Tenant-Occupied Flex
For Sale
$535,788
1823 COMMERCIAL Street NE, Albuquerque, NM 87102
CommercialSale, Albuquerque, NM
Property Size4,961 SF
Lot Size2.31 Acres
Price / SF$108
Days on Market377
Property Features for 1823 COMMERCIAL Street NE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
NR-LM*
Parking
30
Security features
Security
Directions
Going West on Menaul Blvd, Turn South on Commercial, Property is on the souths side of i40 where Commercial Turns.
Subdivision
80 - Downtown Area
Standard status
Active
APN
101405942002640719
Lot size
2.31 Acres
Taxes and HOA fees
Tax Annual Amount
35358
Utilities
Heating system
Natural Gas
Building Details
Floors in Building
1
Building materials
Block, Stucco
Listing Agency:
Berkshire Hathaway NM Prop · Berkshire Hathaway HomeServices
(505) 798-6300
Listed By:
Jacob E Lopez · License #50903
(505) 328-5156
Added: Aug 13, 2025
Changed: Aug 19
Last Checked: Aug 24 at 12:06PM
MLS# 1089574
Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Suite D comprises 4,961 SF within a flex-oriented commercial property at 1823 Commercial Street NE in Albuquerque. The building uses block and stucco construction and is heated by natural gas, providing a functional base for industrial or flex occupancy.
The suite is leased to an existing tenant through May 1, 2028, with an NNN lease structure and an 8% cap rate. The property encompasses 2.31 acres in Bernalillo County and carries an Albuquerque, New Mexico address in ZIP Code 87102.
The suite is leased to an existing tenant through May 1, 2028, with an NNN lease structure and an 8% cap rate. The property encompasses 2.31 acres in Bernalillo County and carries an Albuquerque, New Mexico address in ZIP Code 87102.
Key Highlights
- 4,961 SF Suite D flex space
- Tenant in place through May 1, 2028
- NNN lease structure with an 8% cap rate
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
$44,113
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
8.23%
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%
$882,260
$882.3K
Cap Rate 7%
$630,186
$630.2K
Cap Rate 9%
$490,144
$490.1K
Market Conditions
NOI Build-Up for 4,961 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
$71.4K $14.40/SF
− Vacancy
−$3.6K −$0.72/SF
EGI
$67.9K $13.68/SF
− OpEx
−$23.8K −$4.79/SF
NOI
$44.1K $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%
$882,260
Cap Rate 7%
$630,186
Cap Rate 9%
$490,144
Alternative Uses
Best Use
Flex RnD
$630.2K
$551.4K – $735.2K
NOI $44,113 @ 7.0% cap · market cap 8.23%
Second Best
Industrial
$426.4K
$373.1K – $497.5K
NOI $29,848 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,012 @ 7.0% cap · market cap 15.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,036
Businesses Nearby
Well-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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Southwest Savories Aviation Catering LLC — 616 Lomas Blvd NW Suite C, Albuquerque, NM 87102
Frequently Asked Questions
What type of property is this?
Flex space - Block-and-stucco suite with an in-place tenant under an NNN lease through May 1, 2028.
Where is this flex space located?
The property is located at 1823 COMMERCIAL Street NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $535,788.
What are key features of this property?
This property features: 4,961 SF Suite D flex space; Tenant in place through May 1, 2028; NNN lease structure with an 8% cap rate
