Updated Triplex with Owner’s
For Sale
$625,000
2905 Palo Verde Dr, Albuquerque, NM 87112
Three-unit property with refreshed interiors, fireplaces, and an owner’s residence with attached garage.
Property Size3,400 SF
Price / SF$183.82
Days on Market111
Property Features for 2905 Palo Verde Dr
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Amenities
fireplace
Building Details
Year Built
1978
Listing Agency:
Coldwell Banker Legacy
Listed By:
Sandi D. Pressley · License #14871
(505) 263-2173
Source:
Myabqhomesearch
Added: Jun 27
Changed: Oct 1
Last Checked: Oct 12 at 8:01PM
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 Coldwell Banker Legacy
Investment Insights
Based on property information with market context.
Built in 1978, this 3,400-square-foot triplex includes three residential units and a larger owner’s unit with three bedrooms, two baths, and a 2-car garage. Each unit includes a fireplace, while interior improvements include updated flooring, paint, and refinished cabinets completed in 2026. The property also has a new TPO roof installed in 2024.
Located at 2905 Palo Verde Dr in Albuquerque’s NE Heights, the property offers city and mountain views. All three units have a rental history, and the building has been maintained with ongoing interior updates.
Located at 2905 Palo Verde Dr in Albuquerque’s NE Heights, the property offers city and mountain views. All three units have a rental history, and the building has been maintained with ongoing interior updates.
Key Highlights
- Three‑unit triplex with 3,400 square feet
- Owner’s unit includes three bedrooms, two baths, and a 2‑car garage
- Each unit features a fireplace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,038
Cap Rate
4.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$620,760
$620.8K
Cap Rate 7%
$443,400
$443.4K
Cap Rate 9%
$344,867
$344.9K
Market Conditions
NOI Build-Up for 3,400 SF
Gross rent
$46.9K $13.80/SF
− Vacancy
−$2.6K −$0.76/SF
EGI
$44.3K $13.04/SF
− OpEx
−$13.3K −$3.91/SF
NOI
$31.0K $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 Rate 5%
$620,760
Cap Rate 7%
$443,400
Cap Rate 9%
$344,867
Alternative Uses
Best Use
Multifamily LT 5
$443.4K
$388.0K – $517.3K
NOI $31,038 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$410.3K
$359.0K – $478.7K
NOI $28,719 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$822.5K
$719.7K – $959.6K
NOI $57,577 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with refreshed interiors, fireplaces, and an owner’s residence with attached garage.
Where is this triplex located?
The property is located at 2905 Palo Verde Dr Albuquerque, NM.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Three‑unit triplex with 3,400 square feet; Owner’s unit includes three bedrooms, two baths, and a 2‑car garage; Each unit features a fireplace
