Updated 2-Unit
For Sale
$298,000
3518 Eastern Ave SE, Albuquerque, NM 87106
Two one-bedroom residences offer open layouts, hardwood flooring, and access to a fully fenced backyard.
Property Size1,282 SF
Price / SF$232.45
Days on Market12
Property Features for 3518 Eastern Ave SE
General Information
Standard status
Active
Size
1,282 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
large fully fenced backyard
Building Details
Year Built
1953
Construction
pueblo-style
Listing Agency:
Lucky Dog Realty, LLC
(505) 270-5552
Listed By:
Kelly R Taliaferro · License #18922
Source:
Thesouthwestlife
Added: Aug 21
Changed: Aug 30
Last Checked: Aug 31 at 6:44PM
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 Lucky Dog Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1953, this 1,282-square-foot duplex contains two 1-bedroom, 1-bath units with open living and kitchen areas. Hardwood floors run through both residences, and each unit has access to a large, fully fenced backyard. One residence is occupied by a tenant, while the other has been freshly painted and is ready for lease or occupancy.
Recent improvements include 3-inch insulated stucco, a TPO roof, double-paned windows, tankless water heaters, and mini-split systems in both units. The property is located at 3518 Eastern Ave SE in Albuquerque, New Mexico.
Recent improvements include 3-inch insulated stucco, a TPO roof, double-paned windows, tankless water heaters, and mini-split systems in both units. The property is located at 3518 Eastern Ave SE in Albuquerque, New Mexico.
Key Highlights
- 1,282 SF duplex with two 1‑bedroom, 1‑bath units
- 3‑inch insulated stucco, TPO roof, and double‑paned windows
- Tankless water heaters and mini‑splits in both units
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
$11,703
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
3.93%
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%
$234,060
$234.1K
Cap Rate 7%
$167,186
$167.2K
Cap Rate 9%
$130,033
$130.0K
Market Conditions
NOI Build-Up for 1,282 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
$17.7K $13.80/SF
− Vacancy
−$973 −$0.76/SF
EGI
$16.7K $13.04/SF
− OpEx
−$5.0K −$3.91/SF
NOI
$11.7K $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%
$234,060
Cap Rate 7%
$167,186
Cap Rate 9%
$130,033
Alternative Uses
Best Use
Multifamily LT 5
$167.2K
$146.3K – $195.1K
NOI $11,703 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$154.7K
$135.4K – $180.5K
NOI $10,829 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$310.1K
$271.4K – $361.8K
NOI $21,710 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Explore this area
Business Placement
Demographics for 87106, NM
26,987
Population
13,893
Households
1.9
Avg Household Size
32
Median Age
53%
College-Educated
91%
High-School Grad
35.8 sq mi
ZIP Area
754
Density / Sq Mi
$51,079
Median Household Income
$29,393
Median Earnings
$904
Median Rent
$332,100
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?
Duplex - Two one-bedroom residences offer open layouts, hardwood flooring, and access to a fully fenced backyard.
Where is this duplex located?
The property is located at 3518 Eastern Ave SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $298,000.
What are key features of this property?
This property features: 1,282 SF duplex with two 1‑bedroom, 1‑bath units; 3‑inch insulated stucco, TPO roof, and double‑paned windows; Tankless water heaters and mini‑splits in both units
