Adjoining Retail Suites with
For Sale
$230,000
412 S Main St, Belen, NM 87002
Updated commercial space includes an adjoining parcel suitable for parking or additional business use.
Property Size1,941 SF
Price / SF$118.50
Days on Market13
Property Features for 412 S Main St
General Information
Standard status
Active
Size
1,941 SF
Building Details
Buildings
2
Listing Agency:
New Mexico RE Investments, LLC
(505) 239-3600
Listed By:
Julian F. Barela
Source:
Thesouthwestlife
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 12:16PM
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 New Mexico RE Investments, LLC
Investment Insights
Based on property information with market context.
This offering combines two adjoining commercial suites at 412 S. Main Street and 414 S. Main Street, along with the adjacent lot at 416 S. Main Street. The buildings have been updated and provide nearly 2,000 square feet of space. The suites were previously used for a bakery and a barbershop, offering distinct layouts for continued retail or service-oriented operations.
The property sits directly off Main Street in Belen, with visibility from a high-traffic area and parking available on the adjoining parcel. The lot may also accommodate another business use. The seller will consider owner financing with acceptable terms.
The property sits directly off Main Street in Belen, with visibility from a high-traffic area and parking available on the adjoining parcel. The lot may also accommodate another business use. The seller will consider owner financing with acceptable terms.
Key Highlights
- Two adjoining commercial suites with nearly 2,000 square feet of space
- Includes 412 S. Main Street, 414 S. Main Street, and adjoining lot at 416 S. Main Street
- Buildings were previously used as a bakery and barbershop
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
$16,590
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
7.21%
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%
$331,800
$331.8K
Cap Rate 7%
$237,000
$237.0K
Cap Rate 9%
$184,333
$184.3K
Market Conditions
NOI Build-Up for 1,941 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
$25.6K $13.20/SF
− Vacancy
−$1.9K −$0.99/SF
EGI
$23.7K $12.21/SF
− OpEx
−$7.1K −$3.66/SF
NOI
$16.6K $8.55/SF
Area
Valencia County, NM
Vacancy
7.50%
Lease Rate
$13.20 /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%
$331,800
Cap Rate 7%
$237,000
Cap Rate 9%
$184,333
Alternative Uses
Best Use
Retail
$237.0K
$207.4K – $276.5K
NOI $16,590 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$401.4K
$351.2K – $468.3K
NOI $28,095 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
551
Businesses Nearby
52k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 71%
Dining 29%
Speedway
Shops & Services
17,902 visits/mo
0.4 miles
Blake's LotaBurger
Dining
14,943 visits/mo
0.3 miles
Allsups
Shops & Services
8,894 visits/mo
0.4 miles
Family Dollar
Shops & Services
7,689 visits/mo
0.5 miles
FedEx Office Print & Ship Center
Shops & Services
2,787 visits/mo
0.1 miles
Demographics for 87002, NM
21,225
Population
9,210
Households
2.3
Avg Household Size
43
Median Age
19%
College-Educated
84%
High-School Grad
598.3 sq mi
ZIP Area
35
Density / Sq Mi
$51,537
Median Household Income
$30,896
Median Earnings
$859
Median Rent
$183,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Updated commercial space includes an adjoining parcel suitable for parking or additional business use.
Where is this storefront property located?
The property is located at 412 S Main St Belen, NM.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two adjoining commercial suites with nearly 2,000 square feet of space; Includes 412 S. Main Street, 414 S. Main Street, and adjoining lot at 416 S. Main Street; Buildings were previously used as a bakery and barbershop
