4-Plex — Near Kirtland AFB
Updated Kitchen — 2-Bed / 1-Bath Units
Living Area — Fresh Interior Finishes
Bedroom — Spacious Layout
A compelling opportunity to acquire a well-positioned 4-unit multifamily asset in Southeast Albuquerque. Strong projected gross income of $57,600 annually with meaningful upside through lease-up of vacant units. Seller financing available at 5.5% to qualified investors.
Request InformationIdeally situated near Central Ave, Zuni Rd, and I-40 with proximity to Kirtland Air Force Base — one of Albuquerque's largest employers. MX-L zoning on a 6,751 SF (.155 acre) lot provides strong long-term rental demand.
Open in Google MapsEstimate your monthly payment. Seller financing available @ 5.5%.
Estimate only. Contact Tai Talley, CCIM for official terms. Part of a larger portfolio — ask about package pricing.
| Gross Rental Income | $57,600 |
| Property Tax | ($2,739) |
| Insurance | ($2,200) |
| Management Fee | ($3,600) |
| Utilities | ($9,600) |
| Repair & Maintenance | ($3,339) |
| Total Expenses | ($21,478) |
| Net Operating Income (NOI) | $36,122 |
| Asking Price | $450,000 |
| Occupancy | 95% (Pro Forma) |
| Average Rent / Unit | $1,200 / mo. |
| Cap Rate | 6.2% |
| GRM | 7.81 |
| Before-Tax IRR (No Financing) | 12.13% |
| Before-Tax IRR (Seller Financing) | 29.80% |
| Cash on Cash (w/ Seller Financing) | 8.55% |
| Down Payment (20% — Seller Fin.) | $90,000 |
* Annual figures reflect full market rent at 100% occupancy. Pro forma assumes 95% occupancy.
134 Rhode Island St SE presents investors with a rare opportunity to acquire a 4-unit multifamily asset near Kirtland Air Force Base — one of New Mexico's largest employers and a consistent driver of rental demand in the Southeast quadrant. The property's location near Central Ave and Zuni Rd provides convenient access to major arterial routes, retail, and public transit, making it attractive to long-term renters.
With two units currently occupied at full market rent and two vacant units offering immediate lease-up upside, this investment delivers strong day-one cash flow alongside a compelling value-add story. At a 6.2% cap rate and a 29.80% before-tax IRR using the seller's financing terms, this asset stands out in today's Albuquerque market.
This listing is also available as part of a larger portfolio that includes two single-family income-producing homes. The seller is offering a Real Estate Contract (REC) to qualified investors at very attractive terms — with seller financing available at 5.5% interest.
For more information or to schedule a showing, contact Tai Talley, CCIM at 505-980-6151 or ttalley@bergerbriggs.com.
Site Description
| Unit Mix | 4 × 2-Bed / 1-Bath |
| Total Building SF | 3,060 SF |
| Land Size | 6,751.8 SF (0.155 Acre) |
| Number of Floors | 2 |
| Zoning | MX-L |
| Year Built | 1981 |
| UPC # | 101905731802440207 |
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