Duplex with Courtyard and Adobe
For Sale
$398,500
902 Edith Boulevard NE, Albuquerque, NM 87102
MULTI_FAMILY - Albuquerque, NM
Property Size2,435 SF
Lot Size0.11 Acres
Price / SF$163.66
Days on Market163
Property Features for 902 Edith Boulevard NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
MX-L*
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1
Security features
Security
Window features
Skylight(s)
Interior features
Skylights
Appliances
Dryer, Dishwasher, Refrigerator, Washer
Subdivision
Jesus Romero Addition
Directions
On Edith Blvd between Lomas Blvd and Mountain Rd on the east side of the street.
Standard status
Active
APN
101505800513831210
Size
2,435 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
1863
Utilities
Heating system
Ductless (Heating)
Cooling system
Ductless
Amenities
shared courtyard
Building Details
Year built
1946
Floors in Building
1
Number of units
2
Flooring type
Wood, Tile
Building materials
Adobe, Block, Frame
Listing Agency:
RE/MAX SELECT · RE/MAX International
(505) 265-5111
Listed By:
Caleb Wheeler · License #49045
(505) 385-3334
Added: Mar 1
Changed: Aug 1
Last Checked: Aug 11 at 8:06PM
MLS# 1099848
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 duplex features two adobe casitas arranged around a covered courtyard on three sides, creating a distinctive outdoor living area. The front casita offers two bedrooms, a colorful 3/4 bath, a living room, an office, and a full kitchen with shaker-style cabinets, dishwasher, and refrigerator. The back casita includes a living room, compact kitchen, another colorful bath, and an expanded bedroom with banco.
Interior character includes Saltillo and Mexican Talavera tile, vigas, beams, latillas, corbels, columns, wood ceilings, custom tile floor patterns, and thermal windows. Additional interior features include skylights, and the heating and cooling are ductless. The property was built in 1946 and includes off-street parking for 3 cars.
Tenant occupied—do not disturb.
Interior character includes Saltillo and Mexican Talavera tile, vigas, beams, latillas, corbels, columns, wood ceilings, custom tile floor patterns, and thermal windows. Additional interior features include skylights, and the heating and cooling are ductless. The property was built in 1946 and includes off-street parking for 3 cars.
Tenant occupied—do not disturb.
Key Highlights
- Two adobe casitas with a covered courtyard on three sides
- Front casita: two bedrooms, colorful 3/4 bath, living room, office, full kitchen
- Back casita: living room, compact kitchen, colorful bath, expanded bedroom with banco
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 - Duplex with covered three-side courtyard and adobe casitas with ductless heating and cooling.
Where is this duplex located?
The property is located at 902 Edith Boulevard NE 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 with a covered courtyard on three sides; Front casita: two bedrooms, colorful 3/4 bath, living room, office, full kitchen; Back casita: living room, compact kitchen, colorful bath, expanded bedroom with banco
