Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3620 28th Avenue NE Rio Rancho, NM 87144

    View on Map
    Claim this Listing
    Picture of Commercial land at 3620 28th Avenue NE, Rio Rancho, NM
    For Sale
    Contact for pricing

    LAND - Rio Rancho, NM

    Lot size:
    0.37 Acres
    Added:
    Apr 6, 2026
    Days on Market:
    13
    Last Refresh:
    Apr 18 at 2:06 am

    Property Features for 3620 28th Avenue NE

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    1013073283032
    Lot size
    0.37 Acres

    Taxes and HOA fees

    Tax Annual Amount
    133

    We can help!

    Listing Contact
    Fred E Colfack

    Listing agent Fred E Colfack License #12709

    Listing office Colfack Real Estate Team LLC 7215 Hawthorn Ave NE, Albuquerque, NM

    Listing date Apr 6, 2026

    MLS# 1101191 Listing URL

    Copyright © 2026 Southwest MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Rio Rancho Land For Sale

    This 0.37-acre commercial land is located in Rio Rancho, New Mexico. The property is zoned O-1 and is situated south of Paseo del Volcan, City Hall, and the Event Center. A water hydrant is located within 1/2 mile, presenting a great investment opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Spa & Massage Center Auto Repair Shop Skin Care Clinic HVAC Service Grocery & Convenience Store Bar & Pub Electrical Service Computer & Electronic Repair (Bike/Boat/Book/etc) Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Rio Rancho
    County
    Sandoval
    State
    New Mexico
    Longitude
    -106.7276056
    Latitude
    35.3060197

    Nearby Similar for Sale

    • $365,000

      Prime Commercial Land in Rio Rancho

      One-acre commercial parcel in Rio Rancho's growing corridor.
      1010 Inca Rd NE, Rio Rancho, NM 87124
      View Details
    • $405,000

      Rio Rancho Land For Sale

      Investment lot for future commercial development in high-traffic area.
      2801 Willow Creek Road NE, Rio Rancho, NM 87144
      View Details
    • $600,000

      Rio Rancho Commercial Land For Sale

      Commercial lots in Rio Rancho with high traffic frontage.
      1720 King Boulevard NE, Rio Rancho, NM 87144
      View Details
    • $110,000

      Commercial Land in Rio Rancho

      Strategic commercial land in Rio Rancho's City Center area.
      2027 Arena Drive NE, Rio Rancho, NM 87144
      View Details
    • $707,850

      Rio Rancho Commercial Land For Sale

      1.25 acre commercial lot in Rio Rancho, New Mexico.
      1504 Wellspring Avenue SE, Rio Rancho, NM 87124
      View Details
    • $9,900

      Rio Rancho Land Investment

      0.5-acre lot in path of future growth.
      412 20th Avenue NE, Rio Rancho, NM 87144
      View Details
    • $59,900

      Rio Rancho Land Opportunity

      0.97 acre lot in Rio Rancho, New Mexico.
      1510 Mimosa Court NE, Rio Rancho, NM 87144
      View Details
    • $79,900

      Rio Rancho Land Parcel

      2.5-acre parcel in Rio Rancho for building or investment.
      5850 Epazote Road NE, Rio Rancho, NM 87144
      View Details
    • $8,000

      Rio Rancho Acre Lot

      One acre lot in Rio Rancho, New Mexico.
      1905 33rd Street SW unit: 4, Rio Rancho, NM 87124
      View Details
    • $26,850

      Rio Rancho Land Opportunity

      Land in Rio Rancho, NM, great investment opportunity.
      2901 Perla Court NE, Rio Rancho, NM 87144
      View Details
    • $95,000

      Commercial Lots in Rio Rancho

      Two commercial lots available near established businesses and utilities.
      2800 Northern Boulevard NE, Rio Rancho, NM 87124
      View Details
    • $1,295,000

      Rio Rancho Land For Sale

      1.83-acre C-2 zoned property with income potential.
      3508 Northern Boulevard NE, Rio Rancho, NM 87124
      View Details

    FAQs

    What type of property is this?
    Commercial land - Land for sale south of Paseo del Volcan.
    Where is this commercial land located?
    The property is located at 3620 28th Avenue NE Rio Rancho, NM.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Great investment opportunity; Zoned O‑1; Located just south of Paseo del Volcan
    (505) 828-1075
    We can help!
    Listing Contact
    Fred E Colfack
    Real Estate License ID: 12709
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!