Renovated Fourplex with Furnished
For Sale
$760,000
622 Jefferson Street NE, Albuquerque, NM 87110
ResidentialIncome, Albuquerque, NM
Property Size3,116 SF
Lot Size0.16 Acres
Price / SF$243.90
Days on Market22
Property Features for 622 Jefferson Street NE
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-ML*
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 2, Bedroom 6, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 7, Bedroom 4, Bathroom 5, Bedroom 5, Bedroom 3, Bedroom 8, Bedroom 2
Parking
6
Appliances
FreeStandingGasRange, Refrigerator
Subdivision
Year Addn Brooms Subd
Directions
Heading East on I-40, take exit 161 on the right onto San Mateo Blvd NE. Turn right onto San Mateo Blvd NE. Turn right onto Marble Ave NE.
Standard status
Active
APN
101705834106340311
Size
3,116 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
7714
Utilities
Heating system
Ductless (Heating)
Cooling system
Ductless
Building Details
Year built
1951
Floors in Building
1
Number of units
4
Flooring type
Vinyl, Carpet, Laminate
Building materials
Stucco
Listing Agency:
Keller Williams Realty
(505) 271-8200
Listed By:
Steven A Grant · License #52493
(505) 238-0308
Added: Aug 9
Changed: Aug 29
Last Checked: Aug 30 at 4:06PM
MLS# 1110082
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 fourplex contains 3,116 square feet across four residential units on a 0.16-acre lot. The primary residence includes three bedrooms, two bathrooms, more than 1,200 square feet of finished space, and access to a fenced courtyard with a mature tree. The additional units have also been renovated, and two are furnished.
Two units have been operated as short-term rentals, offering an established use that may be continued or changed to another residential leasing format. The property is located in Albuquerque’s Near Heights at 622 Jefferson Street NE, with access to I-40 and proximity to the University of New Mexico Hospital, Nob Hill, Uptown, the university, and national laboratories.
Built in 1951, the property features stucco construction, vinyl, carpet, and laminate flooring, ductless heating and cooling, a freestanding gas range, and refrigerators.
Two units have been operated as short-term rentals, offering an established use that may be continued or changed to another residential leasing format. The property is located in Albuquerque’s Near Heights at 622 Jefferson Street NE, with access to I-40 and proximity to the University of New Mexico Hospital, Nob Hill, Uptown, the university, and national laboratories.
Built in 1951, the property features stucco construction, vinyl, carpet, and laminate flooring, ductless heating and cooling, a freestanding gas range, and refrigerators.
Key Highlights
- Four‑unit property totaling 3,116 square feet on 0.16 acres
- Main residence includes 3 bedrooms, 2 bathrooms, and more than 1,200 square feet
- Two furnished units have operated as short‑term rentals
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 residential property with a three-bedroom main residence, renovated interiors, and short-term rental history in Albuquerque’s Near Heights.
Where is this quadplex located?
The property is located at 622 Jefferson Street NE 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: Four‑unit property totaling 3,116 square feet on 0.16 acres; Main residence includes 3 bedrooms, 2 bathrooms, and more than 1,200 square feet; Two furnished units have operated as short‑term rentals
