Flex Space with Fenced
For Sale
$460,000
2420 Midtown Place NE #STE E, Albuquerque, NM 87109
Office and warehouse condominium space with a private yard and grade-level loading access.
Property Size2,400 SF
Price / SF$191.67
Days on Market53
Property Features for 2420 Midtown Place NE #STE E
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Zoning
NR-GM
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Warehouse Space
2,200 SF
Office Build-Out
200 SF
Drive-In Doors
1
Listing Agency:
Realty One Of New Mexico
(505) 362-6823
Listed By:
Missy Ashcraft
(505) 362-6823
Source:
Missyashcraft
Added: Jul 10
Changed: Aug 29
Last Checked: Aug 30 at 4:04PM
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 Realty One Of New Mexico
Investment Insights
Based on property information with market context.
Suite E is a 2,400 SF office and warehouse condominium with a practical split between finished office and warehouse areas. The approximately 200 SF office component includes a reception area, private office, and restroom, while the approximately 2,200 SF warehouse area is served by a 10' x 12' grade-level overhead door. A private fenced yard provides secure outdoor storage space.
The property is located at 2420 Midtown Place NE in Albuquerque, just east of I-25 and near Midtown dining, retail, and Topgolf. NR-GM zoning supports office, industrial, contractor, technology, and service-related uses.
The property is located at 2420 Midtown Place NE in Albuquerque, just east of I-25 and near Midtown dining, retail, and Topgolf. NR-GM zoning supports office, industrial, contractor, technology, and service-related uses.
Key Highlights
- 2,400 SF office/warehouse condominium at 2420 Midtown Place NE #STE E
- Approximately 2,200 SF of warehouse space with a 10' x 12' grade‑level overhead door
- Approximately 200 SF of finished office space with reception area, private office, and restroom
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
$31,882
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
6.93%
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%
$637,640
$637.6K
Cap Rate 7%
$455,457
$455.5K
Cap Rate 9%
$354,244
$354.2K
Market Conditions
NOI Build-Up for 2,400 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
$51.8K $21.60/SF
− Vacancy
−$9.3K −$3.89/SF
EGI
$42.5K $17.71/SF
− OpEx
−$10.6K −$4.43/SF
NOI
$31.9K $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 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%
$637,640
Cap Rate 7%
$455,457
Cap Rate 9%
$354,244
Alternative Uses
Best Use
Office B
$455.5K
$398.5K – $531.4K
NOI $31,882 @ 7.0% cap · market cap 6.93%
Second Best
Flex RnD
$304.9K
$266.8K – $355.7K
NOI $21,341 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$580.6K
$508.0K – $677.4K
NOI $40,643 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
736
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 87109, NM
40,740
Population
20,826
Households
2
Avg Household Size
41
Median Age
42%
College-Educated
93%
High-School Grad
10.0 sq mi
ZIP Area
4,074
Density / Sq Mi
$56,295
Median Household Income
$41,798
Median Earnings
$1,112
Median Rent
$298,300
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.
Similar Off Market Nearby
- Gourmet To Go Catering — 4003 Carlisle Blvd NE, Albuquerque, NM 87107
Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse condominium space with a private yard and grade-level loading access.
Where is this flex space located?
The property is located at 2420 Midtown Place NE #STE E Albuquerque, NM.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: 2,400 SF office/warehouse condominium at 2420 Midtown Place NE #STE E; Approximately 2,200 SF of warehouse space with a 10' x 12' grade‑level overhead door; Approximately 200 SF of finished office space with reception area, private office, and restroom
