Functional Medical Office
For Sale
Contact for pricing
10151 Montgomery Blvd NE, Albuquerque, NM 87111
Well-designed medical office condo with fully equipped exam rooms.
Property Size6,613 SF
Price / SF$272.19
Days on Market156
Property Features for 10151 Montgomery Blvd NE
General Information
Standard status
Active
Size
6,613 SF
Class
B
Property subtype
Office
Zoning
MX-T
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1998
Year Renovated
2022
Buildings
1
Stories
1
Units
1
Listing Agency:
Hanna Commercial, LLC
(505) 332-0522
Listed By:
Richard Hanna, CCIM · License #9158
Source:
Crexi
Added: Mar 9
Changed: Aug 9
Last Checked: Aug 10 at 1:49PM
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 Hanna Commercial, LLC
Investment Insights
Based on property information with market context.
This medical office condo provides 5,882 square feet of functional healthcare space within a total area of 6,613 square feet, which includes 731 square feet of common area entry and restrooms. Located in an 8,827 square foot building, the layout is designed to accommodate busy medical practices. The facility features 13 fully equipped exam rooms, supporting multiple providers and efficient patient flow. There are two private physician offices and two additional staff offices for administrative work, consultations, and management. A 20' x 25' treatment room offers flexibility for procedures, specialty care, or expanded clinical services. The exam rooms also have plumbing capped in the floors for potential dental conversion.
Key Highlights
- 5,882 sq ft of functional healthcare space with a total of 6,613 sq ft.
- Features 13 fully equipped exam rooms.
- Spacious 20' x 25' treatment room.
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
$89,311
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
4.96%
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%
$1,786,220
$1.8M
Cap Rate 7%
$1,275,871
$1.3M
Cap Rate 9%
$992,344
$992.3K
Market Conditions
NOI Build-Up for 6,613 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
$162.7K $24.60/SF
− Vacancy
−$13.8K −$2.09/SF
EGI
$148.9K $22.51/SF
− OpEx
−$59.5K −$9.00/SF
NOI
$89.3K $13.51/SF
Area
ZIP 87111
Vacancy
8.50%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
40.00%
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%
$1,786,220
Cap Rate 7%
$1,275,871
Cap Rate 9%
$992,344
Alternative Uses
Best Use
Healthcare Medical
$1.28M
$1.12M – $1.49M
NOI $89,311 @ 7.0% cap · market cap 4.96%
Second Best
Office B
$1.21M
$1.06M – $1.41M
NOI $84,633 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,654 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
209
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87111, NM
56,121
Population
28,192
Households
2
Avg Household Size
45
Median Age
56%
College-Educated
97%
High-School Grad
12.7 sq mi
ZIP Area
4,419
Density / Sq Mi
$84,511
Median Household Income
$52,350
Median Earnings
$1,310
Median Rent
$349,200
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?
Medical Office Space - Well-designed medical office condo with fully equipped exam rooms.
Where is this medical office space located?
The property is located at 10151 Montgomery Blvd NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 5,882 sq ft of functional healthcare space with a total of 6,613 sq ft.; Features 13 fully equipped exam rooms.; Spacious 20' x 25' treatment room.
