NNN Commercial Building with
For Sale
$545,000
3 George Ct, Edgewood, NM 87015
Fully leased commercial property with drive-through access and additional on-site storage units.
Property Size3,400 SF
Price / SF$160.29
Days on Market195
Property Features for 3 George Ct
General Information
Standard status
Active
Size
3,400 SF
Property subtype
Retail
Zoning
C-2
Amenities
Drive-Thru
Listing Agency:
Couture Brokerage
(505) 321-3259
Listed By:
Toni-Lei Ponic · License #15258
(505) 321-3259
Source:
Carnm.resimplifi
Added: Feb 17
Changed: Aug 31
Last Checked: Aug 31 at 12:25AM
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 Couture Brokerage
Investment Insights
Based on property information with market context.
This fully leased commercial property contains a 3,400-square-foot building configured for six units, with retail and office space and a drive-through component. The site also includes 10 individual storage units, providing additional on-site storage capacity. Eight designated parking spaces serve the property, which is zoned C-2 and operates under NNN leases.
Located off NM 333 in Edgewood, the property offers access to Interstate 40 for convenient travel to and from the site. The combination of leased commercial space, storage units, parking, and drive-through functionality creates a varied physical configuration within one property.
Located off NM 333 in Edgewood, the property offers access to Interstate 40 for convenient travel to and from the site. The combination of leased commercial space, storage units, parking, and drive-through functionality creates a varied physical configuration within one property.
Key Highlights
- Fully leased 3,400‑square‑foot commercial retail/office building
- Six‑unit configuration with drive‑through component
- 10 individual storage units on‑site
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
$46,818
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
8.59%
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%
$936,360
$936.4K
Cap Rate 7%
$668,829
$668.8K
Cap Rate 9%
$520,200
$520.2K
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
$73.4K $21.60/SF
− Vacancy
−$11.0K −$3.24/SF
EGI
$62.4K $18.36/SF
− OpEx
−$15.6K −$4.59/SF
NOI
$46.8K $13.77/SF
Area
Santa Fe County, NM
Vacancy
15.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$936,360
Cap Rate 7%
$668,829
Cap Rate 9%
$520,200
Alternative Uses
Best Use
Office B
$668.8K
$585.2K – $780.3K
NOI $46,818 @ 7.0% cap · market cap 8.59%
Second Best
Retail
$616.0K
$539.0K – $718.6K
NOI $43,118 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$923.2K
$807.8K – $1.08M
NOI $64,627 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
263
Businesses Nearby
Explore this area
Business Placement
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Fully leased commercial property with drive-through access and additional on-site storage units.
Where is this nnn property located?
The property is located at 3 George Ct Edgewood, NM.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Fully leased 3,400‑square‑foot commercial retail/office building; Six‑unit configuration with drive‑through component; 10 individual storage units on‑site
