Historic Retail Building in Old
For Sale
$1,000,000
2104 Charlevoix St. NW, Albuquerque, NM 87104
Charming 2,481 SF retail building in vibrant Old Town Albuquerque.
Property Size2,481 SF
Price / SF$403.06
Days on Market290
Property Features for 2104 Charlevoix St. NW
General Information
Standard status
Active
Size
2,481 SF
Property subtype
Retail
Building Details
Building Size
2,481 SF
Listed By:
Walt Arnold, CCIM, SIOR · License #NM #9117
(505) 269-9358
Source:
Svn
Added: Nov 21, 2025
Changed: Sep 5
Last Checked: Sep 7 at 6:24AM
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 Walt Arnold, CCIM, SIOR
Investment Insights
Based on property information with market context.
This historic 2,481 SF building, located at 2104 Charlevoix St. NW, Albuquerque, NM 87104, presents a retail investment opportunity. Zoned MX-T, it offers a unique canvas for retail or street retail investors, featuring a functional layout. Situated in Old Town Albuquerque, an area known for tourism, the property benefits from its proximity to amenities. It has great access to I-40 via Rio Grande Blvd and is near the Bio Park, Albuquerque Zoo, museums, and close to Downtown. The property is located in Tract 208-A, Map 38, M.R.G.C.D., Bernalillo County, New Mexico. This location holds tremendous potential for a successful retail venture in the vibrant Albuquerque area.
Key Highlights
- Prime location in Old Town Albuquerque, a high‑tourism area.
- MX‑T zoning allows for diverse retail or street retail ventures.
- Functional 2,481 SF building layout.
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
$35,663
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
3.57%
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%
$713,260
$713.3K
Cap Rate 7%
$509,471
$509.5K
Cap Rate 9%
$396,256
$396.3K
Market Conditions
NOI Build-Up for 2,481 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
$55.1K $22.20/SF
− Vacancy
−$4.1K −$1.67/SF
EGI
$50.9K $20.54/SF
− OpEx
−$15.3K −$6.16/SF
NOI
$35.7K $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%
$713,260
Cap Rate 7%
$509,471
Cap Rate 9%
$396,256
Alternative Uses
Best Use
Retail
$509.5K
$445.8K – $594.4K
NOI $35,663 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$600.2K
$525.2K – $700.2K
NOI $42,014 @ 7.0% cap · market cap 4.20%
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
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Frequently Asked Questions
What type of property is this?
Storefront property - Charming 2,481 SF retail building in vibrant Old Town Albuquerque.
Where is this storefront property located?
The property is located at 2104 Charlevoix St. NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Prime location in Old Town Albuquerque, a high‑tourism area.; MX‑T zoning allows for diverse retail or street retail ventures.; Functional 2,481 SF building layout.
