Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Historic Mixed-Use Building on Route 66 Title is generated by Realmo AI

    500 Central Ave SW, Albuquerque, NM 87102

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Iconic 1906 building with redevelopment potential in Downtown Albuquerque.

    Type:Mixed Use, Retail
    Property size:
    12,859 SF
    Price / SF:
    $99/SF
    Added:
    Mar 19, 2026
    Days on Market:
    57
    Last Refresh:
    Mar 20 at 8:46 pm

    Property Features for 500 Central Ave SW

    General Information

    Standard status
    Active
    Size
    12,859 SF
    Property subtype
    Mixed Use, Retail

    We can help!

    Listing Contact
    Alexis Lovato
    Alexis Lovato

    Listing agent Alexis Lovato License #NM 55026

    Listing office NAI Sun Vista

    Listing date Mar 19, 2026

    Source Crexi

    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 NAI Sun Vista

    HighLights

    • Prime Route 66 frontage on Central Ave. & 5th St. in Downtown.
    • Opportunity for mixed‑use conversion (residential, boutique hotel, shop space).
    • Multiple storefronts with excellent visibility and multi‑tenant flexibility.
    • Located within the Downtown Revitalization Corridor with property tax abatement and MRA funding available.
    • Two levels, ±5,880 SF upper level (former hotel) is vacant and ready for redevelopment.
    • Three bottom retail units are currently leased.

    Overview

    This iconic historic building, constructed in 1906, occupies a prominent hard corner at Central Ave. & 5th St., offering prime Route 66 frontage in the heart of Downtown Albuquerque. The property presents an opportunity for mixed-use conversion to residential, a boutique hotel, or shop space. It features multiple storefronts with excellent visibility and multi-tenant flexibility. Notably, it houses the second-oldest restaurant location in Albuquerque, Lindy’s Diner. The building includes two levels; the upper level, encompassing approximately 5,880 square feet, formerly a hotel, is currently vacant and ready for redevelopment. This property offers adaptive reuse, value-add, or full redevelopment potential. It is located within the Downtown Revitalization Corridor, with property tax abatement and MRA funding available. The surrounding area features government, office, entertainment, and residential density. Three of the bottom retail units are currently leased. The property size is 12,859 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Decker Jennifer Dental Office Lindy's Diner Restaurant Bliss Building Tour Operator Dr. Domingo Valles Dental Office Jerry Peeler's Florist ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Albuquerque
    County
    Sandoval
    State
    New Mexico
    Longitude
    -106.6420656
    Latitude
    35.0831721

    Nearby Similar for Sale

    • $400,000

      Commercial Property in North Valley

      Versatile commercial property in Albuquerque's North Valley with two spaces.
      9807 4th Street NW, Albuquerque, NM 87114
      View Details
    • $7,250,000
      16,104 SF

      Prime Albuquerque Retail Portfolio

      Two-parcel retail portfolio at a high-traffic Albuquerque intersection.
      4340 San Mateo Boulevard NE, Albuquerque, NM 87110
      View Details
    • $580,000

      Industrial Property with Inspection Pit

      Centrally located industrial property with fenced yard and inspection pit.
      1907 8th Street NW, Albuquerque, NM 87102
      View Details
    • $825,000

      Albuquerque Commercial Live/Work Space

      Versatile commercial property with live/work setup and climate-controlled warehouse.
      8612 PASEO ALAMEDA NE, Albuquerque, NM 87113
      View Details
    • $641,829
      4,194 SF

      Albuquerque Fourplex with Laundry

      Fourplex with two-bedroom units and in-unit laundry.
      3609 Wellesley Drive NE, Albuquerque, NM 87107
      View Details
    • $555,555
      2,660 SF

      Downtown Albuquerque Fourplex with Charm

      Charming fourplex in downtown Albuquerque, near amenities and attractions.
      715 Fruit Avenue NW, Albuquerque, NM 87102
      View Details
    • $527,500
      2,640 SF

      Updated UNM Area Fourplex

      Modernized fourplex near UNM with in-unit laundry and private yards.
      1005 Carlisle Boulevard SE, Albuquerque, NM 87106
      View Details
    • $615,833
      3,700 SF

      Albuquerque Fourplex in Residential Neighborhood

      Fourplex in established neighborhood setting near park in Albuquerque.
      12404 Rosemont Avenue NE, Albuquerque, NM 87112
      View Details
    • $559,900

      Albuquerque Land For Sale

      Land available in Albuquerque, New Mexico.
      47 Rock Ridge Drive NE, Albuquerque, NM 87122
      View Details
    • $679,000

      Route 66 Restaurant Opportunity

      Restaurant space along Albuquerque's iconic Route 66 corridor.
      5801 Central Avenue NE, Albuquerque, NM 87108
      View Details
    • $479,900
      3,640 SF

      Albuquerque Fourplex Investment Opportunity

      Southeast Heights fourplex with fully rented units, great investment potential.
      530 Alvarado Drive SE, Albuquerque, NM 87108
      View Details
    • $385,000
      3,040 SF

      Albuquerque Multifamily Investment Opportunity

      Four-unit property near shopping, Kirtland AFB, and UNM.
      517 Palomas Drive SE, Albuquerque, NM 87108
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Iconic 1906 building with redevelopment potential in Downtown Albuquerque.
    Where is this mixed-use property located?
    The property is located at 500 Central Ave SW Albuquerque, NM.
    What is the asking price?
    The asking price for this property is $1,275,000.
    What are key features of this property?
    This property features: Prime Route 66 frontage on Central Ave. & 5th St. in Downtown.; Opportunity for mixed‑use conversion (residential, boutique hotel, shop space).; Multiple storefronts with excellent visibility and multi‑tenant flexibility.
    (505) 878-0001 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Alexis Lovato
    Alexis Lovato
    Real Estate License ID: NM 55026
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    500 Central Ave SW, Albuquerque, NM 87102
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!