historic Route 66 ranch‑style home built in 1946 on 10.7 acres; Total of 7 bedrooms and 6 bathrooms with 8,134 SF across the main house and 2 casitas; Main house plus 2 casitas, each with its own entry, private driveway, and courtyard
