Retail Strip Center
For Sale
Contact for pricing
5161 Lang Ave NE, Albuquerque, NM 87109
Shadow-anchored strip center positioned near Bass Pro Shops within the Journal Center submarket.
Property Size8,685 SF
Price / SF$452.50
Days on Market62
Property Features for 5161 Lang Ave NE
General Information
Standard status
Active
Size
8,685 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Additional Details
Cap Rate
7.5%
Building Details
Year Built
2017
Buildings
1
Tenancy
Multi
Listing Agency:
CBRE - Albuquerque
(505) 837-4999
Listed By:
Jim Dountas · License #NM 45995
Source:
Crexi
Added: Jun 9
Changed: Aug 8
Last Checked: Aug 9 at 10:04AM
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.
This one-of-a-kind retail strip center investment is being offered in the north Albuquerque Journal Center submarket. The property is described as shadow anchored by a top Bass Pro Shops, with the surrounding area characterized by Class A office and multi-family development.
Located at 5161 Lang Ave NE in Albuquerque, the center is positioned to serve both nearby residents and consumers traveling for the Bass Pro experience. The asset is presented as Legacy @ Journal Center Shops and is offered to buyers seeking a retail investment tied to an established regional draw.
The offering is presented at a 7.5% cap rate and is described as providing predictable annual cash on cash return. For investors or retail-oriented buyers, this asset’s configuration around a major anchor draw may be relevant when evaluating submarket retail demand and tenant positioning in a retail strip environment.
Located at 5161 Lang Ave NE in Albuquerque, the center is positioned to serve both nearby residents and consumers traveling for the Bass Pro experience. The asset is presented as Legacy @ Journal Center Shops and is offered to buyers seeking a retail investment tied to an established regional draw.
The offering is presented at a 7.5% cap rate and is described as providing predictable annual cash on cash return. For investors or retail-oriented buyers, this asset’s configuration around a major anchor draw may be relevant when evaluating submarket retail demand and tenant positioning in a retail strip environment.
Key Highlights
- Retail strip center investment built in 2017
- Shadow‑anchored strip center positioned near Bass Pro Shops in the Journal Center submarket
- Offered at a 7.5% cap rate
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
$124,843
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
3.18%
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%
$2,496,860
$2.5M
Cap Rate 7%
$1,783,471
$1.8M
Cap Rate 9%
$1,387,144
$1.4M
Market Conditions
NOI Build-Up for 8,685 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
$192.8K $22.20/SF
− Vacancy
−$14.5K −$1.67/SF
EGI
$178.3K $20.54/SF
− OpEx
−$53.5K −$6.16/SF
NOI
$124.8K $14.37/SF
Area
Albuquerque, NM
Vacancy
7.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$2,496,860
Cap Rate 7%
$1,783,471
Cap Rate 9%
$1,387,144
Alternative Uses
Best Use
Retail
$1.78M
$1.56M – $2.08M
NOI $124,843 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $147,075 @ 7.0% cap · market cap 3.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,555
Businesses Nearby
259k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 50%
Apparel 35%
Hotels & Casinos 8%
Shops & Services 5%
Target
Superstores
130,028 visits/mo
0.5 miles
Cabela's
Apparel
90,283 visits/mo
0.2 miles
Courtyard Albuquerque
Hotels & Casinos
14,033 visits/mo
0.3 miles
Circle K
Shops & Services
10,004 visits/mo
0.2 miles
Ashley
Home Improvements & Furnishings
6,259 visits/mo
0.5 miles
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 Retail in Albuquerque, NM
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Shadow-anchored strip center positioned near Bass Pro Shops within the Journal Center submarket.
Where is this strip mall located?
The property is located at 5161 Lang Ave NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $3,930,000.
What are key features of this property?
This property features: Retail strip center investment built in 2017; Shadow‑anchored strip center positioned near Bass Pro Shops in the Journal Center submarket; Offered at a 7.5% cap rate
