CVS NNN Retail
For Sale
$7,250,000
4340 San Mateo Boulevard NE, Albuquerque, NM 87110
CommercialSale, Albuquerque, NM
Property Size16,104 SF
Lot Size1.24 Acres
Price / SF$450.20
Days on Market127
Property Features for 4340 San Mateo Boulevard NE
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
MX-L*
Parking
44
Directions
Going East on Montgomery, passing Carlisle, Property is on the SE Corner of San Mateo & Montgomery Intersection.
Subdivision
41 - Uptown
Standard status
Active
APN
101806002051221025
Lot size
1.24 Acres
Taxes and HOA fees
Tax Annual Amount
32129
Utilities
Heating system
Natural Gas
Building Details
Floors in Building
1
Listing Agency:
Berkshire Hathaway NM Prop · Berkshire Hathaway HomeServices
(505) 798-6300
Listed By:
Jacob E Lopez · License #50903
(505) 328-5156
Added: May 1
Changed: Aug 19
Last Checked: Sep 4 at 9:06PM
MLS# 1103197
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.
Investment Insights
Based on property information with market context.
Located at 4340 San Mateo Boulevard NE in Albuquerque, this NNN retail property includes a 14,454-square-foot big-box building on 1.24 acres. The asset is occupied by CVS Pharmacy under a corporate-guaranteed absolute NNN lease structure. Natural gas service is listed for the property.
The site is positioned at the intersection of Montgomery Boulevard and San Mateo Boulevard NE, where the broader portfolio is described as receiving approximately 75,000 to 80,000 vehicles per day. The property is part of a two-parcel commercial portfolio totaling approximately 16,104 square feet of retail building area across 1.49 acres.
The site is positioned at the intersection of Montgomery Boulevard and San Mateo Boulevard NE, where the broader portfolio is described as receiving approximately 75,000 to 80,000 vehicles per day. The property is part of a two-parcel commercial portfolio totaling approximately 16,104 square feet of retail building area across 1.49 acres.
Key Highlights
- 14,454‑square‑foot big‑box retail building
- 1.24‑acre parcel at 4340 San Mateo Boulevard NE
- Occupied by CVS Pharmacy
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$272,480
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.76%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,449,600
$5.4M
Cap Rate 7%
$3,892,571
$3.9M
Cap Rate 9%
$3,027,556
$3.0M
Market Conditions
NOI Build-Up for 16,104 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$386.5K $24.00/SF
− Vacancy
−$23.2K −$1.44/SF
EGI
$363.3K $22.56/SF
− OpEx
−$90.8K −$5.64/SF
NOI
$272.5K $16.92/SF
Area
Albuquerque, NM
Vacancy
6.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,449,600
Cap Rate 7%
$3,892,571
Cap Rate 9%
$3,027,556
Alternative Uses
Best Use
Specialty Retail
$3.89M
$3.41M – $4.54M
NOI $272,480 @ 7.0% cap · market cap 3.76%
Second Best
Retail
$3.31M
$2.89M – $3.86M
NOI $231,487 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $272,712 @ 7.0% cap · market cap 3.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
80,000 VPD
Traffic count
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,587
Businesses Nearby
473k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Apparel 22%
Shops & Services 12%
Groceries 10%
Raising Cane's Chicken Fingers
Dining
72,902 visits/mo
0.1 miles
Ross Dress for Less
Apparel
55,862 visits/mo
0.1 miles
Chick-fil-A
Dining
46,909 visits/mo
0.0 miles
Albertsons
Groceries
46,084 visits/mo
0.1 miles
T.J. Maxx
Apparel
28,747 visits/mo
0.2 miles
Demographics for 87110, NM
38,441
Population
19,591
Households
2
Avg Household Size
42
Median Age
38%
College-Educated
93%
High-School Grad
8.8 sq mi
ZIP Area
4,368
Density / Sq Mi
$63,593
Median Household Income
$40,244
Median Earnings
$1,096
Median Rent
$251,400
Median Home Value
Market
Vacancy Rate% for Retail in Albuquerque, NM
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Corporate-backed pharmacy asset with an absolute NNN lease structure and an established retail building footprint.
Where is this nnn property located?
The property is located at 4340 San Mateo Boulevard NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $7,250,000.
What are key features of this property?
This property features: 14,454‑square‑foot big‑box retail building; 1.24‑acre parcel at 4340 San Mateo Boulevard NE; Occupied by CVS Pharmacy
