Flex Space with Attached
For Sale
$345,000
428 Chama Street SE, Albuquerque, NM 87108
CommercialSale, Albuquerque, NM
Property Size3,000 SF
Lot Size0.16 Acres
Price / SF$115
Days on Market165
Property Features for 428 Chama Street SE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R-ML*
Parking
6
Parking features
Covered
Fencing
Fenced
Directions
Keep left at Interstate Highway 40 E/I-40 E toward Santa Rosa. In 4.8 mi Take exit 164 on the right onto Wyoming Blvd NE. In 0.2 mi Turn right onto Wyoming Blvd NE. In 1.1 mi Turn right onto Central Ave NE. In 1.0 mi Turn left onto Alcazar St SE. In 0.2 mi Turn left onto Zuni Rd SE. In 318 ft Turn left onto Zuni Rd SE. In 318 ftTurn right onto Chama St SE. In 413 ftYou have arrived at Chama St SE. Your destination is on the left.
Subdivision
71 - Southeast Heights
Standard status
Active
APN
101905607348722121
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
2180
Building Details
Floors in Building
1
Building materials
Frame, Stucco
Listing Agency:
Realty One of New Mexico
(505) 883-9400
Listed By:
Hayley A McInnes · License #REC20260065
(575) 808-2830
Added: Mar 11
Changed: Aug 19
Last Checked: Aug 22 at 6:06PM
MLS# 1099733
Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,000-square-foot flex property at 428 Chama Street SE combines an open interior with an attached garage, high ceilings, and a half bath. Frame construction with stucco exterior, covered parking, and fencing are also included. The property is offered in as-is condition.
The 0.16-acre site is in Albuquerque’s Southeast Heights, near locally owned businesses, restaurants, and shopping locations. Its open configuration and garage provide functional space for work-oriented or storage uses, subject to applicable requirements.
The 0.16-acre site is in Albuquerque’s Southeast Heights, near locally owned businesses, restaurants, and shopping locations. Its open configuration and garage provide functional space for work-oriented or storage uses, subject to applicable requirements.
Key Highlights
- 3,000‑square‑foot building with attached garage
- Open floorplan with high ceilings and half bath
- 0.16‑acre fenced parcel
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
875
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
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Frequently Asked Questions
What type of property is this?
Flex space - Open commercial layout with high ceilings, a half bath, and covered parking on a fenced parcel.
Where is this flex space located?
The property is located at 428 Chama Street SE 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‑square‑foot building with attached garage; Open floorplan with high ceilings and half bath; 0.16‑acre fenced parcel
