Boutique Professional Office
For Sale
Contact for pricing
1003 Luna Circle NW, Albuquerque, NM 87102
Efficient office layout with reception and private offices for professional users seeking a client-facing setting near courthouses.
Property Size1,819 SF
Price / SF$329.30
Days on Market88
Property Features for 1003 Luna Circle NW
General Information
Standard status
Active
Size
1,819 SF
Property subtype
Office
Lease Type
NNN
Investment Type
Owner/User
Building Details
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Resolut RE Albuquerque
(505) 337-0777
Listed By:
Martin Richardson · License #20240120
Source:
Crexi
Added: Jun 3
Changed: Aug 11
Last Checked: Aug 28 at 10:51AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Resolut RE Albuquerque
Investment Insights
Based on property information with market context.
1003 Luna Circle NW is a well-maintained, boutique professional office property designed for private, client-facing work. The building offers a functional layout that includes a reception area, private offices, and flexible workspace, supporting a range of professional service uses. Its smaller scale helps maintain a quieter, more controlled environment than larger multi-tenant office buildings.
The property is positioned within walking distance of Downtown Albuquerque and the Bernalillo County courthouses. This proximity can be especially practical for courthouse-related practices and services that benefit from convenient access for clients and appointments. The setting is described as private and quiet, reinforcing its suitability for sensitive or appointment-based professional work.
The space is a strong fit for attorneys and small law firms seeking immediate courthouse proximity, as well as legal support services such as mediation, title, and document preparation. It also aligns well with consulting, financial advisory, and other boutique professional users who want an established, client-ready office presence. For owner-users, the property’s intimate footprint can support independence and brand identity while providing a turnkey operating environment.
The property is positioned within walking distance of Downtown Albuquerque and the Bernalillo County courthouses. This proximity can be especially practical for courthouse-related practices and services that benefit from convenient access for clients and appointments. The setting is described as private and quiet, reinforcing its suitability for sensitive or appointment-based professional work.
The space is a strong fit for attorneys and small law firms seeking immediate courthouse proximity, as well as legal support services such as mediation, title, and document preparation. It also aligns well with consulting, financial advisory, and other boutique professional users who want an established, client-ready office presence. For owner-users, the property’s intimate footprint can support independence and brand identity while providing a turnkey operating environment.
Key Highlights
- Boutique professional office building at 1003 Luna Circle
- Walking distance to Downtown Albuquerque and the Bernalillo County courthouses
- Well‑maintained building with an efficient, highly functional layout
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
$24,164
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
4.03%
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%
$483,280
$483.3K
Cap Rate 7%
$345,200
$345.2K
Cap Rate 9%
$268,489
$268.5K
Market Conditions
NOI Build-Up for 1,819 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
$39.3K $21.60/SF
− Vacancy
−$7.1K −$3.89/SF
EGI
$32.2K $17.71/SF
− OpEx
−$8.1K −$4.43/SF
NOI
$24.2K $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%
$483,280
Cap Rate 7%
$345,200
Cap Rate 9%
$268,489
Alternative Uses
Best Use
Office B
$345.2K
$302.1K – $402.7K
NOI $24,164 @ 7.0% cap · market cap 4.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$440.1K
$385.1K – $513.4K
NOI $30,804 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,294
Businesses Nearby
Explore this area
Business Placement
Demographics for 87102, NM
20,610
Population
11,346
Households
1.8
Avg Household Size
38
Median Age
34%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,171
Density / Sq Mi
$37,276
Median Household Income
$29,184
Median Earnings
$868
Median Rent
$174,400
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?
Office building - Efficient office layout with reception and private offices for professional users seeking a client-facing setting near courthouses.
Where is this office building located?
The property is located at 1003 Luna Circle NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Boutique professional office building at 1003 Luna Circle; Walking distance to Downtown Albuquerque and the Bernalillo County courthouses; Well‑maintained building with an efficient, highly functional layout
