Triplex with Updated
For Sale
$299,000
511 Texas Street NE, Albuquerque, NM 87107
ResidentialIncome, Albuquerque, NM
Property Size1,925 SF
Lot Size0.15 Acres
Price / SF$155.32
Days on Market1350
Property Features for 511 Texas Street NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1A*
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 5, Bedroom 6, Bedroom 4, Bathroom 3, Bedroom 3, Bathroom 1
Parking
5
Patio and Porch features
Patio
Exterior features
Patio
Appliances
FreeStandingGasRange
Directions
From I-40 and Wyoming, go south on Wyoming to Marquette, turn west (right) on Marquette to Texas, turn south (left) on Texas to 511 Texas on the right.
Subdivision
70 - Fairgrounds
Standard status
Active
APN
101905737335010316
Size
1,925 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
*041 035MESA VERDE L41 & 42
Tax Annual Amount
1458
Legal Description
*041 035MESA VERDE L41 & 42
Amenities
private patios
Building Details
Year built
1961
Floors in Building
1
Number of units
3
Flooring type
Tile
Building materials
Frame, Stucco
Listing Agency:
Realty Specialists Group
Listed By:
Gregory A Kopacka · License #17805
(505) 363-1390
Added: Jan 16, 2023
Changed: Sep 15
Last Checked: Sep 27 at 12:06PM
MLS# 1111017
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.
This 1961 triplex contains 1,925 square feet on a 0.15-acre parcel in Albuquerque. The property has frame and stucco construction, tile flooring, refurbished kitchens and bathrooms, newer windows, and a TPO roof installed approximately 9 years ago. Each unit includes a private rear patio, while additional space on the west side provides parking. A freestanding gas range is included, and the units are individually metered for utilities other than water and trash, which are paid by ownership.
The property is located at 511 Texas Street NE in Albuquerque, within ZIP Code 87107 and Bernalillo County. It is designated within an opportunity zone and qualified census tract. The unit interiors and exterior improvements provide a defined three-unit residential configuration for continued income use.
The property is located at 511 Texas Street NE in Albuquerque, within ZIP Code 87107 and Bernalillo County. It is designated within an opportunity zone and qualified census tract. The unit interiors and exterior improvements provide a defined three-unit residential configuration for continued income use.
Key Highlights
- Three‑unit property with 1,925 square feet of building area
- 0.15‑acre parcel at 511 Texas Street NE, Albuquerque
- TPO roof is approximately 9 years old
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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-unit residential income property with private patios, refurbished kitchens and bathrooms, and dedicated parking area.
Where is this triplex located?
The property is located at 511 Texas Street 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 1,925 square feet of building area; 0.15‑acre parcel at 511 Texas Street NE, Albuquerque; TPO roof is approximately 9 years old
