Freestanding Medical Office
New
For Sale
$2,848,000
3811 Commons Ave NE, Albuquerque, NM 87109
Corporate occupational-health tenancy, NN lease structure, and renewal options support a specialized healthcare property profile.
Property Size11,900 SF
Lot Size1.37 Acres
Price / SF$239.33
Days on Market2
Property Features for 3811 Commons Ave NE
General Information
Standard status
Active
Size
11,900 SF
Lot size
1.37 Acres
Property subtype
Single-Tenant Office Medical
Lease Type
NN
Financials
Cap Rate
6.28%
Gross Income
$178,818
Additional Details
Highway Access
Yes
Amenities
±7 Years Remaining on Established NN Lease with Two (2) Five-Year Renewal Options at 95% FMV
Scheduled 2% Annual Rent Increases Throughout Remaining Lease Term
Corporate Concentra Health Services, Inc. as Tenant, Subsidiary of NYSE-Listed Parent (CON)
Nation's Largest Occupational Health Provider with 1,000+ Locations and $2.2B in Annual Revenue
North I-25/Journal Center Location with ±172,606 VPD on Interstate 25
5-Mile Population of 244,139 with $109,466 Average Household Income
±11,900 SF Medical Facility on ±1.37 Acres, Built 1990
Building Details
Building Size
11,900 SF
Buildings
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
Marcus & Millichap - Los Angeles
Listed By:
Jason Fefer · License #License(s): CA: 02100489
(310) 909-2394
Source:
Marcusmillichap
Added: Sep 6
Last Checked: Sep 7 at 4:37AM
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 Marcus & Millichap - Los Angeles
Investment Insights
Based on property information with market context.
This freestanding medical office facility contains approximately 11,900 square feet on approximately 1.37 acres. The property is occupied by Concentra Health Services, Inc. under a NN lease with approximately seven years remaining, two five-year renewal options, and scheduled 2% annual rent increases. Renewal rent is set at 95% of fair market value, and the reported cap rate is 6.28%.
The property is located at 3811 Commons Ave NE in Albuquerque’s Journal Center employment district, within the North I-25 corridor. Interstate 25 carries approximately 172,606 vehicles per day, while nearby Singer Blvd NE records approximately 7,580 vehicles per day. The surrounding area includes the @25 Shopping Center and retailers such as Costco, Sam’s Club, REI, PetSmart, and Whole Foods. The tenant is a corporate subsidiary of Concentra Group Holdings Parent, Inc., identified in the source information as NYSE: CON.
The property is located at 3811 Commons Ave NE in Albuquerque’s Journal Center employment district, within the North I-25 corridor. Interstate 25 carries approximately 172,606 vehicles per day, while nearby Singer Blvd NE records approximately 7,580 vehicles per day. The surrounding area includes the @25 Shopping Center and retailers such as Costco, Sam’s Club, REI, PetSmart, and Whole Foods. The tenant is a corporate subsidiary of Concentra Group Holdings Parent, Inc., identified in the source information as NYSE: CON.
Key Highlights
- Approximately 11,900 SF medical facility on approximately 1.37 acres
- Concentra Health Services, Inc. occupies the property under a NN lease
- Approximately 7 years remain, with two five‑year renewal 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
$158,080
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
5.55%
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%
$3,161,600
$3.2M
Cap Rate 7%
$2,258,286
$2.3M
Cap Rate 9%
$1,756,444
$1.8M
Market Conditions
NOI Build-Up for 11,900 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
$257.0K $21.60/SF
− Vacancy
−$46.3K −$3.89/SF
EGI
$210.8K $17.71/SF
− OpEx
−$52.7K −$4.43/SF
NOI
$158.1K $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%
$3,161,600
Cap Rate 7%
$2,258,286
Cap Rate 9%
$1,756,444
Alternative Uses
Best Use
Office B
$2.26M
$1.98M – $2.63M
NOI $158,080 @ 7.0% cap · market cap 5.55%
Second Best
Healthcare Medical
$2.17M
$1.90M – $2.54M
NOI $152,211 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$2.88M
$2.52M – $3.36M
NOI $201,519 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
Well-served
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Corporate occupational-health tenancy, NN lease structure, and renewal options support a specialized healthcare property profile.
Where is this medical office space located?
The property is located at 3811 Commons Ave NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $2,848,000.
What are key features of this property?
This property features: Approximately 11,900 SF medical facility on approximately 1.37 acres; Concentra Health Services, Inc. occupies the property under a NN lease; Approximately 7 years remain, with two five‑year renewal options
