Multi-Room Flex
For Sale
$225,000
635 Broadway Blvd, Albuquerque, NM 87102
Commercially zoned interior includes a kitchen, bathroom, and seven separate rooms for adaptable business operations.
Property Size1,588 SF
Price / SF$141.69
Days on Market64
Property Features for 635 Broadway Blvd
General Information
Standard status
Active
Size
1,588 SF
Zoning
MX-L
Listing Agency:
Keller Williams Realty
(505) 331-8306
Listed By:
Anne M Vallejos · License #41997
Source:
Albuquerquehomefinders
Added: Jun 27
Changed: Aug 28
Last Checked: Aug 29 at 10:35AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 1588-square-foot flex space at 635 Broadway Boulevard SE in Albuquerque offers a multi-room commercial layout. The interior is arranged with seven rooms, plus a kitchen and bathroom, creating a practical framework for a range of business configurations.
The property is situated within an MX-L commercial zone and is identified as a flex space suitable for commercial use. Its existing room count and built-in kitchen and bathroom provide defined areas for work, support functions, and daily operations without relying on an open-shell layout.
The property is situated within an MX-L commercial zone and is identified as a flex space suitable for commercial use. Its existing room count and built-in kitchen and bathroom provide defined areas for work, support functions, and daily operations without relying on an open-shell layout.
Key Highlights
- 1588 square feet of flex space
- Seven separate rooms within the interior
- Includes a kitchen and bathroom
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
$14,120
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
6.28%
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%
$282,400
$282.4K
Cap Rate 7%
$201,714
$201.7K
Cap Rate 9%
$156,889
$156.9K
Market Conditions
NOI Build-Up for 1,588 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
$22.9K $14.40/SF
− Vacancy
−$1.1K −$0.72/SF
EGI
$21.7K $13.68/SF
− OpEx
−$7.6K −$4.79/SF
NOI
$14.1K $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%
$282,400
Cap Rate 7%
$201,714
Cap Rate 9%
$156,889
Alternative Uses
Best Use
Flex RnD
$201.7K
$176.5K – $235.3K
NOI $14,120 @ 7.0% cap · market cap 6.28%
Second Best
Industrial
$136.5K
$119.4K – $159.2K
NOI $9,554 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$384.2K
$336.2K – $448.2K
NOI $26,892 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,427
Businesses Nearby
Under-served
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 - Commercially zoned interior includes a kitchen, bathroom, and seven separate rooms for adaptable business operations.
Where is this flex space located?
The property is located at 635 Broadway Blvd Albuquerque, NM.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 1588 square feet of flex space; Seven separate rooms within the interior; Includes a kitchen and bathroom
