1921 Girard BlvdAlbuquerque, NM 87106

Property Details for 1921 Girard Blvd

Year built

1981

Lot size

2.77 AC

Property size (Sq ft)

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.

• CAP approach

  CAP return

  Valuation

  6%

  $13,140,800

  6.5%

  $12,130,000

  7%

  $11,263,600

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,856,600

  Geo Method

  $5,615,520

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $6,320,800

  Mixed-Use / Specialty

  $6,377,550

  Hospitality / Lodging

  $4,782,220

  Office

  $6,422,230

  Institutional / Educational

  $6,658,410

  Residential Income

  $7,790,340

  Multifamily

  $8,903,810

  Automotive / Energy

  $5,707,210

  Parking / Income-Based Land

  $1,891,160

  Restaurant / Food Service

  $3,486,210

  Healthcare / Senior Housing

  $6,458,750

Location Insight

City

Albuquerque

County

Bernalillo

State

New Mexico

Latitude

35.0602

Longitude

-106.615

CBSA code

10740

CBSA name

ALBUQUERQUE, NM METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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