This four-unit apartment building offers a strong investment opportunity with a 9.48% cap rate at full asking price. The property features three residential 2 bed, 1 bath units, and one residential 3 bed, 1 bath unit. Most tenants are supported by subsidized housing programs, providing stable and consistent rental income. Utilities are currently included in the rent with those tenants; however, the building is equipped with individual gas and electric meters, offering future ownership the option to separate utilities. The roof was replaced in December of 2025. Located in an established rental area surrounded by other multifamily properties. Ideal for investors seeking the potential of immediate cash flow.
Pending
Street View
$390,000
508 Indiana St SE, Albuquerque, NM 87108
8beds
4baths
3,267sqft
Multi Family
Built in 1963
-- sqft lot
$-- Zestimate®
$119/sqft
$-- HOA
What's special
- 18 days |
- 20 |
- 0 |
Zillow last checked:
Listing updated:
Listed by:
Angelo Mora 505-903-2040,
Keyway Properties, Inc 505-903-2040
Source: SWMLS,MLS#: 1107598
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 8
- Bathrooms: 4
Heating
- Central
Cooling
- None
Appliances
- Included: Refrigerator
Features
- Flooring: See Remarks
Interior area
- Total structure area: 3,267
- Total interior livable area: 3,267 sqft
Property
Features
- Levels: One
- Stories: 1
Lot
- Size: 8,276 Square Feet
Details
- Parcel number: 101805646844412213
- Zoning description: R-MH*
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Condition
- Resale
- New construction: No
- Year built: 1963
Utilities & green energy
- Utilities for property: Electricity Connected, Natural Gas Connected, Water Connected
Green energy
- Energy generation: None
Community & HOA
Community
- Subdivision: Park Add
Location
- Region: Albuquerque
Financial & listing details
- Price per square foot: $119/sqft
- Tax assessed value: $129,055
- Annual tax amount: $1,817
- Date on market: 7/20/2026
- Cumulative days on market: 20 days
- Listing terms: Cash,FHA,VA Loan
- Total actual rent: 4831
- Tenant pays: Other, See Remarks
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
| Date | Event | Price |
|---|---|---|
| 8/6/2026 | Pending sale | $390,000$119/sqft |
Source:  SWMLS #1107598 Report a problem | ||
| 3/16/2019 | Listing removed | $800 |
Source: Go Section8 Report a problem | ||
| 3/6/2019 | Listed for rent | $800 |
Source: Go Section8 Report a problem | ||
| 7/2/2001 | Sold | -- |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $1,818 +3.2% | $43,014 +3% |
| 2024 | $1,762 +1.7% | $41,761 +3% |
| 2023 | $1,733 +107% | $40,545 +3% |
| 2022 | $837 +26.2% | $39,364 +3% |
| 2021 | $663 -31.9% | $38,219 +3% |
| 2020 | $974 | $37,105 +3% |
| 2019 | -- | $36,025 |
| 2018 | $837 -8.2% | $36,025 +3% |
| 2017 | $912 +6.5% | $34,976 +6.1% |
| 2016 | $857 -97.3% | $32,969 +3% |
| 2015 | $32,009 +1180.5% | $32,009 +3% |
| 2014 | $2,500 | $31,077 -37.7% |
| 2013 | $2,500 | $49,882 |
| 2012 | -- | $49,882 |
| 2011 | -- | $49,882 |
| 2010 | -- | $49,882 +18.6% |
| 2009 | -- | $42,065 +3% |
| 2008 | -- | $40,840 +3% |
| 2007 | -- | $39,652 +3% |
| 2006 | -- | $38,497 -20.8% |
| 2005 | -- | $48,619 |
| 2004 | -- | $48,619 0% |
| 2003 | -- | $48,620 +3% |
| 2002 | -- | $47,204 +3% |
| 2001 | -- | $45,829 +29.5% |
| 2000 | -- | $35,396 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
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Neighborhood: South San Pedro
Nearby schools
GreatSchools rating
- 5/10Emerson Elementary SchoolGrades: PK-5Distance: 0.2 mi
- 2/10Van Buren Middle SchoolGrades: 6-8Distance: 0.3 mi
- 2/10Highland High SchoolGrades: 9-12Distance: 1.2 mi
- $199,3002 bd1 ba750 sqft508 Indiana St SE APT A, Albuquerque, NM 87108Off Market
- $338,3004 bd1 ba1.9k sqft512 Indiana St SE, Albuquerque, NM 87108Off Market
- $159,2668 bd4 ba3.2k sqft504 Indiana St SE, Albuquerque, NM 87108Off Market
- $260,4002 bd1 ba1k sqft516 Indiana St SE, Albuquerque, NM 87108Off Market
- $--2 bd1 ba800 sqft516 Indiana St SE #A, Albuquerque, NM 87108Off Market
- $9002 bd1 ba800 sqft516 Indiana St SE #B, Albuquerque, NM 87108For Rent
- $--1 bd1 ba600 sqft516 Indiana St SE #C, Albuquerque, NM 87108Off Market
- $159,2638 bd4 ba3.2k sqft500 Indiana St SE, Albuquerque, NM 87108Off Market
A local agent can set up tours, give advice and negotiate with sellers.
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