Two-Building Flex Space
For Sale
$2,250,000
2506 Washington St NE, Albuquerque, NM 87110
Freestanding improvements combine office, warehouse, power, and a fenced paved yard for flexible commercial operations.
Property Size14,732 SF
Price / SF$152.73
Days on Market130
Property Features for 2506 Washington St NE
General Information
Standard status
Active
Size
14,732 SF
Property subtype
Industrial
Zoning
NR-C
Net Operating Income
$40,000
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Clear Height
18 ft
Warehouse Space
10,132 SF
Office Build-Out
4,600 SF
Three-Phase Power
Yes
Building Details
Buildings
2
Listing Agency:
Epic Real Estate
(505) 263-5350
Listed By:
Mark Thompson
(505) 263-5350
Source:
Carnm.resimplifi
Added: Apr 23
Changed: Aug 29
Last Checked: Aug 29 at 5:32PM
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 Epic Real Estate
Investment Insights
Based on property information with market context.
This flex space property includes two freestanding buildings totaling 14,732 square feet on one parcel. Building 1 contains 10,646 square feet, including 3,800 SF of office and 6,846 SF of warehouse space. Building 2 adds 4,086 square feet with 800 SF of office and 3,286 SF of warehouse area. The property features three-phase power supported by a new 300 kVA transformer, three overhead doors, ceilings reaching 18 feet, and a fenced paved yard.
The site is positioned near Menaul and Washington in northeast Albuquerque, with access to I-25 and I-40. Building 1 can accommodate a new owner, while its current occupants may vacate with sufficient notice. A new 3-5 year NNN lease for Building 2 is planned before closing, with 3% rent increases. Zoning is NR-C.
The site is positioned near Menaul and Washington in northeast Albuquerque, with access to I-25 and I-40. Building 1 can accommodate a new owner, while its current occupants may vacate with sufficient notice. A new 3-5 year NNN lease for Building 2 is planned before closing, with 3% rent increases. Zoning is NR-C.
Key Highlights
- 14,732‑square‑foot flex property with two freestanding buildings on one parcel
- Building 1: 10,646 square feet with 3,800 SF of office and 6,846 SF of warehouse
- Building 2: 4,086 SF comprising 800 SF of office and 3,286 SF of warehouse
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
$130,997
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
5.82%
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%
$2,619,940
$2.6M
Cap Rate 7%
$1,871,386
$1.9M
Cap Rate 9%
$1,455,522
$1.5M
Market Conditions
NOI Build-Up for 14,732 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
$212.1K $14.40/SF
− Vacancy
−$10.6K −$0.72/SF
EGI
$201.5K $13.68/SF
− OpEx
−$70.5K −$4.79/SF
NOI
$131.0K $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%
$2,619,940
Cap Rate 7%
$1,871,386
Cap Rate 9%
$1,455,522
Alternative Uses
Best Use
Flex RnD
$1.87M
$1.64M – $2.18M
NOI $130,997 @ 7.0% cap · market cap 5.82%
Second Best
Warehouse
$1.44M
$1.26M – $1.68M
NOI $100,979 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$3.56M
$3.12M – $4.16M
NOI $249,478 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,646
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87110, NM
38,441
Population
19,591
Households
2
Avg Household Size
42
Median Age
38%
College-Educated
93%
High-School Grad
8.8 sq mi
ZIP Area
4,368
Density / Sq Mi
$63,593
Median Household Income
$40,244
Median Earnings
$1,096
Median Rent
$251,400
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding improvements combine office, warehouse, power, and a fenced paved yard for flexible commercial operations.
Where is this flex space located?
The property is located at 2506 Washington St NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 14,732‑square‑foot flex property with two freestanding buildings on one parcel; Building 1: 10,646 square feet with 3,800 SF of office and 6,846 SF of warehouse; Building 2: 4,086 SF comprising 800 SF of office and 3,286 SF of warehouse
