Climate-Controlled Flex
For Sale
$969,000
6119 Hanover Rd, Albuquerque, NM 87121
Infrastructure-ready facility with office amenities, industrial power, and a secured yard for varied commercial operations.
Property Size3,230 SF
Price / SF$300
Days on Market63
Property Features for 6119 Hanover Rd
General Information
Standard status
Active
Size
3,230 SF
Listing Agency:
EXP Realty LLC
Listed By:
Alexis Alvidrez
Source:
Albuquerquehomefinders
Added: Jul 8
Changed: Sep 8
Last Checked: Sep 6 at 3:59AM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
Completed in 2021, this 3,230-square-foot flex property combines 818 square feet of finished office area with 2,412 square feet of warehouse space. The building includes two bathrooms, a kitchenette, two roll-up doors, and climate control. Three-phase, 400-amp electrical service supports industrial operations, while upgraded HVAC, electrical, and security systems are in place.
The 0.84-acre parcel is enclosed by wrought-iron and chain-link fencing with barbed wire and multiple locking gates. Municipal city water rights are included, and the property carries F-1 occupancy. Convenient access to major roadways supports logistics, while the secured site provides space for outdoor operations, equipment storage, parking, or future improvements. The layout and infrastructure accommodate warehouse, light manufacturing, contractor yard, specialty trade, and production-oriented uses.
The 0.84-acre parcel is enclosed by wrought-iron and chain-link fencing with barbed wire and multiple locking gates. Municipal city water rights are included, and the property carries F-1 occupancy. Convenient access to major roadways supports logistics, while the secured site provides space for outdoor operations, equipment storage, parking, or future improvements. The layout and infrastructure accommodate warehouse, light manufacturing, contractor yard, specialty trade, and production-oriented uses.
Key Highlights
- 3,230 SF building completed in 2021
- 818 SF of finished office space and 2,412 SF of warehouse area
- Three‑phase, 400‑amp power with two roll‑up doors
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
$28,419
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
2.93%
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%
$568,380
$568.4K
Cap Rate 7%
$405,986
$406.0K
Cap Rate 9%
$315,767
$315.8K
Market Conditions
NOI Build-Up for 3,230 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
$46.5K $14.40/SF
− Vacancy
−$2.8K −$0.86/SF
EGI
$43.7K $13.54/SF
− OpEx
−$15.3K −$4.74/SF
NOI
$28.4K $8.80/SF
Area
ZIP 87121
Vacancy
6.00%
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%
$568,380
Cap Rate 7%
$405,986
Cap Rate 9%
$315,767
Alternative Uses
Best Use
Flex RnD
$406.0K
$355.2K – $473.7K
NOI $28,419 @ 7.0% cap · market cap 2.93%
Second Best
Warehouse
$335.3K
$293.4K – $391.2K
NOI $23,474 @ 7.0% cap · market cap 2.42%
Theoretical Best
Office A
$656.6K
$574.5K – $766.1K
NOI $45,963 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
324
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87121, NM
77,802
Population
26,118
Households
3
Avg Household Size
31
Median Age
13%
College-Educated
80%
High-School Grad
336.9 sq mi
ZIP Area
231
Density / Sq Mi
$59,184
Median Household Income
$34,738
Median Earnings
$1,277
Median Rent
$192,500
Median Home Value
Market
Vacancy Rate% for Industrial 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 - Infrastructure-ready facility with office amenities, industrial power, and a secured yard for varied commercial operations.
Where is this flex space located?
The property is located at 6119 Hanover Rd Albuquerque, NM.
What is the asking price?
The asking price for this property is $969,000.
What are key features of this property?
This property features: 3,230 SF building completed in 2021; 818 SF of finished office space and 2,412 SF of warehouse area; Three‑phase, 400‑amp power with two roll‑up doors
