Three-Unit Office Condo
For Sale
$1,195,000
2240 Grande Blvd SE Ste 106 2320 Grande Blvd SE Stes B & D, Rio Rancho, NM 87124
Three office condominium suites are occupied by long-term tenants with options to extend their leases.
Property Size5,327 SF
Price / SF$224.33
Days on Market186
Property Features for 2240 Grande Blvd SE Ste 106 2320 Grande Blvd SE Stes B & D
General Information
Standard status
Active
Size
5,327 SF
Property subtype
Investment
Zoning
SU
Occupancy
100%
Additional Details
Office Units
3
Building Details
Tenancy
Multi
Listing Agency:
NAI SunVista
(505) 338-9870
Listed By:
Martha Carpenter · License #46420
(505) 338-9870
Source:
Carnm.resimplifi
Added: Feb 24
Changed: Aug 29
Last Checked: Aug 29 at 5:23PM
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 NAI SunVista
Investment Insights
Based on property information with market context.
This offering includes three professional office condominium suites at 2240 Grande Blvd SE, Suite 106, and 2320 Grande Blvd SE, Suites B and D. The units are occupied by three long-term tenants, and the current leases include several extension options.
The seller prefers to convey all three suites together. The combined listed property size is 5,327. The property is located in Rio Rancho, New Mexico, with zoning identified as SU.
The seller prefers to convey all three suites together. The combined listed property size is 5,327. The property is located in Rio Rancho, New Mexico, with zoning identified as SU.
Key Highlights
- Three professional office condominium suites offered together
- 100% leased to three long‑term tenants
- Current tenants have several lease‑extension options
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
$70,057
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
5.86%
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%
$1,401,140
$1.4M
Cap Rate 7%
$1,000,814
$1.0M
Cap Rate 9%
$778,411
$778.4K
Market Conditions
NOI Build-Up for 5,327 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
$111.9K $21.00/SF
− Vacancy
−$18.5K −$3.47/SF
EGI
$93.4K $17.54/SF
− OpEx
−$23.4K −$4.38/SF
NOI
$70.1K $13.15/SF
Area
Rio Rancho, NM
Vacancy
16.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,401,140
Cap Rate 7%
$1,000,814
Cap Rate 9%
$778,411
Alternative Uses
Best Use
Office B
$1.00M
$875.7K – $1.17M
NOI $70,057 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,357 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Explore this area
Business Placement
Demographics for 87124, NM
59,781
Population
23,027
Households
2.6
Avg Household Size
40
Median Age
33%
College-Educated
94%
High-School Grad
77.9 sq mi
ZIP Area
767
Density / Sq Mi
$82,278
Median Household Income
$43,353
Median Earnings
$1,380
Median Rent
$262,800
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Three office condominium suites are occupied by long-term tenants with options to extend their leases.
Where is this office units located?
The property is located at 2240 Grande Blvd SE Ste 106 2320 Grande Blvd SE Stes B & D Rio Rancho, NM.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Three professional office condominium suites offered together; 100% leased to three long‑term tenants; Current tenants have several lease‑extension options
