Renovated Fourplex with Furnished
New
For Sale
$760,000
622 Jefferson St, Albuquerque, NM 87110
Four-unit income property with a courtyard and flexible short-, mid-, or long-term leasing options.
Property Size3,116 SF
Price / SF$243.90
Days on Market3
Property Features for 622 Jefferson St
General Information
Standard status
Active
Size
3,116 SF
Property subtype
Residential Income
Additional Details
Furnished
Yes
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,713
Listing Agency:
Keller Williams Realty
(505) 238-0308
Listed By:
Steven A Grant · License #52493
(505) 238-0308
Source:
Exprealty
Added: Aug 29
Changed: Aug 31
Last Checked: Aug 31 at 9:35AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This renovated fourplex contains a primary three-bedroom, two-bath residence with more than 1,200 square feet, plus three additional updated units. A courtyard, mature tree, and cedar fencing provide shared outdoor character, while two units are furnished and have operated as short-term rentals. The property is presented as fully renovated and ready for occupancy or leasing.
The Albuquerque location places the property near University of New Mexico Hospital, with access to Nob Hill restaurants and shops, Uptown retail and offices, and I-40. Hospitals, the university, and national laboratories are also within the surrounding area. The four-unit configuration supports several documented operating approaches, including short-term, mid-term, and traditional long-term leasing.
The Albuquerque location places the property near University of New Mexico Hospital, with access to Nob Hill restaurants and shops, Uptown retail and offices, and I-40. Hospitals, the university, and national laboratories are also within the surrounding area. The four-unit configuration supports several documented operating approaches, including short-term, mid-term, and traditional long-term leasing.
Key Highlights
- Fourplex with 3,116 square feet of property size
- Primary residence includes 3 bedrooms, 2 baths, and more than 1, 200 square feet
- Three additional units are included on the property
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
$28,445
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
3.74%
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%
$568,900
$568.9K
Cap Rate 7%
$406,357
$406.4K
Cap Rate 9%
$316,056
$316.1K
Market Conditions
NOI Build-Up for 3,116 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
$43.0K $13.80/SF
− Vacancy
−$2.4K −$0.76/SF
EGI
$40.6K $13.04/SF
− OpEx
−$12.2K −$3.91/SF
NOI
$28.4K $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%
$568,900
Cap Rate 7%
$406,357
Cap Rate 9%
$316,056
Alternative Uses
Best Use
Multifamily LT 5
$406.4K
$355.6K – $474.1K
NOI $28,445 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$376.0K
$329.0K – $438.7K
NOI $26,320 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$753.8K
$659.6K – $879.5K
NOI $52,768 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
876
Businesses Nearby
Explore this area
Business Placement
Demographics for 87110, NM
38,441
Population
19,591
Households
2
Avg Household Size
42
Median Age
38%
College-Educated
93%
High-School Grad
8.8 sq mi
ZIP Area
4,368
Density / Sq Mi
$63,593
Median Household Income
$40,244
Median Earnings
$1,096
Median Rent
$251,400
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?
Quadplex - Four-unit income property with a courtyard and flexible short-, mid-, or long-term leasing options.
Where is this quadplex located?
The property is located at 622 Jefferson St Albuquerque, NM.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: Fourplex with 3,116 square feet of property size; Primary residence includes 3 bedrooms, 2 baths, and more than 1, 200 square feet; Three additional units are included on the property
