Fully Occupied
For Sale
$469,000
528 Alvarado Drive SE, Albuquerque, NM 87108
ResidentialIncome, Albuquerque, NM
Property Size3,640 SF
Lot Size0.16 Acres
Price / SF$128.85
Days on Market463
Property Features for 528 Alvarado Drive SE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-MH*
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bathroom 2, Bedroom 6, Bathroom 4, Bedroom 2, Bedroom 3, Bedroom 7, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 1
Appliances
Dryer, Dishwasher, Microwave, Refrigerator, Washer
Subdivision
Shirley S Subd
Directions
SOUTH on San Mateo-EAST on Zuni-SOUTH on Alvarado-Property on EAST side of street
Standard status
Active
APN
101805614248922918
Size
3,640 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
LT 17 BLK 4 SHIRLEY'S SUBD BARON BURG HEIGHTS
Tax Annual Amount
4283
Legal Description
LT 17 BLK 4 SHIRLEY'S SUBD BARON BURG HEIGHTS
Utilities
Heating system
Forced Air, Central
Building Details
Year built
2011
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Carpet
Building materials
Stucco
Listing Agency:
Realty One of New Mexico
(505) 883-9400
Listed By:
Janis E Fensterer · License #46826
(505) 379-9360
Added: May 29, 2025
Changed: Aug 19
Last Checked: Sep 3 at 11:06AM
MLS# 1104528
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.
Located at 528 Alvarado Drive SE in Albuquerque, this quadplex contains four occupied two-bedroom, one-bath residences within a 3,640-square-foot property on 0.16 acres. Built in 2011, the building has stucco construction, vinyl and carpet flooring, and central forced-air heating. Each residence is supported by its own utility meter, creating clear separation among the units.
The property is positioned in Albuquerque’s Southeast Heights area, with shopping, dining, and everyday amenities nearby. Unit appliances include washers, dryers, dishwashers, microwaves, and refrigerators. The existing four-unit layout and current occupancy provide a defined multifamily configuration for investors evaluating residential income property.
The property is positioned in Albuquerque’s Southeast Heights area, with shopping, dining, and everyday amenities nearby. Unit appliances include washers, dryers, dishwashers, microwaves, and refrigerators. The existing four-unit layout and current occupancy provide a defined multifamily configuration for investors evaluating residential income property.
Key Highlights
- Four fully occupied 2‑bedroom, 1‑bath units
- 3,640 square feet on a 0.16‑acre lot
- Individual utility meter for each unit
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
$33,228
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
7.08%
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%
$664,560
$664.6K
Cap Rate 7%
$474,686
$474.7K
Cap Rate 9%
$369,200
$369.2K
Market Conditions
NOI Build-Up for 3,640 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
$50.2K $13.80/SF
− Vacancy
−$2.8K −$0.76/SF
EGI
$47.5K $13.04/SF
− OpEx
−$14.2K −$3.91/SF
NOI
$33.2K $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%
$664,560
Cap Rate 7%
$474,686
Cap Rate 9%
$369,200
Alternative Uses
Best Use
Multifamily LT 5
$474.7K
$415.4K – $553.8K
NOI $33,228 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$439.2K
$384.3K – $512.4K
NOI $30,746 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$880.6K
$770.5K – $1.03M
NOI $61,641 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,376
Businesses Nearby
Explore this area
Business Placement
Demographics for 87108, NM
36,773
Population
19,153
Households
1.9
Avg Household Size
39
Median Age
33%
College-Educated
85%
High-School Grad
5.9 sq mi
ZIP Area
6,233
Density / Sq Mi
$39,578
Median Household Income
$31,478
Median Earnings
$828
Median Rent
$227,600
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?
Quadplex - Four separately metered rental units provide an established multifamily configuration near shopping, dining, and daily conveniences.
Where is this quadplex located?
The property is located at 528 Alvarado Drive SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Four fully occupied 2‑bedroom, 1‑bath units; 3,640 square feet on a 0.16‑acre lot; Individual utility meter for each unit
