Building Details

Year Built 2009

Tenancy Multi

Listing Agency: REA Real Estate Advisors

Listed By: Tom Jenkins · License #NEWMEXICO13292 Show Phone

Source: Carnm.resimplifi

Added: Jul 20 Changed: Oct 3 Last Checked: Oct 16 at 5:57AM

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Investment Insights

Based on property information with market context.

This 212,409-square-foot office campus was built in 2009 and holds LEED Gold certification. The Class A property is fully leased to two tenants: the State of New Mexico and Fidelity Investments (FMR LLC). The State of New Mexico lease commences in September 2026 for a 10-year term, includes a 5% rent escalation after Year 5, and provides two 5-year renewal options. Fidelity occupies approximately half of the campus under a NNN lease expiring in November 2028.

The property is zoned PC and operates at 100% occupancy. Its tenant roster combines public-sector and financial-services users, with Fidelity Investments identified as S&P: A. The State of New Mexico lease is scheduled to expire in August 2036, while the renewal options extend the potential lease horizon through 2046.

Key Highlights

• 212,409 SF LEED Gold‑certified Class A office campus
• Built in 2009 and zoned PC
• 100% occupancy with two tenants

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$2,821,641

Cap Rate

5.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$56,432,820 $56.4M

Cap Rate 7%

$40,309,157 $40.3M

Cap Rate 9%

$31,351,567 $31.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 212,409 SF

Gross rent

$4.59M $21.60/SF

− Vacancy

−$825.8K −$3.89/SF

EGI

$3.76M $17.71/SF

− OpEx

−$940.5K −$4.43/SF

NOI

$2.82M $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 Rate 5%

$56,432,820

Cap Rate 7%

$40,309,157

Cap Rate 9%

$31,351,567

Alternative Uses

Best Use

Office B

$40.31M

$35.27M – $47.03M (±1% cap)

NOI $2,821,641 @ 7.0% cap · market cap 5.53%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$51.39M

$44.96M – $59.95M (±1% cap)

NOI $3,597,019 @ 7.0% cap · market cap 7.05%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Fidelity Investments - Corporate ... Corporate Office

Suggested Use

Top Pick Real Estate Agency Kitchen & Bath Showroom Gym & Fitness Center Hotel & Motel Computer & Electronic Repair Tech Support Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

26

Businesses Nearby

Explore this area Business Placement

Demographics for 87106, NM

26,987

Population

13,893

Households

1.9

Avg Household Size

32

Median Age

53%

College-Educated

91%

High-School Grad

35.8 sq mi

ZIP Area

754

Density / Sq Mi

$51,079

Median Household Income

$29,393

Median Earnings

$904

Median Rent

$332,100

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Class A, two-tenant office campus with full occupancy and government and financial-services tenancy.

Where is this office building located?

The property is located at 5401 Watson Dr SE Albuquerque, NM.

What is the asking price?

The asking price for this property is $51,000,000.

What are key features of this property?

This property features: 212,409 SF LEED Gold‑certified Class A office campus; Built in 2009 and zoned PC; 100% occupancy with two tenants