Two-Building Warehouse Investment
For Sale
Contact for pricing
2024 5th Street Northwest, Albuquerque, NM 87102
Two-building property offered for sale, fully leased, providing an ownership structure supported by in-place tenant occupancy.
Property Size16,289 SF
Price / SF$74.96
Days on Market54
Property Features for 2024 5th Street Northwest
General Information
Standard status
Active
Size
16,289 SF
Property subtype
Retail, Industrial
Zoning
NR-LM
Occupancy
100%
Net Operating Income
$91,572
Building Details
Buildings
2
Tenancy
Single
Listing Agency:
Johnson Commercial Real Estate
(505) 353-2055
Listed By:
Mark Friedman · License #NM 35421AB
Source:
Crexi
Added: Jun 30
Changed: Aug 8
Last Checked: Aug 22 at 12:45PM
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 Johnson Commercial Real Estate
Investment Insights
Based on property information with market context.
This two-building commercial property is offered for sale and is reported as 100% leased. The offering includes a mix of warehouse and retail space, providing an operator with multiple building components under one ownership structure.
The buildings are located at 2024 5th Street Northwest in Albuquerque, New Mexico. The property’s address-based location supports day-to-day access for occupants and visitors, while the two-building layout allows the spaces to be managed as a combined investment.
For buyers seeking a leased, multi-building setup, this property can fit hands-on investors or owner-operators who want to acquire warehouse and retail space with current occupancy already in place. Because the information provided confirms full leasing status and identifies the asset mix as warehouse and retail, prospective purchasers can evaluate how the existing tenancy aligns with their operating, leasing, or property management approach.
The buildings are located at 2024 5th Street Northwest in Albuquerque, New Mexico. The property’s address-based location supports day-to-day access for occupants and visitors, while the two-building layout allows the spaces to be managed as a combined investment.
For buyers seeking a leased, multi-building setup, this property can fit hands-on investors or owner-operators who want to acquire warehouse and retail space with current occupancy already in place. Because the information provided confirms full leasing status and identifies the asset mix as warehouse and retail, prospective purchasers can evaluate how the existing tenancy aligns with their operating, leasing, or property management approach.
Key Highlights
- Two‑building investment property for sale
- 100% leased with in‑place tenant occupancy
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
$111,651
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
9.14%
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%
$2,233,020
$2.2M
Cap Rate 7%
$1,595,014
$1.6M
Cap Rate 9%
$1,240,567
$1.2M
Market Conditions
NOI Build-Up for 16,289 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
$136.8K $8.40/SF
− Vacancy
−$5.5K −$0.34/SF
EGI
$131.4K $8.06/SF
− OpEx
−$19.7K −$1.21/SF
NOI
$111.7K $6.85/SF
Area
Albuquerque, NM
Vacancy
4.00%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$2,233,020
Cap Rate 7%
$1,595,014
Cap Rate 9%
$1,240,567
Alternative Uses
Best Use
Warehouse
$1.60M
$1.40M – $1.86M
NOI $111,651 @ 7.0% cap · market cap 9.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.94M
$3.45M – $4.60M
NOI $275,844 @ 7.0% cap · market cap 22.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
965
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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Frequently Asked Questions
What type of property is this?
Warehouse - Two-building property offered for sale, fully leased, providing an ownership structure supported by in-place tenant occupancy.
Where is this warehouse located?
The property is located at 2024 5th Street Northwest Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,221,000.
What are key features of this property?
This property features: Two‑building investment property for sale; 100% leased with in‑place tenant occupancy
