Updated Triplex with
New
For Sale
$675,000
401 Aliso Drive NE, Albuquerque, NM 87108
Three two-bedroom units offer open kitchens, private patios, and off-street parking near UNM and Nob Hill.
Property Size2,537 SF
Price / SF$266.06
Days on Market2
Property Features for 401 Aliso Drive NE
General Information
Standard status
Active
Size
2,537 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
hardwood floors
modernized open kitchens
washer & dryers
front porches
private patios
garages
off street parking
Building Details
Year Built
1940
Buildings
1
Listing Agency:
RE/MAX SELECT
Listed By:
Lisa Parker · License #lisap
(505) 265-5111
Source:
Sandisells
Added: Sep 2
Last Checked: Sep 2 at 2:09PM
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 RE/MAX SELECT
Investment Insights
Based on property information with market context.
This 2,537-square-foot triplex contains three two-bedroom, one-bath residences. Interior features include hardwood flooring and updated open-kitchen layouts, while a TPO roof and recently added washers and dryers serve the property. Each unit also has a front porch and private patio, with two garages and additional off-street parking on site.
The property is located at 401 Aliso Drive NE in Albuquerque, near UNM, Nob Hill, and the ART system. Its walk score is 88. Existing occupants are long-term tenants on month-to-month leases, providing an established rental setup across the three units.
The property is located at 401 Aliso Drive NE in Albuquerque, near UNM, Nob Hill, and the ART system. Its walk score is 88. Existing occupants are long-term tenants on month-to-month leases, providing an established rental setup across the three units.
Key Highlights
- 2,537 SF triplex with three two‑bedroom, one‑bath units
- Hardwood floors and updated open‑kitchen layouts
- TPO roof and recent washers and dryers in all 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
$23,160
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
3.43%
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%
$463,200
$463.2K
Cap Rate 7%
$330,857
$330.9K
Cap Rate 9%
$257,333
$257.3K
Market Conditions
NOI Build-Up for 2,537 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
$35.0K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$33.1K $13.04/SF
− OpEx
−$9.9K −$3.91/SF
NOI
$23.2K $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%
$463,200
Cap Rate 7%
$330,857
Cap Rate 9%
$257,333
Alternative Uses
Best Use
Multifamily LT 5
$330.9K
$289.5K – $386.0K
NOI $23,160 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$306.1K
$267.9K – $357.2K
NOI $21,429 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$613.8K
$537.0K – $716.1K
NOI $42,963 @ 7.0% cap · market cap 6.36%
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
1,378
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
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 two-bedroom units offer open kitchens, private patios, and off-street parking near UNM and Nob Hill.
Where is this triplex located?
The property is located at 401 Aliso Drive NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,537 SF triplex with three two‑bedroom, one‑bath units; Hardwood floors and updated open‑kitchen layouts; TPO roof and recent washers and dryers in all units
