Flex Building with Warehouse
For Sale
$756,000
6011 Constitution Ave NE, Albuquerque, NM 87110
MX-L-zoned property combining warehouse, retail, office, and shop areas in one commercial building.
Property Size6,300 SF
Lot Size0.25 Acres
Price / SF$120
Days on Market106
Property Features for 6011 Constitution Ave NE
General Information
Standard status
Active
Size
6,300 SF
Lot size
0.25 Acres
Property subtype
Retail
Zoning
MX-L
Warehouse & Industrial
Clear Height
11.3 ft
Warehouse Space
1,800 SF
Drive-In Doors
1
Three-Phase Power
No
Additional Details
Asking Price
$756,000
Utilities to Site
Yes
Building Details
Buildings
1
Building Size
6,300 SF
Listing Agency:
NAI SunVista
(505) 270-4386
Listed By:
Ben Nolte · License #19012
(505) 270-4386
Source:
Carnm.resimplifi
Added: May 18
Changed: Aug 31
Last Checked: Aug 31 at 1:15AM
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 NAI SunVista
Investment Insights
Based on property information with market context.
This flex property contains approximately 6,300 SF on approximately 0.25 acres, with a layout combining warehouse, retail, office, and shop functions. The interior includes a display area, six perimeter offices, two restrooms, and a break room. Warehouse functionality is supported by a 10’ x 10’ grade-level bay door, 10’-2” to 11’-4” clear height, and single-phase power.
The property is located at 6011 Constitution Ave NE in Albuquerque, New Mexico. Approximately 1,800 SF is configured as warehouse space, while the remaining approximately 4,500 SF comprises retail, office, and shop areas. MX-L zoning is identified for the property.
The property is located at 6011 Constitution Ave NE in Albuquerque, New Mexico. Approximately 1,800 SF is configured as warehouse space, while the remaining approximately 4,500 SF comprises retail, office, and shop areas. MX-L zoning is identified for the property.
Key Highlights
- ±6,300 SF building on ±0.25 acres
- ±1,800 SF warehouse area with ±4,500 SF of retail, office, and shop space
- 10’ x 10’ grade‑level bay door
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
$56,020
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
7.41%
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%
$1,120,400
$1.1M
Cap Rate 7%
$800,286
$800.3K
Cap Rate 9%
$622,444
$622.4K
Market Conditions
NOI Build-Up for 6,300 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
$90.7K $14.40/SF
− Vacancy
−$4.5K −$0.72/SF
EGI
$86.2K $13.68/SF
− OpEx
−$30.2K −$4.79/SF
NOI
$56.0K $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%
$1,120,400
Cap Rate 7%
$800,286
Cap Rate 9%
$622,444
Alternative Uses
Best Use
Retail
$1.29M
$1.13M – $1.51M
NOI $90,559 @ 7.0% cap · market cap 11.98%
Second Best
Office B
$1.20M
$1.05M – $1.39M
NOI $83,689 @ 7.0% cap · market cap 11.07%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,687 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11 ft
Clear height
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,921
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87110, NM
38,441
Population
19,591
Households
2
Avg Household Size
42
Median Age
38%
College-Educated
93%
High-School Grad
8.8 sq mi
ZIP Area
4,368
Density / Sq Mi
$63,593
Median Household Income
$40,244
Median Earnings
$1,096
Median Rent
$251,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - MX-L-zoned property combining warehouse, retail, office, and shop areas in one commercial building.
Where is this flex space located?
The property is located at 6011 Constitution Ave NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $756,000.
What are key features of this property?
This property features: ±6,300 SF building on ±0.25 acres; ±1,800 SF warehouse area with ±4,500 SF of retail, office, and shop space; 10’ x 10’ grade‑level bay door
