Renovated Two-Unit
For Sale
$369,000
520 Iron Avenue SE, Albuquerque, NM 87102
ResidentialIncome, Albuquerque, NM
Property Size1,528 SF
Lot Size0.05 Acres
Price / SF$241.49
Days on Market144
Property Features for 520 Iron Avenue SE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-1C*
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 2
Interior features
CeilingFans
Appliances
Dryer, Dishwasher, FreeStandingGasRange, Disposal, Microwave, Refrigerator, Washer
Subdivision
Highland Add
Directions
Exiting I-25 S @ Lead, head west on Lead. Turn Left at Walter and continue south until you get to the stop sign at Walter and Iron.
Standard status
Active
APN
101405745019142709
Size
1,528 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
4360
Utilities
Heating system
Baseboard
Cooling system
Ceiling Fan(s), Window Unit(s), Multi Units
Building Details
Year built
1901
Floors in Building
1
Number of units
2
Flooring type
Tile, Wood
Listing Agency:
EXP Realty LLC
(505) 554-3873
Listed By:
Gabriel J Alarid · License #50351
(505) 470-9534
Added: May 7
Changed: Sep 13
Last Checked: Sep 27 at 12:06AM
MLS# 1106262
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 renovated duplex contains two residential units totaling 1,528 square feet on a 0.05-acre lot. The residence at 601 Walter St includes two bedrooms, one bathroom, a modern kitchen, and an open living area. The 520 Iron Ave unit also provides two bedrooms and one bathroom in a separate layout.
Interior features include wood and tile flooring, ceiling fans, baseboard heating, and window or multi-unit cooling. Each residence is equipped with a refrigerator, dishwasher, range, microwave, disposal, washer, and dryer. Built in 1901, the property is located in Albuquerque’s Huning Highland District, near Presbyterian Hospital, UNM Main Campus, Downtown, and local dining and entertainment.
Interior features include wood and tile flooring, ceiling fans, baseboard heating, and window or multi-unit cooling. Each residence is equipped with a refrigerator, dishwasher, range, microwave, disposal, washer, and dryer. Built in 1901, the property is located in Albuquerque’s Huning Highland District, near Presbyterian Hospital, UNM Main Campus, Downtown, and local dining and entertainment.
Key Highlights
- Two‑unit duplex with 1,528 square feet of total property size
- Two 2‑bedroom, 1‑bath residential layouts
- Situated on a 0.05‑acre lot in Albuquerque’s Huning Highland District
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
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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
Check the figures for this property
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?
Duplex - Two residential units offer matching two-bedroom, one-bath layouts with updated kitchens and separate living areas.
Where is this duplex located?
The property is located at 520 Iron Avenue 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: Two‑unit duplex with 1,528 square feet of total property size; Two 2‑bedroom, 1‑bath residential layouts; Situated on a 0.05‑acre lot in Albuquerque’s Huning Highland District
