Updated Triplex with Owner’s
New
For Sale
$625,000
2905 Palo Verde Drive NE, Albuquerque, NM 87112
MULTI_FAMILY - Albuquerque, NM
Property Size3,400 SF
Lot Size0.19 Acres
Price / SF$183.82
Days on Market2
Property Features for 2905 Palo Verde Drive NE
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
PD*
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 5, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 4, Bedroom 2, Bedroom 6, Bathroom 3
Parking
6
Patio and Porch features
Patio
Exterior features
Patio
Fireplace
1
Appliances
Dishwasher, FreeStandingElectricRange
Subdivision
Crestview Heights
Directions
From Tramway and Candelaria - East on Candelaria - First Right on Palo Verde - Property is on the right.
Standard status
Active
APN
102305902649321039
Size
3,400 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
Lot 6, Block 2, Crestview Heights Unit #5
Tax Annual Amount
4881
Legal Description
Lot 6, Block 2, Crestview Heights Unit #5
Utilities
Heating system
Central, Forced Air
Amenities
fireplace
Building Details
Year built
1978
Floors in Building
1
Number of units
3
Flooring type
Carpet, Laminate
Building materials
Frame, Stucco
Listing Agency:
Coldwell Banker Legacy · Coldwell Banker Real Estate
(505) 293-3700
Listed By:
Sandi D. Pressley · License #14871
(505) 263-2173
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 2:06PM
MLS# 1109057
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 3,400-square-foot triplex, built in 1978, contains three residential units on a 0.19-acre parcel. The owner’s unit includes three bedrooms, two bathrooms, and a two-car garage. Each unit has a fireplace, while the property also offers patios, central forced-air heating, dishwashers, and freestanding electric ranges. Construction consists of frame and stucco, with carpet and laminate flooring throughout the property.
A new TPO roof was installed in 2024. Unit C received flooring, paint, and refinished cabinets in January 2026. The property is located at 2905 Palo Verde Drive NE in Albuquerque’s NE Heights and has city and mountain views.
A new TPO roof was installed in 2024. Unit C received flooring, paint, and refinished cabinets in January 2026. The property is located at 2905 Palo Verde Drive NE in Albuquerque’s NE Heights and has city and mountain views.
Key Highlights
- 3,400‑square‑foot triplex on a 0.19‑acre parcel
- Three bedrooms, two bathrooms, and a two‑car garage in the owner’s unit
- New TPO roof installed in 2024
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
$31,038
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
4.97%
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%
$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
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
$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 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%
$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.
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential income property with updated interiors, fireplaces, and an owner’s unit featuring a garage.
Where is this triplex located?
The property is located at 2905 Palo Verde Drive NE 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: 3,400‑square‑foot triplex on a 0.19‑acre parcel; Three bedrooms, two bathrooms, and a two‑car garage in the owner’s unit; New TPO roof installed in 2024
