1116 Nakomis Drive NE: Northeast Albuquerque Fourplex with Income Upside
Well-maintained 4-unit property with one-year leases, relatively low entry CAPEX, and approximately 34% potential rent growth from current rents to stated market rents.
1116 Nakomis Drive NE offers existing rental income with a clear path to future upside. The property includes four units across two buildings, limited apparent deferred maintenance, and current scheduled rents of $3,650 per month compared with stated market rents of approximately $4,875.
Located in Albuquerque's Northeast Heights near shopping, dining, transit, employment corridors, and the Sandia Foothills.
539,900
4 units
3,458 SqFt
0.26 Acres
Overview
Property Highlights:
4-unit Northeast Albuquerque multifamily property across 2 buildings
One-year leases currently in place
Current scheduled rents of $3,650/month with stated market rents of $4,875/month
Parking lot repaved in 2025 with limited apparent deferred maintenance
Unit mix includes 3-bedroom, 2-bedroom, and two 1-bedroom residences
Each unit has a private storage unit.
Who This Property Is For?
Buy-and-hold investors seeking existing rental income
Investors looking for operational upside without a heavy renovation project
Buyers interested in gradually capturing the existing rent gap
Multifamily investors targeting Albuquerque's Northeast Heights
Interior Features
1116 Nakomis Drive NE offers a practical fourplex layout with a mix of unit sizes designed to support long-term rental demand.
Four units ranging from 1 to 3 bedrooms
Unit A includes 3 bedrooms, 1.75 baths, and in-unit washer and dryer
Remaining units share a common laundry area with property-owned equipment
Carpet, tile, and vinyl flooring throughout
Appliances include refrigerators, ranges, dishwashers, microwaves, washers, and dryers where applicable
Exterior Features
The property is configured across two single-story buildings on approximately 0.26 acres, with features that support day-to-day multifamily operations.
Approximately 11,456-square-foot lot with 2 buildings
Parking lot repaved in 2025
Mature, well-maintained landscaping
Enclosed yard, storage, and on-site parking
Frame and stucco construction with tar-and-gravel roofing estimated at approximately 10 years old
Location & Market Context
Located in Albuquerque's Northeast Heights, 1116 Nakomis Drive NE offers convenient access to shopping, dining, public transit, employment corridors, and the Sandia Foothills.
Established Northeast Albuquerque residential area
Convenient access to major streets and employment centers
Near shopping, dining, transit, and everyday services
Easy access to the Sandia Foothills and outdoor recreation
Strong fit for investors seeking multifamily property in an established Albuquerque location
Low-CAPEX Value-Add Opportunity
The value-add story here is primarily operational rather than renovation-driven.
With leases already in place and limited apparent deferred maintenance, a new owner can focus on managing expenses, maintaining occupancy, and capturing the existing rent gap over time rather than immediately funding a major rehabilitation.
Rent and income figures are based on information provided in the listing. Buyer should independently verify leases, rent roll, expenses, market rents, and financial performance.
Unit Mix & Rent Upside
Unit A
3 Bed | 1.75 Bath | 1,495 SqFt
Actual Rent: $1,500
Market Rent: $1,650
Unit b
2 Bed | 1 Bath | Approx. 723 SqFt
Actual Rent: $850
Market Rent: $1,275
Unit c
1 Bed | 1 Bath | Approx. 620 SqFt
Actual Rent: $500
Market Rent: $975
Unit d
1 Bed | 1 Bath | Approx. 620 SqFt
Actual Rent: $800
Market Rent: $975
Photos
Listing Details
Contract Information
DOM: 0
Current Price: $539,900
List Price/SqFt: 156.13
Location
County: Bernalillo
Zip +4: 6063
MLS Area Major: 50 - Northeast Heights
Zone Atlas: J22
City County Data
UPC Code: 102205840014541562
Subdivision Name: Unit 3 Panorama Heights
General Property Description
# of Units: 4
5+ Units: No
Property Sub-Type: Multi-Family
Living Area: 3,458
SqFt Source: Per Appraisal
Lot Size Source: On-Line
Acres: 0.26
Lot SqFt: 11,456
Directions: Indian School to Constitution. South on Constitution, follow the curve around to Nakomis. South on Nakomis. Property is on the South East Corner of Mountain & Nakomis. Driveway on Mountain.
