Multi-Tenant Office Building For
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3121 Amherst Drive Northeast, Albuquerque, NM 87107
Well-maintained office building with blended occupancy and refitting opportunities.
Property Size25,642 SF
Price / SF$154.14
Days on Market96
Property Features for 3121 Amherst Drive Northeast
General Information
Standard status
Active
Size
25,642 SF
Class
B
Property subtype
Office, Mixed Use, Special Purpose
Zoning
NR-C
Net Operating Income
$208,697
Building Details
Year Built
1996
Buildings
1
Tenancy
Multi
Listing Agency:
CBRE - Albuquerque
(505) 837-4910
Listed By:
Jason Lott · License #NM 47516
Source:
Crexi
Added: May 26
Changed: Aug 8
Last Checked: Aug 29 at 3:26AM
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 CBRE - Albuquerque
Investment Insights
Based on property information with market context.
The property at 3121 Amherst Drive Northeast is a well-maintained, multi-tenant office building. It is situated in a mixed office and industrial area located just outside the I-25 Corridor. The building's blended occupancy allows for creative and lucrative refitting opportunities. The property size is 25642 square feet. An owner user can utilize the current vacancy and phased winddown of revenue to build up their own business.
Key Highlights
- Multi‑tenant office building in a mixed office and industrial area
- Located just outside the I‑25 Corridor
- Blended occupancy allows for creative refitting opportunities
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
$340,628
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
8.62%
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%
$6,812,560
$6.8M
Cap Rate 7%
$4,866,114
$4.9M
Cap Rate 9%
$3,784,756
$3.8M
Market Conditions
NOI Build-Up for 25,642 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
$553.9K $21.60/SF
− Vacancy
−$99.7K −$3.89/SF
EGI
$454.2K $17.71/SF
− OpEx
−$113.5K −$4.43/SF
NOI
$340.6K $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%
$6,812,560
Cap Rate 7%
$4,866,114
Cap Rate 9%
$3,784,756
Alternative Uses
Best Use
Office B
$4.87M
$4.26M – $5.68M
NOI $340,628 @ 7.0% cap · market cap 8.62%
Second Best
Mixed Use
$4.45M
$3.89M – $5.19M
NOI $311,550 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$6.20M
$5.43M – $7.24M
NOI $434,232 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,344
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office building with blended occupancy and refitting opportunities.
Where is this office building located?
The property is located at 3121 Amherst Drive Northeast Albuquerque, NM.
What is the asking price?
The asking price for this property is $3,952,500.
What are key features of this property?
This property features: Multi‑tenant office building in a mixed office and industrial area; Located just outside the I‑25 Corridor; Blended occupancy allows for creative refitting opportunities
