Corner Storefront
New
For Sale
$600,000
3846-3848 Rio Grande Boulevard NW, Albuquerque, NM 87107
CommercialSale, Albuquerque, NM
Property Size3,037 SF
Lot Size0.21 Acres
Price / SF$197.56
Days on Market2
Property Features for 3846-3848 Rio Grande Boulevard NW
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
MX-M
Parking
11
Parking features
Parking Lot
Directions
Property is located on the SE corner of Rio Grande Blvd NW and Griegos Rd NW and includes all units in 3846 and 3848
Standard status
Active
APN
101306117719530807
Size
3,037 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
Mrgcd Map 31 Tr 134A1 Exc Por To R/W Griegos Rd Nw Cont 0.21 9 Ac
Legal Description
Mrgcd Map 31 Tr 134A1 Exc Por To R/W Griegos Rd Nw Cont 0.21 9 Ac
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1961
Flooring type
Tile, Vinyl
Building materials
Frame
Listing Agency:
Keller Williams Realty
(505) 271-8200
Listed By:
Lisa Godin · License #51239
(505) 269-4584
Added: Oct 22
Last Checked: Oct 23 at 4:06AM
MLS# 202604537
Copyright © 2026 Santa Fe Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 3,037-square-foot storefront property consists of two buildings with five suites on a 0.21-acre corner parcel. Built in 1961, the buildings have frame construction, tile and vinyl flooring, a parking lot, and public water and sewer. Three suites are leased through 2027, while two suites are vacant.
The property fronts the intersection of Rio Grande Boulevard and Griegos Road in Albuquerque, near Rio Grande Shops at Flying Star Plaza. MX-M mixed-use zoning supports a range of potential uses, subject to applicable requirements and approvals.
After the applicable lease expires, Suite A could be configured as a two-bedroom, one-bath residence with a full kitchen, dining area, and living room. Connecting Suite B internally could allow for a three-bedroom, two-bath layout with a second living or work area, subject to required approvals.
The property fronts the intersection of Rio Grande Boulevard and Griegos Road in Albuquerque, near Rio Grande Shops at Flying Star Plaza. MX-M mixed-use zoning supports a range of potential uses, subject to applicable requirements and approvals.
After the applicable lease expires, Suite A could be configured as a two-bedroom, one-bath residence with a full kitchen, dining area, and living room. Connecting Suite B internally could allow for a three-bedroom, two-bath layout with a second living or work area, subject to required approvals.
Key Highlights
- Two‑building storefront property with five suites
- 3,037 square feet on 0.21 acres
- Three suites leased through 2027; two suites are vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,655
Cap Rate
7.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$873,100
$873.1K
Cap Rate 7%
$623,643
$623.6K
Cap Rate 9%
$485,056
$485.1K
Market Conditions
NOI Build-Up for 3,037 SF
Gross rent
$67.4K $22.20/SF
− Vacancy
−$5.1K −$1.67/SF
EGI
$62.4K $20.54/SF
− OpEx
−$18.7K −$6.16/SF
NOI
$43.7K $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 Rate 5%
$873,100
Cap Rate 7%
$623,643
Cap Rate 9%
$485,056
Alternative Uses
Best Use
Retail
$623.6K
$545.7K – $727.6K
NOI $43,655 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$734.7K
$642.9K – $857.2K
NOI $51,430 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87107, NM
30,340
Population
13,441
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
92%
High-School Grad
14.6 sq mi
ZIP Area
2,078
Density / Sq Mi
$59,663
Median Household Income
$36,392
Median Earnings
$901
Median Rent
$282,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Albuquerque, NM
Frequently Asked Questions
What type of property is this?
Storefront property - Five suites across two buildings include three leased spaces and two vacancies.
Where is this storefront property located?
The property is located at 3846-3848 Rio Grande Boulevard NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Two‑building storefront property with five suites; 3,037 square feet on 0.21 acres; Three suites leased through 2027; two suites are vacant
