Updated Two-Unit
For Sale
$245,499
636 San Pablo Street SE, Albuquerque, NM 87108
ResidentialIncome, Albuquerque, NM
Property Size1,242 SF
Lot Size0.16 Acres
Price / SF$197.66
Days on Market56
Property Features for 636 San Pablo Street SE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-T*
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2
Appliances
FreeStandingElectricRange, Refrigerator
Directions
From I-40 and Louisiana, South on Louisiana, Left on Southern, Left on San Pablo, will be on the right had side
Subdivision
71 - Southeast Heights
Standard status
Active
APN
101905616834620622
Size
1,242 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
2097
Amenities
spacious backyard
on-site laundry
Building Details
Year built
1957
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Brick
Listing Agency:
Keller Williams Realty
(505) 375-2062
Listed By:
Medina Real Estate Inc
(505) 375-2062
Added: Jul 6
Changed: Aug 25
Last Checked: Aug 30 at 6:06AM
MLS# 1106981
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 1,242-square-foot duplex contains two one-bedroom, one-bath units within a brick building constructed in 1957. One unit is occupied, while the second has received interior updates including fresh paint, new baseboards, a bathroom vanity, closet and bathroom doors, and rekeyable locks. Tile flooring, updated electrical and plumbing, newer roofing, new ranges, MasterCool air conditioners, a wall heater, and a water heater are also in place.
The 0.16-acre property includes off-street parking, a spacious backyard, shared laundry, and a new 6-foot privacy fence. Located in Albuquerque’s 87108 ZIP code, the duplex provides a two-unit residential income configuration with the option to occupy one unit while renting the other, as supported by the current occupancy and available unit condition.
The 0.16-acre property includes off-street parking, a spacious backyard, shared laundry, and a new 6-foot privacy fence. Located in Albuquerque’s 87108 ZIP code, the duplex provides a two-unit residential income configuration with the option to occupy one unit while renting the other, as supported by the current occupancy and available unit condition.
Key Highlights
- Two 1‑bedroom, 1‑bath units in a 1,242‑square‑foot duplex
- One unit occupied; second unit refreshed and move‑in ready
- 0.16‑acre lot with off‑street parking and spacious backyard
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
$11,338
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
4.62%
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%
$226,760
$226.8K
Cap Rate 7%
$161,971
$162.0K
Cap Rate 9%
$125,978
$126.0K
Market Conditions
NOI Build-Up for 1,242 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
$17.1K $13.80/SF
− Vacancy
−$943 −$0.76/SF
EGI
$16.2K $13.04/SF
− OpEx
−$4.9K −$3.91/SF
NOI
$11.3K $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%
$226,760
Cap Rate 7%
$161,971
Cap Rate 9%
$125,978
Alternative Uses
Best Use
Multifamily LT 5
$162.0K
$141.7K – $189.0K
NOI $11,338 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$149.9K
$131.1K – $174.9K
NOI $10,491 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$300.5K
$262.9K – $350.6K
NOI $21,033 @ 7.0% cap · market cap 8.57%
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
685
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?
Duplex - Two one-bedroom units offer refreshed finishes, shared laundry, off-street parking, and a private backyard.
Where is this duplex located?
The property is located at 636 San Pablo Street SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $245,499.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bath units in a 1,242‑square‑foot duplex; One unit occupied; second unit refreshed and move‑in ready; 0.16‑acre lot with off‑street parking and spacious backyard
