Building Details

Year Built 1995

Buildings 1

Building Size 5,526 SF

Construction Spanish-style stucco

Tenancy Multi

Listing Agency: RESOLUT RE

Listed By: Austin Tidwell · License ##49789AB Show Phone

Source: Carnm.resimplifi

Added: Apr 1 Changed: Oct 4 Last Checked: Oct 16 at 5:41AM

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Investment Insights

Based on property information with market context.

Building F is a 5,526-square-foot, two-tenant property within the Felipe Plaza condominium project. The leased configuration includes a 5,076-square-foot Albuquerque Veterans Center and a 450-square-foot Monarch Del Rey Barber Shop, with occupancy reported at 100%. The property is zoned MX-M and was built in 1995.

The building features Spanish-style stucco, decorative vigas, and access to the condominium parking garage. Common areas are maintained through the Felipe Plaza Condo Association, and Colliers International manages the property. Existing leases have short remaining terms and are scheduled to expire in 2027. The asset is situated in Old Town Albuquerque near the Sawmill District, Hotel Albuquerque, Hotel Chaco, and Sawmill Market.

Key Highlights

• 5,526 SF building with two tenants and 100% leased occupancy
• Albuquerque Veterans Center occupies 5,076 SF
• Monarch Del Rey Barber Shop occupies 450 SF

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$73,407

Cap Rate

5.55%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,468,140 $1.5M

Cap Rate 7%

$1,048,671 $1.0M

Cap Rate 9%

$815,633 $815.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,526 SF

Gross rent

$119.4K $21.60/SF

− Vacancy

−$21.5K −$3.89/SF

EGI

$97.9K $17.71/SF

− OpEx

−$24.5K −$4.43/SF

NOI

$73.4K $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 Rate 5%

$1,468,140

Cap Rate 7%

$1,048,671

Cap Rate 9%

$815,633

Alternative Uses

Best Use

Office B

$1.05M

$917.6K – $1.22M (±1% cap)

NOI $73,407 @ 7.0% cap · market cap 5.55%

Second Best

Mixed Use

$959.2K

$839.3K – $1.12M (±1% cap)

NOI $67,141 @ 7.0% cap · market cap 5.07%

Theoretical Best

Office A

$1.34M

$1.17M – $1.56M (±1% cap)

NOI $93,579 @ 7.0% cap · market cap 7.07%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

OfficeFinder Albuquerque Real Estate Agency Monarch Del Rey ... Barber Shop Quant Steven J Physician Lokehme Cheap Car ... Insurance Agency Kamlehio NM Marketing & Advertising

Suggested Use

Top Pick Dental Office Building Supply Auto Parts Store Storage Facility Electrical Service Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Office units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,322

Businesses Nearby

Explore this area Business Placement

Demographics for 87104, NM

12,537

Population

6,628

Households

1.9

Avg Household Size

43

Median Age

48%

College-Educated

92%

High-School Grad

4.2 sq mi

ZIP Area

2,985

Density / Sq Mi

$67,714

Median Household Income

$55,156

Median Earnings

$1,022

Median Rent

$300,000

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Office units - Spanish-style stucco construction connects directly to the condominium parking garage and includes maintained common areas.

Where is this office units located?

The property is located at 2001 Mountain Rd NW Albuquerque, NM.

What is the asking price?

The asking price for this property is $1,323,245.

What are key features of this property?

This property features: 5,526 SF building with two tenants and 100% leased occupancy; Albuquerque Veterans Center occupies 5,076 SF; Monarch Del Rey Barber Shop occupies 450 SF