Mixed-Use Property with Five
3848 Rio Grande Boulevard NW, Albuquerque, NM 87107
For Sale
$600,000
Pending
Commercial Sale, Albuquerque, NM
Property Size3,037 SF
Lot Size0.21 Acres
Days on Market44
Property Features for 3848 Rio Grande Boulevard NW
General Information
Property type
Property subtype
Zoning
Parking
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Building Details
Floors in Building
Buildings
Listing Agency:
Keller Williams Realty
(505) 271-8200
Listed By:
Peace of the Planet Properties
(505) 269-4584
Added: Sep 29
Changed: Nov 9
Last Checked: Nov 11 at 8:06AM
MLS# 1112914
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.
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Investment Insights
Based on property information with market context.
The property comprises two buildings totaling 3,037 square feet on a 0.21-acre corner parcel. Across the five suites, three are leased through 2027, while the other two are vacant. Suite A at 3846 Rio Grande Boulevard could be converted to a two-bedroom, one-bath residence with a kitchen, dining area, and living room after its lease expires. Connecting Suite B internally could allow for a three-bedroom, two-bath layout with an additional living or work area; these changes would require applicable approvals.
The site is at Rio Grande Boulevard and Griegos Road in Albuquerque, near Rio Grande Shops at Flying Star Plaza. The two vacant suites provide space for leasing, while the existing leases remain in place through 2027.
The site is at Rio Grande Boulevard and Griegos Road in Albuquerque, near Rio Grande Shops at Flying Star Plaza. The two vacant suites provide space for leasing, while the existing leases remain in place through 2027.
Key Highlights
- Two buildings with five suites total
- 3,037 square feet on a 0.21‑acre corner parcel
- Three suites at 3846 Rio Grande Boulevard leased through 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,900
Cap Rate
6.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$738,000
$738.0K
Cap Rate 7%
$527,143
$527.1K
Cap Rate 9%
$410,000
$410.0K
Market Conditions
NOI Build-Up for 3,037 SF
Gross rent
$65.6K $21.60/SF
− Vacancy
−$6.6K −$2.16/SF
EGI
$59.0K $19.44/SF
− OpEx
−$22.1K −$7.29/SF
NOI
$36.9K $12.15/SF
Area
Albuquerque, NM
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$738,000
Cap Rate 7%
$527,143
Cap Rate 9%
$410,000
Alternative Uses
Best Use
Mixed Use
$527.1K
$461.3K – $615.0K
NOI $36,900 @ 7.0% cap · market cap 6.15%
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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Current Use
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
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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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Market
Properties on Market for Mixed-use properties in Albuquerque
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings combine existing tenancy with vacant suites available for leasing.
Where is this mixed-use property located?
The property is located at 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 buildings with five suites total; 3,037 square feet on a 0.21‑acre corner parcel; Three suites at 3846 Rio Grande Boulevard leased through 2027
