Triplex with Vacant One-Bedroom
New
For Sale
$242,000
304 Texas Street NE, Albuquerque, NM 87108
One residence is ready for occupancy, with a shaded entry, off-street parking, and enclosed rear storage.
Property Size1,712 SF
Price / SF$141.36
Days on Market6
Property Features for 304 Texas Street NE
General Information
Standard status
Active
Size
1,712 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1946
Buildings
1
Listing Agency:
GDR Property Solutions, LLC
Listed By:
Sarah Rich · License #smrich
Source:
Sandisells
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 26 at 4:18AM
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 GDR Property Solutions, LLC
Investment Insights
Based on property information with market context.
Built in 1946, this 1,712-square-foot triplex includes two units occupied by long-term residents and a vacant one-bedroom unit. The available residence is ready for immediate occupancy and is currently being marketed for rent, offering flexibility for an owner occupant or renter.
Property features include a shaded courtyard entry, off-street parking, and enclosed storage at the rear. The configuration provides an existing multifamily setup with two occupied units and one available unit.
Property features include a shaded courtyard entry, off-street parking, and enclosed storage at the rear. The configuration provides an existing multifamily setup with two occupied units and one available unit.
Key Highlights
- 1,712‑square‑foot triplex built in 1946
- Two units have long‑term occupants
- Vacant 1‑bedroom unit ready for immediate occupancy
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
$15,628
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
6.46%
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%
$312,560
$312.6K
Cap Rate 7%
$223,257
$223.3K
Cap Rate 9%
$173,644
$173.6K
Market Conditions
NOI Build-Up for 1,712 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
$23.6K $13.80/SF
− Vacancy
−$1.3K −$0.76/SF
EGI
$22.3K $13.04/SF
− OpEx
−$6.7K −$3.91/SF
NOI
$15.6K $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%
$312,560
Cap Rate 7%
$223,257
Cap Rate 9%
$173,644
Alternative Uses
Best Use
Multifamily LT 5
$223.3K
$195.4K – $260.5K
NOI $15,628 @ 7.0% cap · market cap 6.46%
Second Best
Apartment 5plus
$206.6K
$180.8K – $241.0K
NOI $14,461 @ 7.0% cap · market cap 5.98%
Theoretical Best
Office A
$414.2K
$362.4K – $483.2K
NOI $28,992 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Explore this area
Business Placement
Demographics for 87108, NM
36,773
Population
19,153
Households
1.9
Avg Household Size
39
Median Age
33%
College-Educated
85%
High-School Grad
5.9 sq mi
ZIP Area
6,233
Density / Sq Mi
$39,578
Median Household Income
$31,478
Median Earnings
$828
Median Rent
$227,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - One residence is ready for occupancy, with a shaded entry, off-street parking, and enclosed rear storage.
Where is this triplex located?
The property is located at 304 Texas Street NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $242,000.
What are key features of this property?
This property features: 1,712‑square‑foot triplex built in 1946; Two units have long‑term occupants; Vacant 1‑bedroom unit ready for immediate occupancy
