Listing Agency: New Vision Real Estate Group LLC.

Listed By: Corinna Yonemoto · License #REC-2023-0714 Show Phone

Source: Carnm.resimplifi

Added: Jun 10, 2025 Changed: Oct 9 Last Checked: Oct 12 at 4:34PM

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Investment Insights

Based on property information with market context.

This 12,338-square-foot flex property combines a high-clearance warehouse with a professionally finished office component. The warehouse includes three oversized overhead doors for loading and equipment access. Office improvements include private offices, a reception area, and open workspace for administrative and operational functions.

The property occupies 1.43 acres at 2121 Menaul Blvd NE in Albuquerque, New Mexico, just off the I-25 and I-40 interchange. The site provides room for parking, outdoor storage, or future expansion. NR-LM zoning supports a range of stated uses, including light manufacturing, warehousing, logistics, service-oriented operations, and cannabis operations.

Key Highlights

• 12,338‑square‑foot flex property with high‑clearance warehouse space
• Three oversized overhead doors support loading, unloading, and equipment access
• Office build‑out includes private offices, reception, and open workspace

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$109,709

Cap Rate

6.27%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,194,180 $2.2M

Cap Rate 7%

$1,567,271 $1.6M

Cap Rate 9%

$1,218,989 $1.2M

Market Conditions

NOI Build-Up for 12,338 SF

Gross rent

$177.7K $14.40/SF

− Vacancy

−$8.9K −$0.72/SF

EGI

$168.8K $13.68/SF

− OpEx

−$59.1K −$4.79/SF

NOI

$109.7K $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 Rate 5%

$2,194,180

Cap Rate 7%

$1,567,271

Cap Rate 9%

$1,218,989

Alternative Uses

Best Use

Office B

$2.34M

$2.05M – $2.73M (±1% cap)

NOI $163,898 @ 7.0% cap · market cap 9.37%

Second Best

Flex RnD

$1.57M

$1.37M – $1.83M (±1% cap)

NOI $109,709 @ 7.0% cap · market cap 6.27%

Theoretical Best

Office A

$2.98M

$2.61M – $3.48M (±1% cap)

NOI $208,937 @ 7.0% cap · market cap 11.94%

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

Property Analytics

Current Use

Ramos Auto Sales Car Dealership BlackHills Enterprises General Contractor Grancor Enterprises Inc Construction Company

Suggested Use

Top Pick Real Estate Agency Bakery Veterinary Clinic Grocery & Convenience Store Parking Lot & Garage (Bike/Boat/Book/etc) Store

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

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,115

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 87107, NM

30,340

Population

13,441

Households

2.3

Avg Household Size

44

Median Age

39%

College-Educated

92%

High-School Grad

14.6 sq mi

ZIP Area

2,078

Density / Sq Mi

$59,663

Median Household Income

$36,392

Median Earnings

$901

Median Rent

$282,000

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - NR-LM zoning supports warehouse, light manufacturing, logistics, and cannabis-related operations.

Where is this flex space located?

The property is located at 2121 Menaul Blvd NE Albuquerque, NM.

What is the asking price?

The asking price for this property is $1,750,000.

What are key features of this property?

This property features: 12,338‑square‑foot flex property with high‑clearance warehouse space; Three oversized overhead doors support loading, unloading, and equipment access; Office build‑out includes private offices, reception, and open workspace