Three-Unit Residential
New
For Sale
$315,000
415 Virginia Street SE, Albuquerque, NM 87108
ResidentialIncome, Albuquerque, NM
Property Size2,153 SF
Lot Size0.16 Acres
Price / SF$146.31
Days on Market5
Property Features for 415 Virginia Street SE
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
MX-M*
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 6, Bedroom 1, Bedroom 5, Bedroom 2
Exterior features
Landscaping
Appliances
FreeStandingElectricRange, Refrigerator
Subdivision
Mesa Verde Addition
Directions
From Central Ave, head north on Virginia St NE away from Central Ave, cross Copper Ave NE, and the destination will be on your left.
Standard status
Active
APN
101905747128510605
Size
2,153 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
4708
Building Details
Year built
1960
Floors in Building
1
Number of units
3
Flooring type
Tile
Listing Agency:
EXP Realty LLC
(505) 554-3873
Listed By:
Tyler M Pete · License #53270
(505) 264-3082
Added: Sep 1
Changed: Sep 5
Last Checked: Sep 5 at 11:06PM
MLS# 1110495
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.
Built in 1960, this residential triplex contains 2,153 square feet across three units. Each unit is configured with two bedrooms and one bathroom, creating a consistent layout throughout the property. Tile flooring, freestanding electric ranges, and refrigerators are included, with landscaping on the 0.16-acre parcel.
The property is located in Albuquerque, New Mexico, within ZIP Code 87108. Its three-unit configuration and uniform floor plans provide a straightforward residential income property format.
The property is located in Albuquerque, New Mexico, within ZIP Code 87108. Its three-unit configuration and uniform floor plans provide a straightforward residential income property format.
Key Highlights
- Three‑unit property with 2,153 square feet of building area
- Each unit includes 2 bedrooms and 1 bathroom
- Situated on a 0.16‑acre parcel in Albuquerque, NM 87108
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
$19,654
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
6.24%
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%
$393,080
$393.1K
Cap Rate 7%
$280,771
$280.8K
Cap Rate 9%
$218,378
$218.4K
Market Conditions
NOI Build-Up for 2,153 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
$29.7K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$28.1K $13.04/SF
− OpEx
−$8.4K −$3.91/SF
NOI
$19.7K $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%
$393,080
Cap Rate 7%
$280,771
Cap Rate 9%
$218,378
Alternative Uses
Best Use
Multifamily LT 5
$280.8K
$245.7K – $327.6K
NOI $19,654 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$259.8K
$227.3K – $303.1K
NOI $18,186 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$520.9K
$455.8K – $607.7K
NOI $36,460 @ 7.0% cap · market cap 11.57%
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
704
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 residential units offer a consistent layout with two bedrooms and one bathroom per unit.
Where is this triplex located?
The property is located at 415 Virginia Street SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Three‑unit property with 2,153 square feet of building area; Each unit includes 2 bedrooms and 1 bathroom; Situated on a 0.16‑acre parcel in Albuquerque, NM 87108
