Flex Space with Fenced
For Sale
$460,000
2420 Midtown Place NE, Albuquerque, NM 87109
COMMERCIAL - Albuquerque, NM
Property Size2,400 SF
Lot Size0.06 Acres
Price / SF$191.67
Days on Market56
Property Features for 2420 Midtown Place NE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
NR-GM*
Parking
2
Parking features
Guest
Directions
From the intersection of Montano and I-25, take Pan American Frwy frontage road (on the west side of I-25) south to Midtown Rd, turn west or right then turn right or north to Midtown Pl and continue straight to building 2420.. Sign on the door: Training Innovations Suite E
Subdivision
101 - Near North Valley
Standard status
Active
APN
101606016050021001AS
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
4177
Utilities
Heating system
Natural Gas
Amenities
overhead door
private fenced yard
refrigerated air
Building Details
Floors in Building
1
Building materials
Stucco
Listing Agency:
Coldwell Banker Legacy · Coldwell Banker Real Estate
(505) 292-8900
Listed By:
Nichole M. Bronstorp · License #REC20240538
(505) 209-1246
Added: Jun 28
Changed: Aug 19
Last Checked: Aug 22 at 1:06PM
MLS# 1106889
Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office/warehouse condominium provides approximately 2,400 SF in a flexible commercial configuration. The layout includes approximately 200 SF of finished office area with reception space, a private office, and a restroom, along with approximately 2,200 SF of warehouse area. A 10' x 12' grade-level overhead door supports warehouse access, while the private fenced yard provides secured outdoor storage space. The property also features refrigerated air, stucco construction, natural gas heating, and guest parking.
Located at 2420 Midtown Place NE in Albuquerque, the property sits just west of I-25 for regional access. Topgolf, dining, retail, and other Midtown amenities are nearby. NR-GM zoning accommodates office, industrial, contractor, technology, and service-related uses.
Located at 2420 Midtown Place NE in Albuquerque, the property sits just west of I-25 for regional access. Topgolf, dining, retail, and other Midtown amenities are nearby. NR-GM zoning accommodates office, industrial, contractor, technology, and service-related uses.
Key Highlights
- Approximately 2,400 SF office/warehouse condominium
- Approximately 200 SF of finished office area and 2,200 SF of warehouse area
- 10' x 12' grade‑level overhead door
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,882
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$637,640
$637.6K
Cap Rate 7%
$455,457
$455.5K
Cap Rate 9%
$354,244
$354.2K
Market Conditions
NOI Build-Up for 2,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.8K $21.60/SF
− Vacancy
−$9.3K −$3.89/SF
EGI
$42.5K $17.71/SF
− OpEx
−$10.6K −$4.43/SF
NOI
$31.9K $13.28/SF
Area
Albuquerque, NM
Vacancy
18.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$637,640
Cap Rate 7%
$455,457
Cap Rate 9%
$354,244
Alternative Uses
Best Use
Office B
$455.5K
$398.5K – $531.4K
NOI $31,882 @ 7.0% cap · market cap 6.93%
Second Best
Flex RnD
$304.9K
$266.8K – $355.7K
NOI $21,341 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$580.6K
$508.0K – $677.4K
NOI $40,643 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
1
Office units
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
736
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 87109, NM
40,740
Population
20,826
Households
2
Avg Household Size
41
Median Age
42%
College-Educated
93%
High-School Grad
10.0 sq mi
ZIP Area
4,074
Density / Sq Mi
$56,295
Median Household Income
$41,798
Median Earnings
$1,112
Median Rent
$298,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse areas include a grade-level overhead door and refrigerated air.
Where is this flex space located?
The property is located at 2420 Midtown Place NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Approximately 2,400 SF office/warehouse condominium; Approximately 200 SF of finished office area and 2,200 SF of warehouse area; 10' x 12' grade‑level overhead door
