Renovated Two-Unit
For Sale
$369,000
520 Iron Ave Se, Albuquerque, NM 87102
Two two-bedroom, one-bath residences include an updated kitchen and open living area for practical everyday use.
Property Size1,528 SF
Price / SF$241.49
Days on Market65
Property Features for 520 Iron Ave Se
General Information
Standard status
Active
Size
1,528 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,360
Listing Agency:
EXP Realty LLC
(505) 470-9534
Listed By:
Gabriel J Alarid · License #50351
(505) 470-9534
Source:
Exprealty
Added: Jun 26
Changed: Aug 28
Last Checked: Jul 18 at 6:47PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This renovated duplex, built in 1901, includes two two-bedroom, one-bath residences. The home identified as 601 Walter St. offers an updated kitchen and open-concept living area, while the residence at 520 Iron Ave. provides a comfortable two-bedroom layout. The 1,528-square-foot property combines the character of an older structure with updated interior finishes.
The duplex is located in Albuquerque’s Huning Highland District, with Presbyterian Hospital, UNM Main Campus, Downtown, dining, and entertainment all within minutes. Its two-residence configuration supports both owner occupancy and rental use, while the separate layouts provide practical flexibility for residential income operations.
The duplex is located in Albuquerque’s Huning Highland District, with Presbyterian Hospital, UNM Main Campus, Downtown, dining, and entertainment all within minutes. Its two-residence configuration supports both owner occupancy and rental use, while the separate layouts provide practical flexibility for residential income operations.
Key Highlights
- 1,528‑square‑foot duplex built in 1901
- Two residences, each with 2 bedrooms and 1 bathroom
- Renovated property with updated interior finishes
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
$13,949
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
3.78%
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%
$278,980
$279.0K
Cap Rate 7%
$199,271
$199.3K
Cap Rate 9%
$154,989
$155.0K
Market Conditions
NOI Build-Up for 1,528 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
$21.1K $13.80/SF
− Vacancy
−$1.2K −$0.76/SF
EGI
$19.9K $13.04/SF
− OpEx
−$6.0K −$3.91/SF
NOI
$13.9K $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%
$278,980
Cap Rate 7%
$199,271
Cap Rate 9%
$154,989
Alternative Uses
Best Use
Multifamily LT 5
$199.3K
$174.4K – $232.5K
NOI $13,949 @ 7.0% cap · market cap 3.78%
Second Best
Apartment 5plus
$184.4K
$161.3K – $215.1K
NOI $12,907 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$369.7K
$323.5K – $431.3K
NOI $25,876 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 87102, NM
20,610
Population
11,346
Households
1.8
Avg Household Size
38
Median Age
34%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,171
Density / Sq Mi
$37,276
Median Household Income
$29,184
Median Earnings
$868
Median Rent
$174,400
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?
Duplex - Two two-bedroom, one-bath residences include an updated kitchen and open living area for practical everyday use.
Where is this duplex located?
The property is located at 520 Iron Ave Se Albuquerque, NM.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: 1,528‑square‑foot duplex built in 1901; Two residences, each with 2 bedrooms and 1 bathroom; Renovated property with updated interior finishes
