Historic District
For Sale
$1,100,000
423 San Felipe St NW, Albuquerque, NM 87104
Surrounded by retailers and amenities in Albuquerque’s centrally situated Old Town district.
Property Size2,742 SF
Price / SF$401.17
Days on Market605
Property Features for 423 San Felipe St NW
General Information
Standard status
Active
Size
2,742 SF
Property subtype
Retail
Listing Agency:
SVN / Walt Arnold Commercial Brokerage, Inc.
(505) 269-9358
Listed By:
Walt Arnold · License #9117
(505) 269-9358
Source:
Carnm.resimplifi
Added: Jan 1, 2025
Changed: Aug 28
Last Checked: Aug 29 at 5:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN / Walt Arnold Commercial Brokerage, Inc.
Investment Insights
Based on property information with market context.
This retail building is located at 423 San Felipe St NW in Albuquerque’s Old Town area. The property is within a designated Historical District and is surrounded by retailers and other amenities, placing it in an established commercial setting. A listed property size of 2742 provides a defined physical footprint for the storefront asset. The surrounding retail environment and reported consumer activity add relevant context for businesses evaluating this location.
Key Highlights
- Retail building in Albuquerque’s Old Town area
- Located within a Historical District
- Surrounded by retailers and other amenities
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
$39,415
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
3.58%
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%
$788,300
$788.3K
Cap Rate 7%
$563,071
$563.1K
Cap Rate 9%
$437,944
$437.9K
Market Conditions
NOI Build-Up for 2,742 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
$60.9K $22.20/SF
− Vacancy
−$4.6K −$1.67/SF
EGI
$56.3K $20.54/SF
− OpEx
−$16.9K −$6.16/SF
NOI
$39.4K $14.37/SF
Area
Albuquerque, NM
Vacancy
7.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$788,300
Cap Rate 7%
$563,071
Cap Rate 9%
$437,944
Alternative Uses
Best Use
Retail
$563.1K
$492.7K – $656.9K
NOI $39,415 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$663.3K
$580.4K – $773.9K
NOI $46,434 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,381
Businesses Nearby
97k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 78%
Shops & Services 18%
Beauty & Spa 2%
Hotels & Casinos 1%
Starbucks
Dining
29,064 visits/mo
0.5 miles
McDonald's
Dining
19,913 visits/mo
0.3 miles
Speedway
Shops & Services
17,765 visits/mo
0.5 miles
Wendy's
Dining
11,984 visits/mo
0.3 miles
Blake's LotaBurger
Dining
10,953 visits/mo
0.3 miles
Demographics for 87104, NM
12,537
Population
6,628
Households
1.9
Avg Household Size
43
Median Age
48%
College-Educated
92%
High-School Grad
4.2 sq mi
ZIP Area
2,985
Density / Sq Mi
$67,714
Median Household Income
$55,156
Median Earnings
$1,022
Median Rent
$300,000
Median Home Value
Market
Vacancy Rate% for Retail in Albuquerque, NM
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Surrounded by retailers and amenities in Albuquerque’s centrally situated Old Town district.
Where is this storefront property located?
The property is located at 423 San Felipe St NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Retail building in Albuquerque’s Old Town area; Located within a Historical District; Surrounded by retailers and other amenities
