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    Mixed-Use Building with Restaurant & Apartments Title is generated by Realmo AI

    120 N 1st Street, Raton, NM 87740

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    For Sale
    $1,750,000

    SINGLE_FAMILY - Raton, NM

    Type:Retail
    Property size:
    15,000 SF
    Price / SF:
    $116/SF
    Added:
    May 4, 2026
    Days on Market:
    34
    Last Refresh:
    Jun 6 at 1:06 am

    Property Features for 120 N 1st Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Standard status
    Active
    APN
    09

    Taxes and HOA fees

    Tax Description
    TBD/Property Legal Description: Subd: OT RATON Lot: 6 Block: 1 UPC 1135186318120 LAND 1 Subd: OT RAT

    Building Details

    Year built
    1900

    We can help!

    Listing Contact
    Wayne Massi

    Listing agent Wayne Massi License #51391

    Listing office Engel & Voelkers Taos 105 Paseo del Pueblo Norte, Taos Ski Valley, NM

    Listing date May 4, 2026

    MLS# 115136

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

    HighLights

    • 15,000 SF Gamble Building in Raton’s 1st Street Historic Art District
    • Restaurant and bar space: 2,000 SF with fully equipped state‑of‑the‑art kitchen, service bar, POS system, and game room
    • ADA‑compliant restrooms plus 150+ indoor/outdoor seating capacity for the restaurant/bar
    • Includes 8,000 SF ground‑level retail rental space and 10,000 SF second‑story residential lease potential
    • Two finished apartment units with history of long‑term monthly leases
    • Additional 3,000+ SF entertainment/ball room with refinished hardwood floors, towering ceilings, skylights, and 2 finished ADA‑compliant restrooms/laundry room

    Overview

    The Gamble Building presents a combined commercial and residential layout with multiple income-producing areas. A well-equipped 2000-square-foot restaurant and bar is ready for a new operator, with a fully equipped kitchen, service bar, POS system, and game room. The concept supports 150+ indoor/outdoor seating capacity and includes ADA-compliant restrooms. Ground-level retail rental space is also available (8000 square feet). Upstairs, the property offers residential lease potential totaling 10,000 square feet, including two finished apartment units with a history of long-term monthly leases. In addition, an entertainment-ball room with refinished hardwood floors, towering ceilings, and skylights is available for expanded development, supported by two finished ADA-compliant restrooms/laundry room.

    The property is located in the hub of Raton’s 1st Street Historic Art District. It is directly across the street from the Amtrak station.

    This configuration can work for owners seeking an integrated street-level retail and food-and-beverage operation alongside residential income, or for investors and operators looking to lease space across different floors and uses within one asset. The presence of ADA-compliant facilities and a prepared restaurant/bar buildout can reduce turnaround time for a qualified user.
    Property Profile Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Raton
    County
    Colfax
    State
    New Mexico
    Longitude
    -104.438452
    Latitude
    36.902786

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    FAQs

    What type of property is this?
    Mixed-use property - Downtown property offering a turn-key restaurant/bar, ground-floor retail space, and residential units above.
    Where is this mixed-use property located?
    The property is located at 120 N 1st Street Raton, NM.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: 15,000 SF Gamble Building in Raton’s 1st Street Historic Art District; Restaurant and bar space: 2,000 SF with fully equipped state‑of‑the‑art kitchen, service bar, POS system, and game room; ADA‑compliant restrooms plus 150+ indoor/outdoor seating capacity for the restaurant/bar
    (575) 776-0600
    We can help!
    Listing Contact
    Wayne Massi
    Real Estate License ID: 51391
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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.

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