Flex Warehouse and Office
For Sale
Contact for pricing
1621 1st Street Northwest, Albuquerque, NM 87102
For sale flex industrial property combining warehouse space with office units in Albuquerque, NM.
Property Size11,500 SF
Price / SF$215.22
Days on Market70
Property Features for 1621 1st Street Northwest
General Information
Standard status
Active
Size
11,500 SF
Class
A
Property subtype
Office, Industrial
Zoning
NR-GM
Lease Type
NNN
Building Details
Year Built
2007
Tenancy
Multi
Listing Agency:
Base 5 Retail Partners
(505) 350-0296
Listed By:
Brandon Saylor · License #NM 46223
Source:
Crexi
Added: Jun 4
Changed: Aug 8
Last Checked: Aug 11 at 10:38AM
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 Base 5 Retail Partners
Investment Insights
Based on property information with market context.
This property is a flex-style commercial asset that combines industrial warehouse space with dedicated office units. The configuration is well-suited for operators who need both workspace and functional back-of-house areas, rather than separating office and storage into two different facilities.
Located at 1621 1st Street Northwest in Albuquerque, New Mexico, the property’s address provides direct access for day-to-day operations. As a for-sale offering, it is positioned for buyers looking to own a mixed-use work environment that supports administrative functions alongside warehouse activity.
For tenants and buyers, the appeal is the ability to match work requirements to the property’s hybrid layout. Businesses that benefit from proximity between office operations and warehouse workflow may find this combination practical for onsite management, coordination, and routine handling of goods or materials. If you’re evaluating an ownership opportunity in the warehouse, industrial, or flex space categories, this asset offers a straightforward option to consolidate office and storage under one roof.
Located at 1621 1st Street Northwest in Albuquerque, New Mexico, the property’s address provides direct access for day-to-day operations. As a for-sale offering, it is positioned for buyers looking to own a mixed-use work environment that supports administrative functions alongside warehouse activity.
For tenants and buyers, the appeal is the ability to match work requirements to the property’s hybrid layout. Businesses that benefit from proximity between office operations and warehouse workflow may find this combination practical for onsite management, coordination, and routine handling of goods or materials. If you’re evaluating an ownership opportunity in the warehouse, industrial, or flex space categories, this asset offers a straightforward option to consolidate office and storage under one roof.
Key Highlights
- Flex industrial property with warehouse space plus office units
- Built in 2007
- Located in Albuquerque, NM
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
$102,258
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
4.13%
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%
$2,045,160
$2.0M
Cap Rate 7%
$1,460,829
$1.5M
Cap Rate 9%
$1,136,200
$1.1M
Market Conditions
NOI Build-Up for 11,500 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
$165.6K $14.40/SF
− Vacancy
−$8.3K −$0.72/SF
EGI
$157.3K $13.68/SF
− OpEx
−$55.1K −$4.79/SF
NOI
$102.3K $8.89/SF
Area
Albuquerque, NM
Vacancy
5.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$2,045,160
Cap Rate 7%
$1,460,829
Cap Rate 9%
$1,136,200
Alternative Uses
Best Use
Flex RnD
$1.46M
$1.28M – $1.70M
NOI $102,258 @ 7.0% cap · market cap 4.13%
Second Best
Warehouse
$1.13M
$985.3K – $1.31M
NOI $78,826 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$2.78M
$2.43M – $3.25M
NOI $194,746 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,201
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - For sale flex industrial property combining warehouse space with office units in Albuquerque, NM.
Where is this flex space located?
The property is located at 1621 1st Street Northwest Albuquerque, NM.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: Flex industrial property with warehouse space plus office units; Built in 2007; Located in Albuquerque, NM
