1024 Alvarado Dr SE Apt 6 · Albuquerque, NM 87108

$1,660,470

3 bd · 3.0 ba · 8,360 sqft · MultiFamily · 25 Days on market

Built 1955 Good condition 0.31 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
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Rent growth +3.1/5.0
• 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 1008 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

• 0.31 acre lot
• Built 1955
• Listed 25 days

Property features AI

Finance

• Financial info: Total actual rent: $14,629 monthly; Unit rents range around $667–$761 (examples: $725, $761, $667); Owner pays water, sewer, and trash collection; tenants pay electricity and gas

Exterior

• Utilities: Electricity connected; Natural gas connected; Water connected; Sewer connected
• Home design: Two-story building; Resale condition
• Construction: Single building (1); 21 units total
• Exterior features: 0.31-acre lot; Zoned R-MH*

Interior

• Kitchen: Dishwasher; Free-standing gas range; Refrigerator
• Bedrooms: Multiple 1-bedroom units (21 total units)
• Flooring: Vinyl
• Bathrooms: Each unit includes 1 bathroom
• Heating & cooling: Wall furnace heating; Evaporative cooling
• Interior features: Vinyl flooring
• Laundry & utility: On-site laundry facilities

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $1.66M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $26k ($317k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($48k rent vs $1.66M).
• Recommended offer: $1.64M (1.5% below list) — sets the bar for market timing.
• Cap rate 25.4% 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 $47,986/mo this rent would consume 1348% 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 $11k of loan paydown is wiped out by about $50k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $465k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($1.64M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,635,562 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — 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: 2.89% ✓
• Cap rate: 25.40%
• Cash-on-cash: 68.23%
• DSCR: 4.04
• GRM: 2.9

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: 67.1%
• Equity multiple: 4.00×
• Total profit: $1,393,130
• Equity at exit: $247,581

10-year hold

• IRR: 71.2%
• Equity multiple: 8.09×
• Total profit: $3,294,052
• Equity at exit: $143,567

Cash invested: $464,932 (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: 124.0×

Monthly cashflow live

• Estimated rent: $47,986 high
• Mortgage (P&I): −$8,708
• Tax est. 1.5%: −$2,076 /mo · $24,907/yr
• Insurance: −$692
• HOA: −$0
• Vacancy / Maint / Mgmt: −$10,077
• Net cashflow: $26,434

Break-even live

Break-even rent $14,525

Max offer price $1,660,470

Occupancy floor 40%

Sensitivity live

Price	-10% $27,581	-5% $27,008	+0% $26,434	+5% $25,860	+10% $25,286
Rent	-10% $22,643	-5% $24,538	+0% $26,434	+5% $28,329	+10% $30,225
Rate	-1.0pp $27,270	-0.5pp $26,856	base $26,434	+0.5pp $26,004	+1.0pp $25,566

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

Units	Beds	Baths	Est. rent
▸ 43× units	3	3	$47,988
Total (43 units)			$47,986

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: $415,118
• Closing costs: $49,814
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $1,660,470 Active 25 DOM
2. 2026-06-17
   days on market $1,660,470 Active 24 DOM
3. 2026-06-16
   days on market $1,660,470 Active 23 DOM
4. 2026-06-15
   days on market $1,660,470 Active 22 DOM
5. 2026-06-13
   statusdays on market $1,660,470 Active 20 DOM
6. 2026-06-10
   status $1,660,470 Pending 19 DOM
7. 2026-06-09
   days on market $1,660,470 Active 19 DOM
8. 2026-06-08
   days on market $1,660,470 Active 18 DOM
9. 2026-06-07
   days on market $1,660,470 Active 17 DOM
10. 2026-06-05
    days on market $1,660,470 Active 14 DOM
11. 2026-06-03
    days on market $1,660,470 Active 13 DOM
12. 2026-06-02
    days on market $1,660,470 Active 12 DOM
13. 2026-06-01
    days on market $1,660,470 Active 11 DOM
14. 2026-05-31
    days on market $1,660,470 Active 10 DOM
15. 2026-03-09
    listed $1,660,470 Active

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

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: $575,832
• − Mortgage interest: −$93,012
• − Property taxes: −$24,907
• − Insurance: −$8,302
• − Repairs & maintenance: −$46,067
• − Management: −$46,067
• − Depreciation: −$48,305
• Taxable income: $309,173
• Est. tax owed @ 24.0%: −$74,201
• After-tax cash flow: $243,004/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.

Condition & rehab AI · 7 photos

Good 75/100 Cosmetic rehab

This multifamily property is in good condition with recent cosmetic renovations, offering a compelling value-add opportunity in a desirable location.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace window screens — Improves energy efficiency and aesthetics
• Both Upgrade HVAC units — Enhances comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace window screens — Improves energy efficiency and aesthetics ↑
• Both Upgrade HVAC units — Enhances comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 $1,660,470 Southwest MLS