Renovated Uptown Two-Tenant
For Sale
Contact for pricing
7001 Menaul Blvd NE, Albuquerque, NM
Two-tenant building in Uptown with long-term leases and strong tenants.
Property Size7,084 SF
Lot Size0.56 Acres
Price / SF$306.32
Days on Market511
Property Features for 7001 Menaul Blvd NE
General Information
Standard status
Active
Size
7,084 SF
Lot size
0.56 Acres
Property subtype
RETAIL
Listing Agency:
COE Properties Inc
Listed By:
Steven Coe
(505) 275-0933
Source:
Moodyscre
Added: Apr 22, 2025
Changed: Sep 7
Last Checked: Sep 13 at 11:00AM
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 COE Properties Inc
Investment Insights
Based on property information with market context.
This nicely renovated two-tenant building is located in Uptown on Menaul, just east of Louisiana. The bottom floor, comprising approximately 4,300 square feet, is occupied by a financially strong cannabis dispensary with a long-term NNN lease in place with approximately 4 years remaining on the initial term and annual rent increases. The upstairs area, consisting of approximately 2,576 square feet, is owner-occupied by a financially strong office user, also with a long-term NNN lease in place with approximately 4 years remaining on the initial term and annual rent increases, but is willing to vacate if the buyer desires owner occupancy. The property benefits from strong visibility and signage, including a large digital monument sign. The interior and exterior have been recently remodeled. On-site parking includes 12 spaces, with additional parking available on the street and at an adjacent property. The building features a modern exterior and interior remodel, refrigerated air and central heat, and 3-phase power. The total property size is 7,084 square feet.
Key Highlights
- Financially strong Cannabis Dispensary occupies the bottom floor (4,300+- SF) with a long‑term NNN lease and annual rent increases.
- Upstairs (2,576+- SF) is owner‑occupied by a financially strong office user with a long‑term NNN lease and annual rent increases, but can be vacated for owner occupancy.
- Great Uptown location on Menaul, just East of Louisiana, offering strong visibility and signage via a large digital monument sign.
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
$119,861
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
5.52%
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%
$2,397,220
$2.4M
Cap Rate 7%
$1,712,300
$1.7M
Cap Rate 9%
$1,331,789
$1.3M
Market Conditions
NOI Build-Up for 7,084 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
$170.0K $24.00/SF
− Vacancy
−$10.2K −$1.44/SF
EGI
$159.8K $22.56/SF
− OpEx
−$40.0K −$5.64/SF
NOI
$119.9K $16.92/SF
Area
Albuquerque, NM
Vacancy
6.00%
Lease Rate
$24.00 /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%
$2,397,220
Cap Rate 7%
$1,712,300
Cap Rate 9%
$1,331,789
Alternative Uses
Best Use
Specialty Retail
$1.71M
$1.50M – $2.00M
NOI $119,861 @ 7.0% cap · market cap 5.52%
Second Best
Retail
$1.45M
$1.27M – $1.70M
NOI $101,829 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,963 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,529
Businesses Nearby
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Business Placement
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Retail space - Two-tenant building in Uptown with long-term leases and strong tenants.
Where is this retail space located?
The property is located at 7001 Menaul Blvd NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $2,170,000.
What are key features of this property?
This property features: Financially strong Cannabis Dispensary occupies the bottom floor (4,300+- SF) with a long‑term NNN lease and annual rent increases.; Upstairs (2,576+- SF) is owner‑occupied by a financially strong office user with a long‑term NNN lease and annual rent increases, but can be vacated for owner occupancy.; Great Uptown location on Menaul, just East of Louisiana, offering strong visibility and signage via a large digital monument sign.
