Remodeled Triplex with On-Site
For Sale
$329,900
428 Rhode Island Street NE, Albuquerque, NM 87108
Three two-bedroom apartments provide consistent residential layouts, with security screens fitted to doors and windows.
Property Size2,250 SF
Price / SF$146.62
Days on Market66
Property Features for 428 Rhode Island Street NE
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Triplex
Site & Location
Neighborhood
Tva
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Building Details
Year Built
1955
Listing Agency:
1st Class Realty of Santa Fe, LLC
Listed By:
Luke Cordova
Source:
1stclassrealtyofsantafe
Added: Aug 29
Changed: Nov 2
Last Checked: Nov 1 at 7:48PM
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 1st Class Realty of Santa Fe, LLC
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Investment Insights
Based on property information with market context.
This remodeled triplex contains three 2-bedroom, 1-bathroom apartments within 2,250 square feet. Tile flooring covers the main living areas, while carpet is used in the bedrooms. Security screens are installed on doors and windows, and the property includes dedicated on-site parking. The building dates to 1955.
Located at 428 Rhode Island Street NE in Albuquerque, the property offers a three-unit residential configuration with parking on site.
Located at 428 Rhode Island Street NE in Albuquerque, the property offers a three-unit residential configuration with parking on site.
Key Highlights
- Three 2‑bedroom, 1‑bathroom apartments
- 2,250 square feet in a 1955‑built triplex
- Remodeled interiors with tile in main living areas and carpeted bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,540
Cap Rate
6.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$410,800
$410.8K
Cap Rate 7%
$293,429
$293.4K
Cap Rate 9%
$228,222
$228.2K
Market Conditions
NOI Build-Up for 2,250 SF
Gross rent
$31.1K $13.80/SF
− Vacancy
−$1.7K −$0.76/SF
EGI
$29.3K $13.04/SF
− OpEx
−$8.8K −$3.91/SF
NOI
$20.5K $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 Rate 5%
$410,800
Cap Rate 7%
$293,429
Cap Rate 9%
$228,222
Alternative Uses
Best Use
Multifamily LT 5
$293.4K
$256.8K – $342.3K
NOI $20,540 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$271.5K
$237.6K – $316.8K
NOI $19,005 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$544.3K
$476.3K – $635.0K
NOI $38,102 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
817
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - Three two-bedroom apartments provide consistent residential layouts, with security screens fitted to doors and windows.
Where is this triplex located?
The property is located at 428 Rhode Island Street NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bathroom apartments; 2,250 square feet in a 1955‑built triplex; Remodeled interiors with tile in main living areas and carpeted bedrooms
