Flex Space with High-Clearance
For Sale
$1,750,000
2121 Menaul Blvd NE, Albuquerque, NM 87107
NR-LM zoning supports warehouse, light manufacturing, logistics, and cannabis-related operations.
Property Size12,338 SF
Lot Size1.43 Acres
Price / SF$141.84
Days on Market446
Property Features for 2121 Menaul Blvd NE
General Information
Standard status
Active
Size
12,338 SF
Lot size
1.43 Acres
Property subtype
Industrial
Zoning
NR-LM
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Listing Agency:
New Vision Real Estate Group LLC.
(505) 615-6859
Listed By:
Corinna Yonemoto · License #REC-2023-0714
(505) 615-6859
Source:
Carnm.resimplifi
Added: Jun 10, 2025
Changed: Aug 28
Last Checked: Aug 28 at 8:49PM
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 New Vision Real Estate Group LLC.
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.
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 = 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
$109,709
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
6.27%
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%
$2,194,180
$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
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
$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 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%
$2,194,180
Cap Rate 7%
$1,567,271
Cap Rate 9%
$1,218,989
Alternative Uses
Best Use
Office B
$2.34M
$2.05M – $2.73M
NOI $163,898 @ 7.0% cap · market cap 9.37%
Second Best
Flex RnD
$1.57M
$1.37M – $1.83M
NOI $109,709 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$2.98M
$2.61M – $3.48M
NOI $208,937 @ 7.0% cap · market cap 11.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
