Triple-Net Drug Store
For Sale
$4,500,000
10300 Central Ave SE, Albuquerque, NM 87123
Absolute triple-net lease anchored by Walgreens through March 31, 2031, with flexibility for redevelopment or subdivision.
Property Size16,576 SF
Days on Market74
Property Features for 10300 Central Ave SE
General Information
Standard status
Active
Size
16,576 SF
Property subtype
Former Walgreens Available
Zoning
MX-H
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Building Details
Building Size
16,576 SF
Year Built
2005
Tenancy
Single
Listed By:
Jeffrey Hirschfeld, Ed.D. · License #CO #ER001314346
(303) 912-5333
Source:
Antonoff
Added: Jun 24
Changed: Aug 21
Last Checked: Sep 4 at 3:28AM
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 Jeffrey Hirschfeld, Ed.D.
Investment Insights
Based on property information with market context.
This sale presents an absolute triple-net (NNN) leased drug store property with Walgreens Corporation as the investment-grade tenant. The lease runs until March 31, 2031. The offering also contemplates alternative development paths, including the option for the owner to consider a build-to-suit, and the ability to subdivide the building for multiple new tenants. The property is being sold “as-is,” with a negotiated tenant finish allowance referenced in the terms.
Located on Central Avenue SE in Albuquerque, the property is described as less than one mile from the I-40 freeway, with reported traffic of 60,306 cars per day. The remarks also note adjacency to multiple established retailers including Starbucks, Church's, Chili's, Taco Cabana, Jack-in-the-Box, Burger King, O'Reilly Auto Parts, Dutch Bros. Coffee, and Freddy's Frozen Custard. Nearby big-box retailers mentioned include Costco and Home Depot, along with Target, Sam's Club, Walmart Supercenter, Petco, Best Buy, and others. The remarks further cite a mixed-use high intensity zoning designation of MX-H.
For buyers, the core fit is a long-term absolute NNN income stream backed by Walgreens through the stated lease end date. For operators or developers, the noted willingness to consider build-to-suit work and the possibility to subdivide the building and pursue redevelopment provide a practical pathway for future tenant diversification, depending on timing and execution of the owner’s terms.
Located on Central Avenue SE in Albuquerque, the property is described as less than one mile from the I-40 freeway, with reported traffic of 60,306 cars per day. The remarks also note adjacency to multiple established retailers including Starbucks, Church's, Chili's, Taco Cabana, Jack-in-the-Box, Burger King, O'Reilly Auto Parts, Dutch Bros. Coffee, and Freddy's Frozen Custard. Nearby big-box retailers mentioned include Costco and Home Depot, along with Target, Sam's Club, Walmart Supercenter, Petco, Best Buy, and others. The remarks further cite a mixed-use high intensity zoning designation of MX-H.
For buyers, the core fit is a long-term absolute NNN income stream backed by Walgreens through the stated lease end date. For operators or developers, the noted willingness to consider build-to-suit work and the possibility to subdivide the building and pursue redevelopment provide a practical pathway for future tenant diversification, depending on timing and execution of the owner’s terms.
Key Highlights
- Absolute Triple‑Net (NNN) lease with Walgreens Corporation through March 31, 2031
- Investment‑grade tenant with owner flexibility to consider a build‑to‑suit arrangement
- Potential for redevelopment and/or subdividing the building for multiple new tenants
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
$280,466
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
6.23%
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%
$5,609,320
$5.6M
Cap Rate 7%
$4,006,657
$4.0M
Cap Rate 9%
$3,116,289
$3.1M
Market Conditions
NOI Build-Up for 16,576 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
$397.8K $24.00/SF
− Vacancy
−$23.9K −$1.44/SF
EGI
$374.0K $22.56/SF
− OpEx
−$93.5K −$5.64/SF
NOI
$280.5K $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%
$5,609,320
Cap Rate 7%
$4,006,657
Cap Rate 9%
$3,116,289
Alternative Uses
Best Use
Specialty Retail
$4.01M
$3.51M – $4.67M
NOI $280,466 @ 7.0% cap · market cap 6.23%
Second Best
Retail
$3.40M
$2.98M – $3.97M
NOI $238,272 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$4.01M
$3.51M – $4.68M
NOI $280,705 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
51k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Dining 37%
Electronics 6%
Circle K
Shops & Services
21,711 visits/mo
0.5 miles
Burger King
Dining
13,734 visits/mo
0.4 miles
AutoZone
Shops & Services
7,021 visits/mo
0.5 miles
Little Caesars Pizza
Dining
5,151 visits/mo
0.4 miles
AT&T
Electronics
2,954 visits/mo
0.5 miles
Demographics for 87123, NM
44,110
Population
20,533
Households
2.1
Avg Household Size
40
Median Age
33%
College-Educated
89%
High-School Grad
28.9 sq mi
ZIP Area
1,526
Density / Sq Mi
$61,552
Median Household Income
$35,867
Median Earnings
$995
Median Rent
$236,400
Median Home Value
Market
Vacancy Rate% for Retail in Albuquerque, NM
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Frequently Asked Questions
What type of property is this?
Drug store - Absolute triple-net lease anchored by Walgreens through March 31, 2031, with flexibility for redevelopment or subdivision.
Where is this drug store located?
The property is located at 10300 Central Ave SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Absolute Triple‑Net (NNN) lease with Walgreens Corporation through March 31, 2031; Investment‑grade tenant with owner flexibility to consider a build‑to‑suit arrangement; Potential for redevelopment and/or subdividing the building for multiple new tenants
