403 SAN FELIPE Street NW, Albuquerque, NM 87104

$750,000

Property Type: Residential Income Square Footage: 2,227 Lot Size (sq. ft.): 10,515 Status: Closed

Current Price: $750,000 List Date: 1/19/2023 Last Modified: 12/08/2025

Overview

Description

This investment opportunity, located in Historic Old Town, is a three-unit mixed-use income property with a target IRR of 20.49% and capitalization rate of 5.71% at full optimization. The current owner has made significant repairs, including installing a new roof, fixing the plumbing, sewer, and electrical systems, adding a concrete slab foundation in one unit, repairing framing, sheetrock, and flooring, and installing new air conditioning systems. The property also offers off-street parking for up to 9 vehicles and a detached garage that can be used for parking or commercial purposes. The primary building is a charming adobe home with two bedrooms and two living areas that can also be used as retail or office space. Also included is a duplex building with a studio and 1 bedroom apartment.

Supplements: Historic Old Town is a neighborhood in Albuquerque, New Mexico that is known for its well-preserved 19th century architecture and rich cultural history. The area was originally settled in 1706 by Spanish colonists, and it served as the city's original town center. Today, Old Town is a popular tourist destination, attracting visitors with its colorf ... (Read more)

Listing Details MLS# 1028365

Status Change Info

Pending Date: 2023-03-30
Closing Date: 2023-07-21

Contract Information

List Price/SqFt: 336.78

Location

Street #: 403
Street Name: SAN FELIPE
St Suffix: Street
Post Direction: NW
County: Bernalillo
City/Town Code: Albuquerque
State/Province: NM
Zip Code: 87104
Zip +4: 1428
MLS Area Major: 80 - Downtown Area
Zone Atlas: J13

General Property Description

# of Units: 3
5+ Units: No
Property Sub-Type: House Plus Unit(s)
Living Area: 2227
SqFt Source: Floorplan
Lot Size Source: Survey
Acres: 0.24
Lot SqFt: 10515
Directions: From I-40 and Rio Grande Blvd NW: South on Rio Grande to S Plaza St NW. Left on S Plaza to San Felipe St NW. Left on San Felipe to property on left.
Stories: Yes
Total # of Buildings: 2
Year Built: 1946
Age: 71 - 80
# Parking Spaces: 9
Disability Access: Unknown
LBP Disclosure: Yes
Builder: Unknown
Owner Occupant Unit: Yes
Flood Zone: X

Basement

Basement: No

Sales Info

Trade/Xch Considered: No

More Information

# of Unit Types (1)

# of Units: Yes
# of Bedrooms: 2
# Baths: 2
Approx. SqFt: 1235
Actual Rent: 2000
Max Rent: 3500
Market Rent: 1300

# of Unit Types (2)

# of Units: Yes
# of Bedrooms: Yes
# Baths: Yes
Approx. SqFt: 612
Actual Rent: 1500
Max Rent: 2200
Market Rent: 1150

# of Unit Types (3)

# of Units: Yes
# Baths: Yes
Approx. SqFt: 380
Actual Rent: 950
Max Rent: 1200
Market Rent: 900

Unit Summary

Total Units: 3
Average Unit Size: 742.33
Average Actual Rent: 1483.33
Annualized: 53400
Total Actual Rent: 4450

Currently Not Used

Bank Owned: No

City/County Data

UPC Code: 101305815037721609

Tax & Legal Info

GRT Code: 02-100
Tax Exemption: No
Tax Annual Amount: 8410.48

Construction Materials

Adobe: Yes
Frame: Yes
Stucco: Yes

Amenities

Owners Unit: Yes

Cooling

Ductless: Yes
Evaporative Cooling: Yes
Refrigerated: Yes

Flooring

Tile: Yes
Vinyl: Yes
Wood: Yes

Heating

Ductless: Yes
Floor Furnace: Yes
Wall Unit: Yes

Owner Pays

Electric: Yes
Gas: Yes
Sewer: Yes
Trash Removal: Yes
Water: Yes

Tenant Pays

None: Yes

Income & Expenses

Annual Gross Income: 53400
Operating Expenses: 21209

Build Description

Resale: Yes

Appliances included

Dryer H/U: Yes
Free-Standing Gas Range: Yes
Refrigerator: Yes
Washer H/U: Yes

Utilities

Electricity Connected: Yes
Natural Gas Connected: Yes
Sewer Connected: Yes
Water Connected: Yes

Electric Provider

Public Utility: Yes

Electric

None: Yes

Metering

Individual Electric: Yes
Master Gas: Yes

Operating Expenses

Insurance: Yes
Miscellaneous: Yes
Property Taxes: Yes
Repairs/Maintenance: Yes
Utilities: Yes

Parking

1 Garage: Yes
2+Spaces Per Unit: Yes

Roof

Pitched: Yes
Positive Pitched: Yes
Shingle: Yes
TPO (G): Yes

Finance Considered

Cash: Yes
Conventional: Yes
FHA: Yes
VA: Yes

Rental Info

Month To Month: Yes

Source

Broker Provided: Yes
Owner Provided: Yes
Projection: Yes

Zoning

MX-T*: Yes

Property Features

Construction Materials: Adobe; Frame; Stucco Build Description: Resale Amenities: Owners Unit Appliances included: Dryer H/U; Free-Standing Gas Range; Refrigerator; Washer H/U Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected Heating: Ductless; Floor Furnace; Wall Unit Cooling: Ductless; Evaporative Cooling; Refrigerated Flooring: Tile; Vinyl; Wood Electric Provider: Public Utility Electric: None Metering: Individual Electric; Master Gas Operating Expenses: Insurance; Miscellaneous; Property Taxes; Repairs/Maintenance; Utilities Owner Pays: Electric; Gas; Sewer; Trash Removal; Water Tenant Pays: None Parking: 1 Garage; 2+Spaces Per Unit Roof: Pitched; Positive Pitched; Shingle; TPO (G) Rental Info: Month To Month Finance Considered: Cash; Conventional; FHA; VA Source: Broker Provided; Owner Provided; Projection Zoning: MX-T*

Documents

Lead Based Paint ›

Tax Levy Disclosure ›

Mold Info Sheet ›

EM Dispute Info Sheet ›

Plat/Map Survey ›

Floorplan ›

Renovations and Repairs ›

Property Flyer ›

Sellers Disclosure ›

Listing Office: Keller Williams Realty

Last Updated: December - 08 - 2025

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