Flex Work/Storage
For Sale
$345,000
428 Chama Street, Albuquerque, NM 87108
3,000-sq-ft flex building with attached garage, high ceilings, half bath, and an open interior, sold as-is.
Property Size3,000 SF
Price / SF$115
Days on Market273
Property Features for 428 Chama Street
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$2,180
Amenities
3
RM
6 Parking Spaces. Garage.
Building Details
Year Built
1954
Listing Agency:
Realty One of New Mexico
(575) 808-2830
Listed By:
Hayley McInnes · License #REC20260065
(575) 808-2830
Source:
Xome
Added: Nov 9, 2025
Changed: Aug 8
Last Checked: Aug 9 at 4:29AM
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.
This 3,000-sq-ft flex building includes an attached garage and a large open interior with high ceilings. The layout features an open floorplan and a half bath. The property is offered for sale as-is and is positioned as a handyman special, with space that can support work and storage needs.
Set in the Southeast Heights area, the surrounding neighborhood includes locally owned businesses, restaurants, and shopping locations. The attached garage and open work/storage configuration make the building straightforward for a tenant or owner to tailor to their specific use.
The offering combines flexible interior space with garage utility under a single structure, with on-site half-bath convenience and an as-is condition sale.
Set in the Southeast Heights area, the surrounding neighborhood includes locally owned businesses, restaurants, and shopping locations. The attached garage and open work/storage configuration make the building straightforward for a tenant or owner to tailor to their specific use.
The offering combines flexible interior space with garage utility under a single structure, with on-site half-bath convenience and an as-is condition sale.
Key Highlights
- 3,000‑sq‑ft flex building with attached garage
- Open interior layout with high ceilings
- Half bath included
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
$26,676
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
7.73%
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%
$533,520
$533.5K
Cap Rate 7%
$381,086
$381.1K
Cap Rate 9%
$296,400
$296.4K
Market Conditions
NOI Build-Up for 3,000 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
$43.2K $14.40/SF
− Vacancy
−$2.2K −$0.72/SF
EGI
$41.0K $13.68/SF
− OpEx
−$14.4K −$4.79/SF
NOI
$26.7K $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%
$533,520
Cap Rate 7%
$381,086
Cap Rate 9%
$296,400
Alternative Uses
Best Use
Flex RnD
$381.1K
$333.5K – $444.6K
NOI $26,676 @ 7.0% cap · market cap 7.73%
Second Best
Warehouse
$293.8K
$257.0K – $342.7K
NOI $20,563 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$725.8K
$635.0K – $846.7K
NOI $50,803 @ 7.0% cap · market cap 14.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,135
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87108, NM
36,773
Population
19,153
Households
1.9
Avg Household Size
39
Median Age
33%
College-Educated
85%
High-School Grad
5.9 sq mi
ZIP Area
6,233
Density / Sq Mi
$39,578
Median Household Income
$31,478
Median Earnings
$828
Median Rent
$227,600
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - 3,000-sq-ft flex building with attached garage, high ceilings, half bath, and an open interior, sold as-is.
Where is this flex space located?
The property is located at 428 Chama Street Albuquerque, NM.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 3,000‑sq‑ft flex building with attached garage; Open interior layout with high ceilings; Half bath included
