Mixed-Use Property with Office and
For Sale
$950,000
455 S Main St, Belen, NM 87002
Two-building commercial asset with office space, restaurant space, and a separate Subway land lease.
Property Size2,985 SF
Price / SF$318.26
Days on Market90
Property Features for 455 S Main St
General Information
Standard status
Active
Size
2,985 SF
Property subtype
Office
Zoning
C-1
Amenities
Power
Water
Sewer
Natural Gas
Building Details
Buildings
2
Tenancy
Multiple Tenants
Listing Agency:
Green Light Real Estate Services, LLC.
(505) 280-2062
Listed By:
Michael Novak
(505) 280-2062
Source:
Carnm.resimplifi
Added: Jun 1
Changed: Aug 29
Last Checked: Aug 29 at 5:07PM
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 Green Light Real Estate Services, LLC.
Investment Insights
Based on property information with market context.
Located at 455 S Main St in Belen, this mixed-use property includes two separate buildings: an office building and a restaurant space. The property also includes a land lease with Subway, adding an additional commercial component to the site. The total property size is 2,985, and the zoning is C-1.
The site is next to a Starbucks, placing the property within an established commercial setting. Its configuration combines office, restaurant, and leased land uses at one address, with the restaurant and office improvements providing distinct building components.
The site is next to a Starbucks, placing the property within an established commercial setting. Its configuration combines office, restaurant, and leased land uses at one address, with the restaurant and office improvements providing distinct building components.
Key Highlights
- Two‑building property with a dedicated office building and restaurant space
- Includes a land lease with Subway
- 2,985 total property size
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
$35,462
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
3.73%
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%
$709,240
$709.2K
Cap Rate 7%
$506,600
$506.6K
Cap Rate 9%
$394,022
$394.0K
Market Conditions
NOI Build-Up for 2,985 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
$59.1K $19.80/SF
− Vacancy
−$11.8K −$3.96/SF
EGI
$47.3K $15.84/SF
− OpEx
−$11.8K −$3.96/SF
NOI
$35.5K $11.88/SF
Area
Valencia County, NM
Vacancy
20.00%
Lease Rate
$19.80 /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%
$709,240
Cap Rate 7%
$506,600
Cap Rate 9%
$394,022
Alternative Uses
Best Use
Office B
$506.6K
$443.3K – $591.0K
NOI $35,462 @ 7.0% cap · market cap 3.73%
Second Best
Specialty Retail
$412.7K
$361.1K – $481.5K
NOI $28,887 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$617.2K
$540.1K – $720.1K
NOI $43,206 @ 7.0% cap · market cap 4.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
475
Businesses Nearby
Explore this area
Business Placement
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-building commercial asset with office space, restaurant space, and a separate Subway land lease.
Where is this mixed-use property located?
The property is located at 455 S Main St Belen, NM.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two‑building property with a dedicated office building and restaurant space; Includes a land lease with Subway; 2,985 total property size
