Adobe Duplex with Shared
For Sale
$398,500
902 Edith Blvd, Albuquerque, NM 87102
Two tenant-occupied residences share a covered courtyard and include off-street parking.
Property Size2,435 SF
Price / SF$163.66
Days on Market113
Property Features for 902 Edith Blvd
General Information
Standard status
Active
Size
2,435 SF
Total Parking Spaces
3
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
shared courtyard
Building Details
Year Built
1946
Buildings
2
Construction
adobe
Listing Agency:
RE/MAX SELECT
(505) 385-3334
Listed By:
Caleb Wheeler · License #49045
Source:
Albuquerquehomefinders
Added: May 12
Changed: Aug 31
Last Checked: Sep 1 at 7:48PM
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 RE/MAX SELECT
Investment Insights
Based on property information with market context.
This 2,435-square-foot duplex consists of two adobe casitas arranged around a shared courtyard covered on three sides. The front residence includes two bedrooms, a three-quarter bath, living room, office, and full kitchen with shaker-style cabinetry, dishwasher, and refrigerator. The rear casita provides a living room, compact kitchen, bath, and an expanded bedroom with banco. Both units feature custom tile floors, wood ceilings, vigas, beams, and thermal windows.
Built in 1946, the property includes off-street parking for three cars. It is located at 902 Edith Blvd in Albuquerque’s Martineztown area, east of the Courthouses and near UNM. The property is tenant occupied; do not disturb.
Built in 1946, the property includes off-street parking for three cars. It is located at 902 Edith Blvd in Albuquerque’s Martineztown area, east of the Courthouses and near UNM. The property is tenant occupied; do not disturb.
Key Highlights
- Two adobe casitas totaling 2,435 SF
- Front unit has 2 bedrooms, office, full kitchen, and 3/4 bath
- Rear unit includes an expanded bedroom with banco and compact kitchen
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
$22,228
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
5.58%
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%
$444,560
$444.6K
Cap Rate 7%
$317,543
$317.5K
Cap Rate 9%
$246,978
$247.0K
Market Conditions
NOI Build-Up for 2,435 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
$33.6K $13.80/SF
− Vacancy
−$1.8K −$0.76/SF
EGI
$31.8K $13.04/SF
− OpEx
−$9.5K −$3.91/SF
NOI
$22.2K $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%
$444,560
Cap Rate 7%
$317,543
Cap Rate 9%
$246,978
Alternative Uses
Best Use
Multifamily LT 5
$317.5K
$277.9K – $370.5K
NOI $22,228 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$293.8K
$257.1K – $342.8K
NOI $20,568 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$589.1K
$515.4K – $687.3K
NOI $41,235 @ 7.0% cap · market cap 10.35%
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
2,776
Businesses Nearby
Explore this area
Business Placement
Demographics for 87102, NM
20,610
Population
11,346
Households
1.8
Avg Household Size
38
Median Age
34%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,171
Density / Sq Mi
$37,276
Median Household Income
$29,184
Median Earnings
$868
Median Rent
$174,400
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?
Duplex - Two tenant-occupied residences share a covered courtyard and include off-street parking.
Where is this duplex located?
The property is located at 902 Edith Blvd Albuquerque, NM.
What is the asking price?
The asking price for this property is $398,500.
What are key features of this property?
This property features: Two adobe casitas totaling 2,435 SF; Front unit has 2 bedrooms, office, full kitchen, and 3/4 bath; Rear unit includes an expanded bedroom with banco and compact kitchen
