Two 4-Plex Apartment
521 Palomas Dr SE Albuquerque, NM 87108
521 Palomas Dr SE, Albuquerque, NM, 87108
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For Sale
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Sale offering includes eight total units across two four-plexes with 1- and 2-bedroom layouts.
Property Size3,040 SF
Price / SF$126.64
Days on Market119
Property Features for 521 Palomas Dr SE
General Information
- Standard status
- Active
- Size
- 3,040 SF
- Property subtype
- Multifamily
Listing agency
eXp Realty, LLC Albuquerque
(505) 639-1266
Listed by
Coralee Quintana · License #NM 48091
Source
Crexi
Added: Mar 25 Updated: Jul 21 at 6:07AM Checked: Jul 21 at 6:07AM
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 Albuquerque
Investment Insights
Based on property information with market context.
This offering features two separate 4-plex properties (eight total units) at 517–521 Palomas Dr SE in Albuquerque, NM. Each unit is configured with either 1-bedroom or 2-bedroom living space and includes private backyard areas. The properties also include gated off-street parking for residents.
The buildings are positioned near Kirtland Air Force Base, with close access to ABQ Transit and a range of nearby amenities, including the Downs Casino and Expo New Mexico. The combined properties are reported to be 87.5% occupied and generate a combined NOI of $51,420, reflecting a blended cap rate of 6.7%.
The buildings are positioned near Kirtland Air Force Base, with close access to ABQ Transit and a range of nearby amenities, including the Downs Casino and Expo New Mexico. The combined properties are reported to be 87.5% occupied and generate a combined NOI of $51,420, reflecting a blended cap rate of 6.7%.
Key Highlights
- Two four‑plexes at 517‑521 Palomas SE offer 8 total units with 1- and 2‑bedroom apartment layouts.
- Each unit includes private backyard space and gated off‑street parking.
- Combined occupancy rate is 87.5% across both properties.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.2k | $16.20 |
| − Vacancy | −$2.6k | −$0.84 |
| EGI | $46.7k | $15.36 |
| − OpEx | −$21.0k | −$6.91 |
| NOI | $25.7k | $8.45 |
3,040 SF · lease $16.20/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$366.8K
$321.0K – $428.0K
NOI $25,678 @ 7.0% cap · market cap 6.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$735.4K
$643.5K – $858.0K
NOI $51,481 @ 7.0% cap · market cap 13.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Sale offering includes eight total units across two four-plexes with 1- and 2-bedroom layouts.
Where is this apartment building located?
The property is located at 521 Palomas Dr SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two four‑plexes at 517‑521 Palomas SE offer 8 total units with 1- and 2‑bedroom apartment layouts.; Each unit includes private backyard space and gated off‑street parking.; Combined occupancy rate is 87.5% across both properties.
