Renovated Duplex for Two-Tenant
For Sale
$369,000
520 Iron Avenue SE, Albuquerque, NM 87102
MULTI_FAMILY - Albuquerque, NM
Property Size1,528 SF
Lot Size0.05 Acres
Price / SF$241.49
Days on Market97
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, Bathroom 1, Bedroom 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
Wood, Tile
Listing Agency:
EXP Realty LLC
(505) 554-3873
Listed By:
Gabriel J Alarid · License #50351
(505) 470-9534
Added: May 7
Changed: Aug 2
Last Checked: Aug 11 at 8:06PM
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.
Renovated duplex in Albuquerque offering two separate two-bedroom, one-bath units. 601 Walter St includes a bright, open-concept living area with a modern kitchen, while 520 Iron Ave features a cozy layout designed for everyday comfort. The property was built in 1901 and features wood and tile flooring, ceiling fans, baseboard heating, and cooling provided by ceiling fan(s) and window unit(s). Appliances included include a washer and dryer, dishwasher, microwave, refrigerator, free-standing gas range, and disposal.
The duplex is located in the Huning Highland District at 520 Iron Avenue SE (87102). It’s described as just minutes from Presbyterian Hospital, UNM Main Campus, Downtown, and local dining and entertainment.
With two self-contained units, the property can work for a range of occupancy needs, including long-term residents or use as a travel-friendly home-away-from-home.
The duplex is located in the Huning Highland District at 520 Iron Avenue SE (87102). It’s described as just minutes from Presbyterian Hospital, UNM Main Campus, Downtown, and local dining and entertainment.
With two self-contained units, the property can work for a range of occupancy needs, including long-term residents or use as a travel-friendly home-away-from-home.
Key Highlights
- Two separate units: 601 Walter St and 520 Iron Ave
- Each unit offers two bedrooms and one bath
- 0.05‑acre lot and 1,528 SF total building size
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
3,427
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 - Renovated Albuquerque duplex with two two-bedroom, one-bath units featuring baseboard heat, ceiling fans, and included appliances.
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 separate units: 601 Walter St and 520 Iron Ave; Each unit offers two bedrooms and one bath; 0.05‑acre lot and 1,528 SF total building size
