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    Historic Restaurant and Apartment Building Title is generated by Realmo AI

    244 S 1st Street, Raton, NM 87740

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    For Sale
    $750,000

    SINGLE_FAMILY - Raton, NM

    Type:Retail
    Property size:
    7,500 SF
    Price / SF:
    $100/SF
    Added:
    May 4, 2026
    Days on Market:
    33
    Last Refresh:
    Jun 5 at 9:06 pm

    Property Features for 244 S 1st Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Security features
    Security
    Exterior features
    Landscaping, SecurityLighting
    Standard status
    Active

    Taxes and HOA fees

    Tax Description
    Subd: OT RATON Lot: 1 Block: 9 UPC 1135186301019 LAND 1 Subd: OT RATON Lot: 2 Block: 9 UPC 11351863

    Utilities

    Heating system
    Electric (Heating), Baseboard
    Cooling system
    Ceiling Fan(s)
    Water source
    Public

    Building Details

    Year built
    1908
    Floors in Building
    2
    Building materials
    Masonry, MetalSiding
    Roof type
    Flat

    We can help!

    Listing Contact
    Keith Dowell

    Listing agent Keith Dowell License #16067

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

    Listing date May 4, 2026

    MLS# 115135

    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

    • 7,500 SF historic Gate City Santa Fe Cafe building with turn‑of‑the‑century brick construction (year built 1908)
    • Located directly across from the Amtrak RR station on Historic 1st Street Art District in downtown Raton
    • Commercial space includes dining room, service bar, POS system, and license, plus state‑of‑the‑art kitchen equipment
    • Kitchen includes multiple stoves and ovens, walk‑in refrigeration, and dish machine; interior features include 14‑ft ceilings and wood floors
    • Second floor has three fully finished apartments
    • Restaurant seating includes 150+ occupancy and offers patio dining, with 2 ADA‑compliant restrooms

    Overview

    A turn-of-the-century brick restaurant and residential property featuring wood floors throughout and 14-inch ceilings. The ground level includes a complete front-of-house dining room with a service bar, POS system, and restaurant license. Back-of-house operations are supported by multiple stoves and ovens, walk-in refrigeration, and a dish machine. Guest amenities include patio dining, a fireplace, a game room, and two ADA-compliant restrooms. Seating is described as 150+.

    The property is located in downtown Raton and sits directly across the street from the Amtrak RR station. It is also positioned within the Historic 1st Street Art District. The asset includes a back yard and parking, supporting both daily operations and customer access.

    On the second floor, three fully finished apartments provide additional rental lodging. The combination of ready-to-operate restaurant space and separate apartment units can support a tenant or owner looking for a mixed-use setup within a single building, with residential space located above the dining and bar area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon 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
    -104.438931
    Latitude
    36.900135

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    FAQs

    What type of property is this?
    Conventional restaurant - Turnkey restaurant with bar, kitchen, and POS/license, plus three finished apartments above, directly across from an Amtrak station.
    Where is this conventional restaurant located?
    The property is located at 244 S 1st Street Raton, NM.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: 7,500 SF historic Gate City Santa Fe Cafe building with turn‑of‑the‑century brick construction (year built 1908); Located directly across from the Amtrak RR station on Historic 1st Street Art District in downtown Raton; Commercial space includes dining room, service bar, POS system, and license, plus state‑of‑the‑art kitchen equipment
    (575) 776-0600
    We can help!
    Listing Contact
    Keith Dowell
    Real Estate License ID: 16067
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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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