Industrial Flex
For Sale
$969,000
6119 HANOVER Road NW, Albuquerque, NM 87121
COMMERCIAL - Albuquerque, NM
Property Size3,230 SF
Lot Size0.84 Acres
Price / SF$300
Days on Market444
Property Features for 6119 HANOVER Road NW
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
NR-C*
Parking
8
Directions
I40 West to Coors, South on Coors. West on Hanover to property.
Subdivision
111 - Ladera Heights
Standard status
Active
APN
101105800849522402
Lot size
0.84 Acres
Taxes and HOA fees
Tax Annual Amount
8260
Building Details
Floors in Building
1
Building materials
MetalFrame
Listing Agency:
EXP Realty LLC
(505) 554-3873
Listed By:
Alexis Pinter · License #20510
(505) 261-4969
Added: Jun 6, 2025
Changed: Aug 6
Last Checked: Aug 23 at 4:06AM
MLS# 1085899
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.
Completed in December 2021, this 3,230-square-foot industrial flex property combines 818 square feet of finished office space with 2,412 square feet of warehouse area. The building includes two bathrooms, a kitchenette, HVAC, odor-control infrastructure, and two roll-up doors.
The 0.84-acre site is fenced and supported by city water. Electrical service includes 3-phase, 400-amp power, providing significant capacity for industrial operations and equipment. The metal-frame building offers a practical blend of administrative and warehouse space within a single facility.
The 0.84-acre site is fenced and supported by city water. Electrical service includes 3-phase, 400-amp power, providing significant capacity for industrial operations and equipment. The metal-frame building offers a practical blend of administrative and warehouse space within a single facility.
Key Highlights
- 3,230 SF building completed in Dec 2021
- 818 SF of finished office space and 2,412 SF of warehouse space
- 3‑phase, 400‑amp electrical service
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
$34,012
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
3.51%
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%
$680,240
$680.2K
Cap Rate 7%
$485,886
$485.9K
Cap Rate 9%
$377,911
$377.9K
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
$58.1K $18.00/SF
− Vacancy
−$12.8K −$3.96/SF
EGI
$45.3K $14.04/SF
− OpEx
−$11.3K −$3.51/SF
NOI
$34.0K $10.53/SF
Area
ZIP 87121
Vacancy
22.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$680,240
Cap Rate 7%
$485,886
Cap Rate 9%
$377,911
Alternative Uses
Best Use
Office B
$485.9K
$425.2K – $566.9K
NOI $34,012 @ 7.0% cap · market cap 3.51%
Second Best
Flex RnD
$406.0K
$355.2K – $473.7K
NOI $28,419 @ 7.0% cap · market cap 2.93%
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
Lease Details
Yes
Fenced yard
Yes
Utilities to site
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 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 - Recently completed facility combines finished office space with functional warehouse areas and substantial electrical capacity.
Where is this flex space located?
The property is located at 6119 HANOVER Road NW 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 Dec 2021; 818 SF of finished office space and 2,412 SF of warehouse space; 3‑phase, 400‑amp electrical service
