Prime Albuquerque Retail
For Sale
$7,250,000
4340 San Mateo Boulevard NE, Albuquerque, NM 87110
SINGLE_FAMILY - Albuquerque, NM
Property Size16,104 SF
Lot Size1.24 Acres
Price / SF$450.20
Days on Market99
Property Features for 4340 San Mateo Boulevard NE
General Information
Property type
Residential
Property subtype
Retail
Zoning description
MX-L*
Parking
44
Directions
Going East on Montgomery, passing Carlisle, Property is on the SE Corner of San Mateo & Montgomery Intersection.
Subdivision
41 - Uptown
Standard status
Active
APN
101806002051221025
Size
16,104 SF
Lot size
1.24 Acres
Taxes and HOA fees
Tax Annual Amount
32129
Utilities
Heating system
Natural Gas
Building Details
Floors in Building
1
Listing Agency:
Berkshire Hathaway NM Prop · Berkshire Hathaway HomeServices
(505) 798-6300
Listed By:
Jacob E Lopez · License #50903
(505) 328-5156
Added: May 1
Changed: May 8
Last Checked: Aug 7 at 2:06AM
MLS# 1103197
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 exclusive two-parcel portfolio presents a commercial real estate opportunity in New Mexico. The property controls the entirety of the #2 busiest hard corner intersection in the State of New Mexico, located at Montgomery Boulevard and San Mateo Boulevard NE, which sees 75,000 to 80,000 vehicles per day. Situated against the backdrop of the Sandia Mountains, the portfolio totals approximately 16,104 square feet of retail building area across 1.49 acres of urban land. Both parcels are fully leased under net lease structures, delivering cash flow. The anchor asset at 4340 San Mateo Blvd NE is a 14,454 square foot big-box retail building on 1.24 acres, corporate-guaranteed by CVS Pharmacy under an Absolute NNN lease running through August.
Key Highlights
- Controls the entirety of the #2 busiest hard corner intersection in New Mexico (Montgomery & San Mateo Blvd NE).
- Fully leased under net lease structures, delivering immediate, dependable cash flow.
- Anchor asset is a 14,454 SF big‑box retail building corporate‑guaranteed by CVS Pharmacy under an Absolute NNN lease.
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
$272,480
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
3.76%
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%
$5,449,600
$5.4M
Cap Rate 7%
$3,892,571
$3.9M
Cap Rate 9%
$3,027,556
$3.0M
Market Conditions
NOI Build-Up for 16,104 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
$386.5K $24.00/SF
− Vacancy
−$23.2K −$1.44/SF
EGI
$363.3K $22.56/SF
− OpEx
−$90.8K −$5.64/SF
NOI
$272.5K $16.92/SF
Area
Albuquerque, NM
Vacancy
6.00%
Lease Rate
$24.00 /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%
$5,449,600
Cap Rate 7%
$3,892,571
Cap Rate 9%
$3,027,556
Alternative Uses
Best Use
Specialty Retail
$3.89M
$3.41M – $4.54M
NOI $272,480 @ 7.0% cap · market cap 3.76%
Second Best
Retail
$3.31M
$2.89M – $3.86M
NOI $231,487 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $272,712 @ 7.0% cap · market cap 3.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,392
Businesses Nearby
410k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 49%
Shops & Services 21%
Apparel 17%
Groceries 11%
Raising Cane's Chicken Fingers
Dining
72,902 visits/mo
0.4 miles
Ross Dress for Less
Apparel
55,862 visits/mo
0.4 miles
Chick-fil-A
Dining
46,909 visits/mo
0.4 miles
Albertsons
Groceries
46,084 visits/mo
0.3 miles
dd's DISCOUNTS
Shops & Services
30,851 visits/mo
0.4 miles
Demographics for 87110, NM
38,441
Population
19,591
Households
2
Avg Household Size
42
Median Age
38%
College-Educated
93%
High-School Grad
8.8 sq mi
ZIP Area
4,368
Density / Sq Mi
$63,593
Median Household Income
$40,244
Median Earnings
$1,096
Median Rent
$251,400
Median Home Value
Market
Vacancy Rate% for Retail in Albuquerque, NM
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Albertsons Market Pharmacy — 4950 Montgomery Blvd NE, Albuquerque, NM 87109
- Mark C. Shortencarier, RPH — 4340 San Mateo Blvd NE, Albuquerque, NM 87109, United States
- Michael A. Kirolos, PharmD — 4340 San Mateo Blvd NE, Albuquerque, NM 87109, United States
- Grassroots — 3701 san mateo blvd ne, albuquerque, nm 87110
- Stakked Nutrition — 3401 San Mateo Blvd NE, Albuquerque, NM 87110
Frequently Asked Questions
What type of property is this?
Drug store - Two-parcel retail portfolio at a high-traffic Albuquerque intersection.
Where is this drug store located?
The property is located at 4340 San Mateo Boulevard NE Albuquerque, NM.
What is the asking price?
The asking price for this property is $7,250,000.
What are key features of this property?
This property features: Controls the entirety of the #2 busiest hard corner intersection in New Mexico (Montgomery & San Mateo Blvd NE).; Fully leased under net lease structures, delivering immediate, dependable cash flow.; Anchor asset is a 14,454 SF big‑box retail building corporate‑guaranteed by CVS Pharmacy under an Absolute NNN lease.
