Historic Office
For Sale
$2,500,000
111 Gold Ave SE, Albuquerque, NM 87102
Historic office property on a visible corner lot with land-only, building-only, or combined acquisition options.
Property Size12,677 SF
Lot Size0.20 Acres
Price / SF$197.21
Days on Market168
Property Features for 111 Gold Ave SE
General Information
Standard status
Active
Size
12,677 SF
Lot size
0.20 Acres
Property subtype
Office
Zoning
MX-FB-FX
Additional Details
Road Access
Yes
Land Use
commercial
Building Details
Buildings
1
Listing Agency:
REA Real Estate Advisors
(505) 539-3201
Listed By:
Tom Jenkins · License #40315
(505) 539-3201
Source:
Carnm.resimplifi
Added: Mar 16
Changed: Aug 29
Last Checked: Aug 29 at 9:16PM
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 REA Real Estate Advisors
Investment Insights
Based on property information with market context.
The Shufflebarger Building is a 12,677-square-foot historic office property at 111 Gold Ave SE in Albuquerque. Constructed with solid materials and traditional character, the building offers a substantial existing structure for renovation, adaptive reuse, or repositioning. The property occupies a 0.20-acre corner parcel with prominent exposure.
Acquisition can be structured around the land, the building, or both together. The site is near Downtown Albuquerque and the EDO redevelopment corridor, with nearby reinvestment that includes a new hotel and the redevelopment of the historic Albuquerque High School campus. The property also provides access to Downtown amenities and major transportation routes.
Acquisition can be structured around the land, the building, or both together. The site is near Downtown Albuquerque and the EDO redevelopment corridor, with nearby reinvestment that includes a new hotel and the redevelopment of the historic Albuquerque High School campus. The property also provides access to Downtown amenities and major transportation routes.
Key Highlights
- 12,677‑square‑foot historic office building
- 0.20‑acre corner lot with strong visibility
- Land‑only, building‑only, or combined acquisition options
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
$168,401
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
6.74%
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%
$3,368,020
$3.4M
Cap Rate 7%
$2,405,729
$2.4M
Cap Rate 9%
$1,871,122
$1.9M
Market Conditions
NOI Build-Up for 12,677 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
$273.8K $21.60/SF
− Vacancy
−$49.3K −$3.89/SF
EGI
$224.5K $17.71/SF
− OpEx
−$56.1K −$4.43/SF
NOI
$168.4K $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%
$3,368,020
Cap Rate 7%
$2,405,729
Cap Rate 9%
$1,871,122
Alternative Uses
Best Use
Office B
$2.41M
$2.11M – $2.81M
NOI $168,401 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.07M
$2.68M – $3.58M
NOI $214,677 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,862
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Historic office property on a visible corner lot with land-only, building-only, or combined acquisition options.
Where is this office building located?
The property is located at 111 Gold Ave SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 12,677‑square‑foot historic office building; 0.20‑acre corner lot with strong visibility; Land‑only, building‑only, or combined acquisition options
