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    1801 Plaza St Las Vegas, NM 87701

    View on Map
    Sponsored
    For Sale
    $1,275,000

    SINGLE_FAMILY - Las Vegas, NM

    Type:Retail
    Property size:
    15,000 SF
    Lot size:
    0.16 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 15 at 4:06 pm

    Property Features for 1801 Plaza St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential
    Property subtype
    Retail
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    BCD,C-2,Historic,R-1, 2,
    APN
    34860
    Parking
    2
    Parking features
    On Street, Offsite
    Appliances
    EnergyStarQualifiedAppliances
    Size
    15,000 SF
    Lot size
    0.16 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1870
    Flooring type
    Wood, Tile
    Building materials
    Adobe, Frame
    Roof type
    Shingle, Built-Up

    We can help!

    Listing Contact
    Tamara Acker
    Tamara Acker

    Barker Realty LLC (505) 982-9836

    Listing agent Tamara Acker (505) 577-5909 License #16300

    Listing date Mar 15, 2026

    MLS# 202600963

    Copyright © 2026 Santa Fe Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Plaza Mixed-Use Opportunity

    Located on the Historic Plaza in Las Vegas, New Mexico, this mixed-use property offers both commercial and residential opportunities. The building, a recipient of the 1996 Historic Preservation Award, features 57 feet of glass retail display frontage and approximately 3,000 square feet of retail space. The finished residential area spans over 5,000 square feet and provides tree-covered views of the Historic Plaza Park. Originally built in 1836 as the first Catholic church in Las Vegas, New Mexico, the 15,000 square foot building was later transformed in 1870 by the Dold brothers into A.Dold & Company/Charles Emil Wesche General Merchandise Store. The structure features three-foot thick adobe walls and has been restored to meet current building codes, including custom-built French doors and windows, handcrafted balconies, and new systems. The property includes a 2,500 +/-square foot residence with a European-style kitchen, living area, den, two bedrooms, and two baths. An additional 3,000 square feet of finished interior space on the second floor is suitable for office rental or multifamily use, with potential for development into a wine bar, restaurant, gallery, or retail space. The ground level offers 3,000 square feet of dedicated storefront retail, and there are 3,600 square feet of developable space on the third floor envisioned as a penthouse suite overlooking the park. The retail area features original hardwood oak flooring, while the residential areas have original fur and maple flooring. The property is zoned R2 and C2, situated on a lot of approximately 0.16 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    San Miguel
    State
    New Mexico
    Longitude
    -105.2227978
    Latitude
    35.5942137

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    FAQs

    What type of property is this?
    Mixed-use property - Historic mixed-use property with retail and residential space on Plaza.
    Where is this mixed-use property located?
    The property is located at 1801 Plaza St Las Vegas, NM.
    What is the asking price?
    The asking price for this property is $1,275,000.
    What are key features of this property?
    This property features: - Prime location on the Historic Plaza with R2 + C2 zoning; - Significant retail frontage with 57 feet of glass display and 3,000 sq. ft. of retail space; - Over 5,000 sq. ft. of finished residential space with views of the Historic Plaza Park
    (505) 577-5909
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    1801 Plaza St Las Vegas, NM 87701
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    Las Vegas, NM 87701
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1801 Plaza St Las Vegas, NM 87701
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    We can help!
    Listing Contact
    Tamara Acker
    Tamara Acker
    Real Estate License ID: 16300
    (505) 577-5909 (505) 982-9836
    Learn more
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