Building Details

Floors in Building 1

Building materials MetalFrame

Listing Agency: EXP Realty LLC n***@exprealty.net Show Phone

Listed By: Alexis Pinter · License #20510 Show Phone

Added: Jun 6, 2025 Changed: Sep 3 Last Checked: Oct 16 at 8:06AM

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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.

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Investment Insights

Based on property information with market context.

Completed in Dec 2021, this flex property contains a 3,230-square-foot metal-frame building on a 0.84-acre fenced lot. The interior is divided between 818 square feet of finished office space and 2,412 square feet of warehouse area, providing a practical mix of administrative and operational space.

The building includes two bathrooms, a kitchenette, HVAC, odor control, and two roll-up doors. Electrical service includes 3-phase, 400-amp power, and the property has city water. Located in Albuquerque, the site offers an industrial configuration with secured outdoor area surrounding the building.

Key Highlights

• 3,230 SF metal‑frame building completed in Dec 2021
• 818 SF of finished office space and 2,412 SF of warehouse space
• 0.84‑acre fenced lot in Albuquerque

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$34,012

Cap Rate

3.51%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$680,240 $680.2K

Cap Rate 7%

$485,886 $485.9K

Cap Rate 9%

$377,911 $377.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,230 SF

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 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 (±1% cap)

NOI $34,012 @ 7.0% cap · market cap 3.51%

Second Best

Flex RnD

$406.0K

$355.2K – $473.7K (±1% cap)

NOI $28,419 @ 7.0% cap · market cap 2.93%

Theoretical Best

Office A

$656.6K

$574.5K – $766.1K (±1% cap)

NOI $45,963 @ 7.0% cap · market cap 4.74%

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

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Dental Office Restaurant Hair Salon

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

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

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?

Flex space - Industrial flex property combines finished office areas with functional warehouse space 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 metal‑frame building completed in Dec 2021; 818 SF of finished office space and 2,412 SF of warehouse space; 0.84‑acre fenced lot in Albuquerque