Freestanding Storefront
For Sale
$349,000
2837 San Mateo Boulevard NE, Albuquerque, NM 87110
CommercialSale, Albuquerque, NM
Property Size1,773 SF
Lot Size0.17 Acres
Price / SF$196.84
Days on Market14
Property Features for 2837 San Mateo Boulevard NE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
MX-L*
Parking
9
Directions
From I-40, take San Mateo Blvd NE north. Property is located on San Mateo Blvd NE near Candelaria Rd NE.
Subdivision
41 - Uptown
Standard status
Active
APN
101705951944512408
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
2339
Utilities
Heating system
Natural Gas
Building Details
Floors in Building
1
Building materials
Frame
Listing Agency:
Berkshire Hathaway NM Prop · Berkshire Hathaway HomeServices
(505) 798-6300
Listed By:
Jacob E Lopez · License #50903
(505) 328-5156
Added: Sep 14
Last Checked: Sep 27 at 1:06PM
MLS# 1110973
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.
Freestanding commercial building with 1,773 SF of gross area on a 0.17-acre parcel. The layout includes a street-facing retail and display area, lounge, two work areas, kitchen, office, storage, bathroom, and washer/dryer connection. A covered rear walkway leads to covered alley parking. Existing finishes include mixed plank, laminate, and tile flooring, painted and wood-paneled walls, a working kitchen, and a full bath. Security doors and window grilles are in place. The interior is intact but requires cosmetic updating, including paint, flooring, and landscaping.
The property has approximately 64 feet of frontage on San Mateo Boulevard, a designated Major Transit Corridor, with reported traffic counts reaching 47,000 vehicles per day. The I-40 interchange is 0.70 miles south, and Menaul Boulevard is 0.35 miles away. MX-L zoning under the Albuquerque IDO permits small general retail, office, medical and dental clinic, personal and business services, restaurant, bank, commercial services, and cannabis retail as primary uses. The roof was replaced in 2022 with a 60-mil TPO membrane, utilities are connected, and a Phase I ESA found no recognized environmental conditions.
The property has approximately 64 feet of frontage on San Mateo Boulevard, a designated Major Transit Corridor, with reported traffic counts reaching 47,000 vehicles per day. The I-40 interchange is 0.70 miles south, and Menaul Boulevard is 0.35 miles away. MX-L zoning under the Albuquerque IDO permits small general retail, office, medical and dental clinic, personal and business services, restaurant, bank, commercial services, and cannabis retail as primary uses. The roof was replaced in 2022 with a 60-mil TPO membrane, utilities are connected, and a Phase I ESA found no recognized environmental conditions.
Key Highlights
- 1,773.48 SF gross building area per BOMA measurement
- 0.17‑acre parcel with roughly 64 feet of San Mateo Boulevard frontage
- Traffic counts on San Mateo Boulevard reach 47,000 vehicles per day
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
$25,486
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
7.30%
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%
$509,720
$509.7K
Cap Rate 7%
$364,086
$364.1K
Cap Rate 9%
$283,178
$283.2K
Market Conditions
NOI Build-Up for 1,773 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
$39.4K $22.20/SF
− Vacancy
−$3.0K −$1.67/SF
EGI
$36.4K $20.54/SF
− OpEx
−$10.9K −$6.16/SF
NOI
$25.5K $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%
$509,720
Cap Rate 7%
$364,086
Cap Rate 9%
$283,178
Alternative Uses
Best Use
Retail
$364.1K
$318.6K – $424.8K
NOI $25,486 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$428.9K
$375.3K – $500.4K
NOI $30,025 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,364
Businesses Nearby
117k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 46%
Dining 37%
Apparel 11%
Home Improvements & Furnishings 5%
dd's DISCOUNTS
Shops & Services
30,851 visits/mo
0.5 miles
Starbucks
Dining
12,427 visits/mo
0.5 miles
Big 5 Sporting Goods
Apparel
12,391 visits/mo
0.1 miles
Shell
Shops & Services
10,226 visits/mo
0.2 miles
Burger King
Dining
10,059 visits/mo
0.3 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Albuquerque, NM
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Frequently Asked Questions
What type of property is this?
Storefront property - MX-L zoning supports retail, office, clinic, service, restaurant, and other listed commercial uses.
Where is this storefront property located?
The property is located at 2837 San Mateo Boulevard NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 1,773.48 SF gross building area per BOMA measurement; 0.17‑acre parcel with roughly 64 feet of San Mateo Boulevard frontage; Traffic counts on San Mateo Boulevard reach 47,000 vehicles per day
