Short-Term Rental Property with Owner's
For Sale
$495,000
2404 Cunningham Ave Se, Albuquerque, NM 87101
Airbnb-used property with a separated primary suite, private outdoor area, and access to a community pool and park.
Property Size1,930 SF
Price / SF$256.48
Days on Market18
Property Features for 2404 Cunningham Ave Se
General Information
Standard status
Active
Size
1,930 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,956
Amenities
private outdoor area
catio
landscaped yard
Listing Agency:
Realty One of New Mexico
(505) 450-2981
Listed By:
Holly V Adams · License #39286
(505) 450-2981
Source:
Exprealty
Added: Jul 25
Changed: Aug 11
Last Checked: Aug 11 at 9:54AM
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 Realty One of New Mexico
Investment Insights
Based on property information with market context.
This 1,930-square-foot residence has been used as an Airbnb and includes an owner’s unit with all but a kitchenette. The open kitchen features an 8x5 island with granite countertops, 42-inch birch cabinetry, stainless steel appliances, and a tankless water heater. Additional interior details include 9-foot ceilings, recessed lighting, refrigerated air, and a separated primary suite that could function as a distinct unit. Furniture may be sold to the new owner.
The property at 2404 Cunningham Ave SE in Albuquerque includes a private outdoor area enclosed by a coyote fence, along with trees and landscaping. A catio or bird sanctuary adds another dedicated exterior feature. The home is located down the street from a community pool and park.
The property at 2404 Cunningham Ave SE in Albuquerque includes a private outdoor area enclosed by a coyote fence, along with trees and landscaping. A catio or bird sanctuary adds another dedicated exterior feature. The home is located down the street from a community pool and park.
Key Highlights
- 1,930‑square‑foot residence used as an Airbnb
- Owner’s unit includes all but a kitchenette
- Separated primary suite could be used as a separate unit
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
$16,302
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
3.29%
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%
$326,040
$326.0K
Cap Rate 7%
$232,886
$232.9K
Cap Rate 9%
$181,133
$181.1K
Market Conditions
NOI Build-Up for 1,930 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
$31.3K $16.20/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$29.6K $15.36/SF
− OpEx
−$13.3K −$6.91/SF
NOI
$16.3K $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%
$326,040
Cap Rate 7%
$232,886
Cap Rate 9%
$181,133
Alternative Uses
Best Use
Apartment 5plus
$232.9K
$203.8K – $271.7K
NOI $16,302 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$466.9K
$408.5K – $544.7K
NOI $32,683 @ 7.0% cap · market cap 6.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 87101, NM
19
Population
16
Households
1.2
Avg Household Size
52
Median Age
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Airbnb-used property with a separated primary suite, private outdoor area, and access to a community pool and park.
Where is this short term rental property located?
The property is located at 2404 Cunningham Ave Se Albuquerque, NM.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 1,930‑square‑foot residence used as an Airbnb; Owner’s unit includes all but a kitchenette; Separated primary suite could be used as a separate unit
