Old Town Albuquerque Vet Center Investment
Fully leased two-tenant office investment in Old Town Albuquerque's Felipe Plaza, offered at $1,323,246 at a 9.00% cap ($119,092 NOI). The 5,526 SF Building F houses the Albuquerque Veterans Center (5,076 SF) and Monarch Del Rey Barber Shop (450 SF), with both leases expiring in 2026–2027, creating near-term flexibility for an investor or owner-user. The VA tenant pays base rent plus operating expenses, while the barber shop covers its own utilities and janitorial costs.
Built in 1995, the single-story Class B structure features Spanish-style stucco architecture with decorative vigas and represents 13.12% of the Felipe Plaza condominium. The building connects directly to the condo parking garage and sits in the heart of the Sawmill District, adjacent to Hotel Albuquerque, Hotel Chaco, and Sawmill Market, just north of Historic Old Town. The location draws from a trade area of approximately 97,000 residents within three miles, with a median household income of $56,448 and 35.9% holding a bachelor's degree or higher. Common areas and property management are handled by the Felipe Plaza Condo Association and Colliers International, respectively.
- Two-tenant office investment with U.S. Department of Veterans Affairs as anchor tenant
- Both leases expiring in 2026–2027; positioned for lease rollover or owner-user conversion
- VA pays rent and majority of operating expenses; passive income structure
- Prime Old Town location within Felipe Plaza and Sawmill District
- Spanish-style architecture with well-maintained common areas and parking structure
More property details
About this property
Located at 2001 Mountain Road NW in Albuquerque’s historic Old Town, this multi-building mixed-use condominium is part of Felipe Plaza and offers a fully leased office investment opportunity. Building F comprises approximately 5,526 SF and is occupied by two tenants: the 5,076 SF Albuquerque Veterans Center and the 450 SF Monarch Del Rey Barber Shop. The Veterans Center pays base rent plus a set operating expense contribution, while the barber shop covers its own electric and janitorial costs. With both leases scheduled to expire in 2027, the property offers flexibility for an investor seeking near-term lease rollover potential or an owner-user looking to occupy the office space. Common areas are maintained by the Felipe Plaza Condominium Association, with property management provided by Colliers International. The building features attractive Spanish-style stucco architecture, decorative vigas, and a design that complements the surrounding historic character. It also connects directly to the condominium parking garage and enjoys a strategic location within the Sawmill District, near Hotel Albuquerque, Hotel Chaco, Sawmill Market, and just north of Historic Old Town Albuquerque.
- Old Town location, Felipe Plaza, Sawmill District, adjacent to Hotel Albuquerque, Hotel Chaco, Sawmill Market
Features & amenities
Location
Additional details
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Listing Team of RESOLUT RE acting as Seller's Agent in the disposition assignment for the property