Renovated Triplex with Private
For Sale
$299,000
511 Texas St NE, Albuquerque, NM 87107
Three-unit income property with updated interiors, newer windows, and separate outdoor areas for each residence.
Property Size1,925 SF
Price / SF$155.32
Days on Market12
Property Features for 511 Texas St NE
General Information
Standard status
Active
Size
1,925 SF
Property subtype
Multi-Family
Additional Details
Opportunity Zone
Yes
Multifamily Units
3
Amenities
private patios
ceramic tile floors
Building Details
Year Built
1961
Buildings
1
Tenancy
Multi
Listing Agency:
Platlabs, LLC
(303) 848-6215
Listed By:
Missy Ashcraft
(505) 362-6823
Source:
Missyashcraft
Added: Sep 16
Changed: Sep 26
Last Checked: Sep 26 at 7:10AM
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 Platlabs, LLC
Investment Insights
Based on property information with market context.
This three-unit residential income property contains approximately 1,925 square feet and was built in 1961. Interior improvements include refurbished kitchens and bathrooms, ceramic tile flooring, and new windows. Each unit has a private back patio, while additional parking area is located on the west side of the complex. The TPO roof is approximately 9 years old.
Located at 511 Texas St NE in Albuquerque, the property is designated within an opportunity zone and qualified census tract. Residents pay their own utilities, with the owner responsible for water and trash. The property is offered subject to buyer review of the units.
Located at 511 Texas St NE in Albuquerque, the property is designated within an opportunity zone and qualified census tract. Residents pay their own utilities, with the owner responsible for water and trash. The property is offered subject to buyer review of the units.
Key Highlights
- Three‑unit property with approximately 1,925 square feet
- Built in 1961 with a TPO roof approximately 9 years old
- Refurbished kitchens and bathrooms with ceramic tile flooring
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
$17,573
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
5.88%
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%
$351,460
$351.5K
Cap Rate 7%
$251,043
$251.0K
Cap Rate 9%
$195,256
$195.3K
Market Conditions
NOI Build-Up for 1,925 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
$26.6K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$25.1K $13.04/SF
− OpEx
−$7.5K −$3.91/SF
NOI
$17.6K $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%
$351,460
Cap Rate 7%
$251,043
Cap Rate 9%
$195,256
Alternative Uses
Best Use
Multifamily LT 5
$251.0K
$219.7K – $292.9K
NOI $17,573 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$232.3K
$203.3K – $271.0K
NOI $16,260 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$465.7K
$407.5K – $543.3K
NOI $32,599 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
Explore this area
Business Placement
Demographics for 87107, NM
30,340
Population
13,441
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
92%
High-School Grad
14.6 sq mi
ZIP Area
2,078
Density / Sq Mi
$59,663
Median Household Income
$36,392
Median Earnings
$901
Median Rent
$282,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit income property with updated interiors, newer windows, and separate outdoor areas for each residence.
Where is this triplex located?
The property is located at 511 Texas St NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Three‑unit property with approximately 1,925 square feet; Built in 1961 with a TPO roof approximately 9 years old; Refurbished kitchens and bathrooms with ceramic tile flooring
