Flex Space with Outdoor
New
For Sale
$1,550,000
515 Wheeler Ave. SE, Albuquerque, NM 87102
An on-site cell tower provides an income component alongside the building and outdoor storage space.
Property Size6,046 SF
Price / SF$256.37
Days on Market3
Property Features for 515 Wheeler Ave. SE
General Information
Standard status
Active
Size
6,046 SF
Class
B
Property subtype
Other Special Purpose
Zoning
NR-LM
Building Details
Building Size
6,046 SF
Year Built
1951
Listing Agency:
SVN/Walt Arnold Commercial Brokerage, Inc.
Listed By:
Walt Arnold · License #9117
(505) 269-9358
Source:
Thebrokerlist
Added: Oct 11
Changed: Oct 12
Last Checked: Oct 12 at 4:34PM
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 SVN/Walt Arnold Commercial Brokerage, Inc.
Investment Insights
Based on property information with market context.
This 6,046-square-foot flex property was built in 1951 and carries NR-LM zoning. Outdoor storage units are available, and the site includes parking. A cell tower on the property generates income.
The property is in Albuquerque, a short distance from downtown, with access to major transportation routes and proximity to the Albuquerque International Sunport. Zoning permits various uses.
The property is in Albuquerque, a short distance from downtown, with access to major transportation routes and proximity to the Albuquerque International Sunport. Zoning permits various uses.
Key Highlights
- 6,046 square feet of flex space
- NR‑LM zoning permits various uses
- Built in 1951
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,761
Cap Rate
3.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,075,220
$1.1M
Cap Rate 7%
$768,014
$768.0K
Cap Rate 9%
$597,344
$597.3K
Market Conditions
NOI Build-Up for 6,046 SF
Gross rent
$87.1K $14.40/SF
− Vacancy
−$4.4K −$0.72/SF
EGI
$82.7K $13.68/SF
− OpEx
−$28.9K −$4.79/SF
NOI
$53.8K $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 Rate 5%
$1,075,220
Cap Rate 7%
$768,014
Cap Rate 9%
$597,344
Alternative Uses
Best Use
Flex RnD
$768.0K
$672.0K – $896.0K
NOI $53,761 @ 7.0% cap · market cap 3.47%
Second Best
Industrial
$519.7K
$454.7K – $606.3K
NOI $36,376 @ 7.0% cap · market cap 2.35%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,385 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87102, NM
20,610
Population
11,346
Households
1.8
Avg Household Size
38
Median Age
34%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,171
Density / Sq Mi
$37,276
Median Household Income
$29,184
Median Earnings
$868
Median Rent
$174,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Similar Off Market Nearby
- Royal Empire Catering in Albuquerque, NM — 335 Woodward Rd SE, Albuquerque, NM 87102
Frequently Asked Questions
What type of property is this?
Flex space - An on-site cell tower provides an income component alongside the building and outdoor storage space.
Where is this flex space located?
The property is located at 515 Wheeler Ave. SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 6,046 square feet of flex space; NR‑LM zoning permits various uses; Built in 1951
