Multi-Suite Storefront
For Sale
$520,000
3 George Court, Edgewood, NM 87015
COMMERCIAL - Edgewood, NM
Property Size3,400 SF
Lot Size0.70 Acres
Price / SF$152.94
Days on Market185
Property Features for 3 George Court
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
C-2
Parking
8
Parking features
Leased
Directions
I40 East to Edgewood. Head right to NM 333 Turn right. Take to George Court. Turn right
Subdivision
260 - South 217
Standard status
Active
APN
099001240
Lot size
0.70 Acres
Taxes and HOA fees
Tax Annual Amount
4892
Amenities
storage units
Building Details
Floors in Building
1
Building materials
Frame, Stucco
Listing Agency:
Couture Brokerage
(505) 321-3259
Listed By:
Toni-Lei Renee Ponic · License #15258
(505) 321-3259
Added: Feb 19
Changed: Aug 19
Last Checked: Aug 23 at 6:06AM
MLS# 1099485
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.
This storefront property in Edgewood, New Mexico, contains a 6-unit commercial building totaling 3,400 square feet. The frame-and-stucco improvements include 10 individual storage units, adding dedicated on-site storage capacity for occupants or business operations. Eight designated parking spaces serve the property, with parking identified as leased in the listing details.
Located at 3 George Court, the property offers a combination of multi-unit commercial space, on-site storage, and dedicated parking within a single 0.7-acre parcel.
Located at 3 George Court, the property offers a combination of multi-unit commercial space, on-site storage, and dedicated parking within a single 0.7-acre parcel.
Key Highlights
- 6‑unit commercial building with 3,400 square feet
- 10 individual storage units on‑site
- 8 designated parking spaces
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
$43,118
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
8.29%
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%
$862,360
$862.4K
Cap Rate 7%
$615,971
$616.0K
Cap Rate 9%
$479,089
$479.1K
Market Conditions
NOI Build-Up for 3,400 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
$67.3K $19.80/SF
− Vacancy
−$5.7K −$1.68/SF
EGI
$61.6K $18.12/SF
− OpEx
−$18.5K −$5.44/SF
NOI
$43.1K $12.68/SF
Area
Santa Fe County, NM
Vacancy
8.50%
Lease Rate
$19.80 /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%
$862,360
Cap Rate 7%
$615,971
Cap Rate 9%
$479,089
Alternative Uses
Best Use
Retail
$616.0K
$539.0K – $718.6K
NOI $43,118 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$923.2K
$807.8K – $1.08M
NOI $64,627 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
263
Businesses Nearby
12k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Starbucks
Dining
11,924 visits/mo
0.5 miles
Demographics for 87015, NM
12,833
Population
6,593
Households
1.9
Avg Household Size
47
Median Age
34%
College-Educated
93%
High-School Grad
131.6 sq mi
ZIP Area
98
Density / Sq Mi
$72,681
Median Household Income
$48,270
Median Earnings
$891
Median Rent
$263,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Multi-suite commercial building with on-site storage and designated parking in Edgewood.
Where is this storefront property located?
The property is located at 3 George Court Edgewood, NM.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: 6‑unit commercial building with 3,400 square feet; 10 individual storage units on‑site; 8 designated parking spaces
