3-Unit Multifamily
New
For Sale
$584,900
2832 Palo Verde Drive NE, Albuquerque, NM 87112
ResidentialIncome, Albuquerque, NM
Property Size3,288 SF
Lot Size0.18 Acres
Price / SF$177.89
Days on Market6
Property Features for 2832 Palo Verde Drive NE
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
PD*
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 1, Bathroom 3, Bedroom 3
Appliances
Dishwasher, FreeStandingElectricRange, Microwave
Subdivision
Unit 5 Crestview Heights
Directions
Candelaria and Tramway, east to first street, south on Palo Verde to property.
Special listing conditions
In Foreclosure
Standard status
Active
APN
102305904346320329
Size
3,288 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
5133
Utilities
Heating system
Central, Forced Air
Amenities
fireplace
city & mountain views
Building Details
Year built
1980
Floors in Building
1
Number of units
3
Flooring type
Carpet
Building materials
Frame, Stucco
Listing Agency:
Berkshire Hathaway NM Prop · Berkshire Hathaway HomeServices
(505) 798-6300
Listed By:
Melinda M Baisa · License #35593
(505) 453-6264
Added: Aug 31
Changed: Sep 3
Last Checked: Sep 5 at 4:06AM
MLS# 1110379
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.
This 3-unit multifamily property in Albuquerque includes 3,288 square feet across three residences on a 0.18-acre lot. Each unit has its own living area, kitchen, fireplace, and spacious rooms, with neutral colors and carpet flooring. The building was constructed in 1980 with frame and stucco materials and is served by central forced-air heating.
The larger owner’s unit contains three bedrooms, two bathrooms, and a 2-car garage. The property also includes a new TPO roof dated 2026, along with dishwashers, freestanding electric ranges, and microwaves. Located in the NE Heights area, the property offers city and mountain views and is identified by the address 2832 Palo Verde Drive NE, Albuquerque, NM 87112.
The larger owner’s unit contains three bedrooms, two bathrooms, and a 2-car garage. The property also includes a new TPO roof dated 2026, along with dishwashers, freestanding electric ranges, and microwaves. Located in the NE Heights area, the property offers city and mountain views and is identified by the address 2832 Palo Verde Drive NE, Albuquerque, NM 87112.
Key Highlights
- Three‑unit property totaling 3,288 square feet on 0.18 acres
- Owner’s unit includes three bedrooms, two bathrooms, and a 2‑car garage
- New TPO roof dated 2026
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
$30,015
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
5.13%
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%
$600,300
$600.3K
Cap Rate 7%
$428,786
$428.8K
Cap Rate 9%
$333,500
$333.5K
Market Conditions
NOI Build-Up for 3,288 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
$45.4K $13.80/SF
− Vacancy
−$2.5K −$0.76/SF
EGI
$42.9K $13.04/SF
− OpEx
−$12.9K −$3.91/SF
NOI
$30.0K $9.13/SF
Area
Albuquerque, NM
Vacancy
5.50%
Lease Rate
$13.80 /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%
$600,300
Cap Rate 7%
$428,786
Cap Rate 9%
$333,500
Alternative Uses
Best Use
Multifamily LT 5
$428.8K
$375.2K – $500.3K
NOI $30,015 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$396.8K
$347.2K – $462.9K
NOI $27,773 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$795.4K
$696.0K – $928.0K
NOI $55,680 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
Explore this area
Business Placement
Demographics for 87112, NM
42,487
Population
20,083
Households
2.1
Avg Household Size
42
Median Age
38%
College-Educated
94%
High-School Grad
8.1 sq mi
ZIP Area
5,245
Density / Sq Mi
$69,610
Median Household Income
$41,427
Median Earnings
$1,056
Median Rent
$254,400
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 - Three separate residences include fireplaces, kitchens, living areas, and neutral interior finishes.
Where is this triplex located?
The property is located at 2832 Palo Verde Drive NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $584,900.
What are key features of this property?
This property features: Three‑unit property totaling 3,288 square feet on 0.18 acres; Owner’s unit includes three bedrooms, two bathrooms, and a 2‑car garage; New TPO roof dated 2026