Stories: 1
Total # of Buildings: 2
Year Built: 1979
Accessory Dwelling Unit: No
Disability Access: Unknown
LBP Disclosure: No
Builder: Unknown
Owner Occupant Unit: No
Flood Zone: X
Remarks Misc
Prop Specific Rmrks
Rare Northeast Albuquerque fourplex offering the kind of upside investors want without the heavy renovation budget. This well-kept property shows very little deferred maintenance, allowing a new owner to focus on operations and long-term income rather than immediately pouring capital into the property. One-year leases are currently in place, while existing rents are collectively approximately 34% below estimated market rents, creating meaningful future income and value-add potential. Major property components have been well maintained, including a parking lot repaved in 2025, roofs estimated at approximately 10 years old, and a water heater estimated at approximately 10 years old. Additional features include mature, well-kept landscaping, vinyl thermal double-pane windows, and a combination of vinyl plank and carpet flooring. Unit A stands out as a spacious 3-bedroom residence with its own washer and dryer, while the remaining three units have access to a convenient common laundry room. Located in an established Northeast Albuquerque neighborhood near shopping, dining, public transit, employment corridors and the Sandia Foothills, this property offers the combination of location, existing income and future upside that can be difficult to find. This is not a renovation-heavy value-add project. It is an opportunity to acquire a stabilized, well-maintained fourplex with relatively low entry CAPEX and build long-term income by improving operations and capturing the existing rent gap over time. A strong buy-and-hold opportunity for an investor looking for durable Albuquerque real estate with room to grow.
More Information
Tax Legal Info
GRT Code: 02-100
Tax Annual Amount: 3,059.66
Tax Exemption: Unknown
Construction Materials
Frame, Stucco
Build Description
Resale
Amenities
Enclosed Yard, Laundry Community, Laundry Equip. Owned, Sprinklers, Storage, Wshr/Dryr HU in Unit
Appliances included
Dishwasher, Dryer, Free-Standing Electric Range, Microwave, Refrigerator, Washer
Utilities
Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Heating
Forced Air, Wall Unit
Cooling
Centrally Ducted: No
Evaporative Cooling: Yes
Flooring
Carpet, Tile, Vinyl
Green Energy Generation
None
Electric Provider
Public Utility
Income Expenses
Annual Gross Income: 41,845
Operating Expenses: 13,453
Owner Pays
Some Utilities, Water, Other - See Remarks
Tenant Pays
Some Utilities
Roof
Tar Gravel
Rental Info
Yearly Lease
Sales Info
Trade/Xch Considered: No
Finance Considered
Cash, Conventional, FHA, VA
# of Unit Types (1)
# of Units: 1
# of Bedrooms: 3
# Baths: 1.75
Approx. SqFt: 1495
Actual Rent: 1500
Max Rent: 1650
Market Rent: 1650
# of Unit Types (2)
# of Units: 1
# of Bedrooms: 2
# Baths: 1
Approx. SqFt: 723
Actual Rent: 850
Max Rent: 1275
Market Rent: 1275
# of Unit Types (3)
# of Units: 1
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 620
Actual Rent: 500
Max Rent: 975
Market Rent: 975
# of Unit Types (4)
# of Units: 1
# of Bedrooms: 1
# Baths: 1
Approx. SqFt: 620
Actual Rent: 800
Max Rent: 975
Market Rent: 975
Unit Summary
Total Units: 4
Average Unit Size: 864.5
Average Actual Rent: 912.5
Annualized: 43,800
Total Actual Rent: 3,650
Zoning
PD*
Documents
Interested In 1116 Nakomis Drive NE?
1116 Nakomis Drive NE combines existing rental income, a well-maintained property, and meaningful future rent potential in Albuquerque's Northeast Heights.
Review the leases, financials, property condition, and market-rent assumptions, then take the next step toward submitting an offer.
TOP Albuquerque Realtors®
(C) 2025 Joshua Christensen, Qualifying Broker | NMREC 20522 | Realty One of NM | 505-883-9400
4121 Wyoming Blvd. NE, Albuquerque, NM 87111
