Prime Investment opportunity

Prime Albuquerque Office Investment - 8% Cap Rate

The Opportunity

This is an opportunity to own a high performing asset that has recently undergone extensive renovations and has 3 credit tenants on long term leases. $775k recently spent on capital improvements with a new HVAC, expanded entryway, upgraded LED lighting and a new parking lot. 

The building is located in an Opportunity Zone wedged on a hard corner between Historic Old Town and downtown Albuquerque, a growing market. Also included in the sale is an additional parking lot with 50 spaces that can be redeveloped into house or another use. 

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Suare Footage
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price/sq ft
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square footage
$ 1
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Excellent Tenant Roster

Anchored by investment grade State of New Mexico Human Services Department, an S&P rated AA+ credit tenant who represents 61% of the RSF, the tenant roster is strong and recession proofed. The other two tenants are the New Mexico Institute of Mining & Technology and Emprende Latino, an accelerator putting money behind Latino entrepreneurs.

All tenants have between 4 & 10 years left on their leases with renewal options for the New Mexico Institute of Mining & Technology and an expected renewal from the State of New Mexico Human Services Department (they recently invested $226k in tenant improvements). 

Strong Market Fundamentals

Albuquerque is the most populated city in the state of New Mexico and the 32nd most populated city in the United States. The metro area has grown by 25 percent since 2000 to nearly 1 million citizens. Consistently ranked amongst the best places to live, Albuquerque’s quality of life, recreational opportunities, mild weather and cost of living make it an attractive place to call home. With the major drivers of the economy being government, defense, manufacturing and high-tech products the growing economy isn’t expected to slow anytime soon.

Property Highlights

$7,170,115

Redevelopment Opportunity: Sale includes an additional parking lot with 50 spaces that can be redeveloped into housing or another use.

Renovations: The property recently underwent $775k in capital improvements. These include a new HVAC, expanded entryway, upgraded LED lighting and a new parking lot. 

Offering Memorandum

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