Building Details

Year Built 1968

Listing Agency: Coldwell Banker Legacy Show Phone

Listed By: Missy Ashcraft Show Phone

Source: Missyashcraft

Added: Sep 16 Changed: Sep 20 Last Checked: Sep 20 at 8:37AM

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Investment Insights

Based on property information with market context.

This 4,102-square-foot adobe property combines a primary residence with two separate casitas and is approved as a triplex by the Village of Corrales. The main home features wood flooring, exposed beams, plaster walls, and two kiva fireplaces, along with distinct east- and west-facing courtyards. Each casita includes brick flooring, beamed ceilings, and a private fenced yard.

Set on a one-acre A-1 zoned lot in Corrales, the property includes privately metered units and room for horses and other animals. Sandia Mountain views complement the setting, while the separate dwellings provide a flexible residential configuration. The property was built in 1968 and reflects traditional New Mexican design throughout.

Key Highlights

• Approved triplex configuration with one main residence and 2 casitas
• 4,102 SF property on a one‑acre A‑1 zoned lot
• Two kiva fireplaces, wood floors, beamed ceilings, and plaster walls in the main home

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

$34,190

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

3.66%

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%

$683,800 $683.8K

Cap Rate 7%

$488,429 $488.4K

Cap Rate 9%

$379,889 $379.9K

Market Conditions

NOI Build-Up for 4,102 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

$51.7K $12.60/SF

− Vacancy

−$2.8K −$0.69/SF

EGI

$48.8K $11.91/SF

− OpEx

−$14.7K −$3.57/SF

NOI

$34.2K $8.33/SF

Area

Sandoval County, NM

Vacancy

5.50%

Lease Rate

$12.60 /SF/Yr

Expense Ratio

30.00%

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%

$683,800

Cap Rate 7%

$488,429

Cap Rate 9%

$379,889

Alternative Uses

Best Use

Multifamily LT 5

$488.4K

$427.4K – $569.8K (±1% cap)

NOI $34,190 @ 7.0% cap · market cap 3.66%

Second Best

Apartment 5plus

$447.2K

$391.3K – $521.7K (±1% cap)

NOI $31,302 @ 7.0% cap · market cap 3.35%

Theoretical Best

Office A

$833.9K

$729.7K – $972.9K (±1% cap)

NOI $58,372 @ 7.0% cap · market cap 6.26%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Garden Center Spa & Massage Center (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

91

Businesses Nearby

Explore this area Business Placement

Demographics for 87048, NM

8,888

Population

4,079

Households

2.2

Avg Household Size

58

Median Age

51%

College-Educated

96%

High-School Grad

11.0 sq mi

ZIP Area

808

Density / Sq Mi

$112,716

Median Household Income

$53,479

Median Earnings

$1,184

Median Rent

$552,000

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Approved triplex with two privately metered casitas and thoughtfully designed indoor-outdoor living areas.

Where is this triplex located?

The property is located at 250 Moongate Rd Corrales, NM.

What is the asking price?

The asking price for this property is $933,000.

What are key features of this property?

This property features: Approved triplex configuration with one main residence and 2 casitas; 4,102 SF property on a one‑acre A‑1 zoned lot; Two kiva fireplaces, wood floors, beamed ceilings, and plaster walls in the main home