1921 Girard SE Blvd Albuquerque, NM 87106-3134

Property Details for 1921 Girard SE Blvd

Year built

1981

Lot size

2.77 lot acres

Property size

42,480 SF

Property type

Warehouses

APN

1-016-056-215-069-3-02-20

APU

101605621506930220

Description

This Albuquerque, NM industrial property presents a compelling investment opportunity. The 44,350-square-foot warehouse, built in 1981 and extensively renovated in 2024, sits on a 2.77-acre lot. A new 10-year net lease (NNN) with Pelican Products, Inc., a globally recognized company, commenced July 1, 2016, and expires July 31, 2034, offering 9.9 years of remaining lease term. The lease includes a corporate guarantee and boasts rare 4.5% annual rent increases, providing a strong hedge against inflation. The property features a new silicone CentiMark roof coating (10-year warranty), full HVAC replacements, new sprinkler systems, expanded and refurbished parking lot, and new fencing. The 18-foot ceiling height and ample lot size allow for potential outdoor storage. Located less than a mile from Albuquerque International Airport and near major transportation routes (I-25 and Gibson Blvd), this property benefits from a prime location in a low-vacancy market (2.5% in Q2 2024). The current NOI is $388,062, resulting in a 6.55% cap rate and a price per square foot of $133. The lease includes two 5-year options at fair market value, followed by 4.5% annual increases. The asking price is $5,925,000, with a land value of $49 per square foot. This is an exceptional opportunity for investors seeking a stable, long-term, and inflation-protected investment.

Location Insight

City

Albuquerque

County

Bernalillo

State

New Mexico

Longitude

-106.615

Latitude

35.0602

CBSA code

10740

CBSA name

ALBUQUERQUE, NM METROPOLITAN STATISTICAL AREA

Property Tax & Assessments