5300 Homestead
Fully Leased, Government Office Investment | 6.5+ Years Remaining | 100% State of New Mexico
Marketing description
5300 Homestead Rd NE is a ±60,456 SF, three-story Class A office building located in Albuquerque’s highly desirable North I-25/Northeast Heights submarket. The property is 100% leased to the State of New Mexico Department of Health and the New Mexico Health Care Authority, providing stable, government-backed tenancy.
The asset offers exceptional accessibility, positioned just minutes from I-25 and I-40, with convenient access to Albuquerque’s primary business corridors, major healthcare facilities, and the Albuquerque International Sunport.
Extensively renovated in 2018, improvements include new HVAC systems, LED lighting, ADA-compliant restrooms, fire system upgrades, and parking lot improvements. The building features steel column construction, Low-E glazing, a rubberized membrane roof, and a strong 5.7:1,000 parking ratio (344 spaces).
This well-maintained, institutional-quality asset is ideally suited for long-term stability and passive ownership.
Investment highlights
5300 Homestead presents a stabilized, income-producing office investment anchored by long-term State of New Mexico tenancy.
The property is 100% occupied and generates approximately $854,288 in in-place NOI, with 1.5% annual rent escalations providing steady income growth. Approximately 6.5 years remain on the current primary term, with two additional five-year renewal options.
New Mexico state leases are structured with pre-negotiated terms and renewal options administered through the GSD Leasing Bureau, creating a predictable and streamlined extension process. The State generally occupies space for the full base term and exercises available renewal options, with a very high percentage of leases reaching their full 20-year term. Relocations are infrequent and typically driven only by programmatic necessity. This historical renewal pattern enhances income durability and materially reduces rollover risk.
Offered below replacement cost, the asset provides the opportunity to acquire a modernized, government-credit office building in one of Albuquerque’s strongest office corridors.
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