Corner Development Site with
For Sale
$440,000
601 Aspen Avenue NW, Albuquerque, NM 87102
LAND - Albuquerque, NM
Property Size4,800 SF
Lot Size0.31 Acres
Price / SF$91.67
Days on Market123
Property Features for 601 Aspen Avenue NW
General Information
Property type
Land
Property subtype
Other
Zoning description
NR-LM*
Subdivision
Ives Add
Elementary school
Reginald Chavez
Middle school
Washington
High school
Albuquerque
Directions
corner of 6th and Aspen downtown
Standard status
Active
APN
101405818251824207
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
1342
Listing Agency:
Helix Real Estate Group · Help-U-Sell Real Estate
(505) 401-5424
Listed By:
David Liotta · License #19255
(505) 401-5424
Added: Apr 22
Changed: Jul 7
Last Checked: Aug 22 at 12:06PM
MLS# 1102173
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 offering includes a cleared corner development site and an existing prefabricated office/warehouse structure. The lot size is approximately 0.31 acres and is described as flat and ready to build. The on-site building is a 60' x 80' prefabricated office/warehouse totaling 4,800 SF, with a 21' peak height. Fully approved plans and permits from the City of Albuquerque are already in place for construction to begin immediately.
The property is located at 601 Aspen Avenue NW in downtown Albuquerque, at the corner of 6th & Aspen. The site is positioned as a build-ready parcel for users who want to move forward without waiting on initial approvals.
Zoned NR-LM (Non-Residential Light Manufacturing), the property supports a range of non-residential light manufacturing and related uses, along with office space as currently configured. This configuration can fit owner-users looking for a streamlined development path with an existing office/warehouse component, or investors seeking a permit-ready project. The seller notes that construction can be handled by the seller or with the buyer bringing their own contractor.
The property is located at 601 Aspen Avenue NW in downtown Albuquerque, at the corner of 6th & Aspen. The site is positioned as a build-ready parcel for users who want to move forward without waiting on initial approvals.
Zoned NR-LM (Non-Residential Light Manufacturing), the property supports a range of non-residential light manufacturing and related uses, along with office space as currently configured. This configuration can fit owner-users looking for a streamlined development path with an existing office/warehouse component, or investors seeking a permit-ready project. The seller notes that construction can be handled by the seller or with the buyer bringing their own contractor.
Key Highlights
- .33‑acre flat, cleared corner lot at 6th & Aspen Ave NW in downtown Albuquerque
- Zoned NR‑LM (Non‑Residential Light Manufacturing) for a wide range of non‑residential uses
- Includes a 60' x 80' (4,800 SF) prefabricated office/warehouse with 21' peak height
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
$32,901
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
7.48%
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%
$658,020
$658.0K
Cap Rate 7%
$470,014
$470.0K
Cap Rate 9%
$365,567
$365.6K
Market Conditions
NOI Build-Up for 4,800 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
$40.3K $8.40/SF
− Vacancy
−$1.6K −$0.34/SF
EGI
$38.7K $8.06/SF
− OpEx
−$5.8K −$1.21/SF
NOI
$32.9K $6.85/SF
Area
Albuquerque, NM
Vacancy
4.00%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$658,020
Cap Rate 7%
$470,014
Cap Rate 9%
$365,567
Alternative Uses
Best Use
Flex RnD
$609.7K
$533.5K – $711.4K
NOI $42,682 @ 7.0% cap · market cap 9.70%
Second Best
Warehouse
$470.0K
$411.3K – $548.4K
NOI $32,901 @ 7.0% cap · market cap 7.48%
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,285 @ 7.0% cap · market cap 18.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21 ft
Clear height
Location Intelligence
Trade Area within ½ mile
1,159
Businesses Nearby
Balanced
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
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 - Flat, cleared corner lot with approved plans and a prefabricated office-warehouse on site.
Where is this flex space located?
The property is located at 601 Aspen Avenue NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: .33‑acre flat, cleared corner lot at 6th & Aspen Ave NW in downtown Albuquerque; Zoned NR‑LM (Non‑Residential Light Manufacturing) for a wide range of non‑residential uses; Includes a 60' x 80' (4,800 SF) prefabricated office/warehouse with 21' peak height
