1008 Alvarado Dr SE · Albuquerque, NM 87108

$1,739,530

1 bd · 2.0 ba · 6,090 sqft · MultiFamily public records · 24 Days on market

Built 1972 0.56 ac lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

* Property is being sold as a package with 1024 Alvarado Dr. SE * Offered at $3,400,000 ($79,070/unit), this 43-unit multifamily investment presents a compelling value-add opportunity with a 5.89% acquisition cap rate and a projected 6.42% pro forma cap rate. The property was 100% occupied as of March 2026 and features in-place rents estimated to be approximately 14% below market, providing meaningful revenue upside. Recent interior renovations have been completed throughout the majority of units, reducing near-term capital needs. Located within Albuquerque's established Southeast submarket, the property benefits from proximity to Kirtland Air Force Base, major employment centers, and conv

Key facts

• Interior renovations
• 0.56 acre lot
• Built 1972

Tags

• INTERIOR RENOVATIONS
• CONVENIENT I-25 ACCESS

Property features AI

Finance

• Other: Owner pays sewer, trash collection, and water; tenants pay electricity and gas; Lot size approximately 0.56 acres
• Financial info: 22 total units; Total actual rent reported: $15,310; Example unit rents reported: some units at $677 and $729
• HOA & community: Community laundry facilities

Exterior

• Parking: Parking details not provided
• Security: No security features listed
• Utilities: Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Two-story building; Resale property; Zoned R-MH*
• Construction: Single building containing all units
• Exterior features: Landscaping

Interior

• Kitchen: Free-standing gas range; Refrigerator
• Bedrooms: One-bedroom units present
• Flooring: Tile; Vinyl
• Bathrooms: One-bathroom units present
• Heating & cooling: Wall furnace heating; Refrigerated cooling (central/packaged refrigerated system indicated)
• Interior features: Tile and vinyl flooring; Landscaped exterior (listed under interior/exterior features)
• Laundry & utility: On-site laundry facilities

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath multifamily listed at $1.74M.

Deal economics

• At list price, monthly cash flow is $21k ($246k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($39k rent vs $1.74M).
• Recommended offer: $1.71M (1.5% below list) — sets the bar for market timing.
• Cap rate 20.4% vs local median 3.7% in Albuquerque — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#13 in NM) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D-, crime F.
• Albuquerque Public Schools (urban): math 51% / reading 75% proficiency, ranked #3 of 29 in NM (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.5%/yr); 164 active listings in the ZIP; lower-income renter base — watch delinquency; 1,316 units permitted in Bernalillo County in 2024 (546 in 5+ unit buildings).
• At $39,245/mo this rent would consume 1102% of the median local household income ($43k/yr) (locally 3480% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $52k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $487k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($1.71M) is reasonable based on typical stale-listing flexibility.

Recommended offer $1,713,437 (1.5% below list)

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.26% ✓
• Cap rate: 20.45%
• Cash-on-cash: 50.55%
• DSCR: 3.25
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.54% rent growth · sell at horizon

5-year hold

• IRR: 47.8%
• Equity multiple: 3.07×
• Total profit: $1,006,600
• Equity at exit: $259,370

10-year hold

• IRR: 53.3%
• Equity multiple: 6.10×
• Total profit: $2,484,443
• Equity at exit: $150,403

Cash invested: $487,068 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State New Mexico: 55 Moderately Landlord-Leaning · D+3
• County: — inherits STATE
• City: — inherits STATE

3-day notice but with cure rights; relocation assistance in some cities.

Methodology + full state rankings →

ZIP-level market 87108

• Rents YoY: 2.5%
• Active inventory: 164
• Price-to-rent: 158.8×

Monthly cashflow live

• Estimated rent: $39,245 high
• Mortgage (P&I): −$9,122
• Tax from tax record: −$637 /mo · $7,641/yr
• Insurance: −$725
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,241
• Net cashflow: $20,520

Break-even live

Break-even rent $13,271

Max offer price $1,739,530

Occupancy floor 43%

43-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 43× units	1	2	$39,259
Total (43 units)			$39,245

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $434,882
• Closing costs: $52,186
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $1,739,530 Active 24 DOM
2. 2026-06-17
   days on market $1,739,530 Active 23 DOM
3. 2026-06-16
   days on market $1,739,530 Active 22 DOM
4. 2026-06-15
   days on market $1,739,530 Active 21 DOM
5. 2026-06-13
   statusdays on market $1,739,530 Active 19 DOM
6. 2026-06-08
   statusdays on market $1,739,530 Pending 18 DOM
7. 2026-06-07
   days on market $1,739,530 Active 17 DOM
8. 2026-06-05
   days on market $1,739,530 Active 14 DOM
9. 2026-06-03
   days on market $1,739,530 Active 13 DOM
10. 2026-06-02
    days on market $1,739,530 Active 12 DOM
11. 2026-06-01
    days on market $1,739,530 Active 11 DOM
12. 2026-05-31
    days on market $1,739,530 Active 10 DOM
13. 2026-03-09
    listed $1,739,530 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NM · Resets to sale price

• Current annual tax: $7,641 · $637/mo
• Projected year-2 tax: $13,916 · $1,160/mo
• Expected delta: +$6,276/yr (+$523/mo · 82.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $470,940
• − Mortgage interest: −$97,441
• − Property taxes: −$7,641
• − Insurance: −$8,698
• − Repairs & maintenance: −$37,675
• − Management: −$37,675
• − Depreciation: −$50,605
• Taxable income: $231,206
• Est. tax owed @ 24.0%: −$55,489
• After-tax cash flow: $190,747/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Albuquerque Public Schools
• NCES district ID: 3500060
• Math proficiency: 51% ▲ 30.00%
• Reading proficiency: 75% ▲ 45.00%
• Median HH income: $48,151
• Composite: 53.29/100
• National rank: #1487
• State rank: #3 of 29 in NM

Livability — Albuquerque

• Score: 72/100
• State rank: #13
• US rank: #6219

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment C Housing A+ Health & safety B+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albuquerque, NM
• County: Bernalillo County · 647,165 people
• City population: 647,165
• Metro: Albuquerque, NM
• Population (ZIP): 36,331
• Household income: $42,724
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 3480.0

Population outlook (Bernalillo County) Hauer SSP2

• Today (2025): 704,528 people
• By 2030: 711,723 · +1.0%
• By 2040: 714,522 · +1.4%
• By 2050: 709,274 · +0.7%
• By 2075: 680,015 · -3.5%
• By 2100: 619,879 · -12.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 49% White 34% Two or more races 21% Native American 6% Black 5% Asian 3%
• Hispanic origin (detail): Mexican 31% Cuban 3%
• Common ancestry: Lithuanian 2% Slovak 1% Romanian 1%
• Foreign-born: 18% · Canada, Vietnam
• Languages at home: 67% English-only · Spanish 26% Other Indo-European 2% Tagalog/Filipino 1%

Political lean MEDSL · Bernalillo

• 2024 margin: Strong D (+21.0) · D 59.2% · R 38.2% · Other 2.6%
• 2008→2024 swing: -0.3pp no change · 2008: 21.4pp · 2024: 21.0pp
• All cycles: 2024: D+21.0 2020: D+24.4 2016: D+17.8 2012: D+16.2 2008: D+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -228.14%
• Current HPI: 238.53
• Rent YoY: ▲ 2.54%
• Metro: Albuquerque, NM
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-03-09 Listed $1,739,530 Southwest MLS

Property tax history

+0.9%/yr

Latest (2025): $7,641 · +3.2% YoY. Source: county tax records.