Retail Space with
New
For Sale
$957,000
637 Broadway Boulevard SE, Albuquerque, NM 87102
MX-L-zoned commercial space with offices, display areas, storage, a kitchenette, and modern bathrooms.
Property Size4,535 SF
Price / SF$211.03
Days on Market2
Property Features for 637 Broadway Boulevard SE
General Information
Standard status
Active
Size
4,535 SF
Zoning
MX-L
Amenities
spacious offices
clever storage
handy kitchenette
grand display rooms
modern bathrooms
outdoor seating
Building Details
Buildings
2
Listing Agency:
Keller Williams Realty
Listed By:
Anne M Vallejos, Charles Richard Shubert
Source:
Thesouthwestlife
Added: Sep 5
Last Checked: Sep 5 at 3:09PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Located at 637 Broadway Boulevard SE, this 4,535-square-foot retail property comprises two buildings connected by a breezeway. The configuration includes office areas, storage, a kitchenette, display rooms, and modern bathrooms, providing a varied interior layout for commercial use.
The property carries MX-L zoning and includes an outdoor area associated with the connecting breezeway. Its existing combination of presentation space, support areas, and office functions creates a flexible physical setup within a single commercial offering.
The property carries MX-L zoning and includes an outdoor area associated with the connecting breezeway. Its existing combination of presentation space, support areas, and office functions creates a flexible physical setup within a single commercial offering.
Key Highlights
- 4,535‑square‑foot retail property
- Two buildings connected by a breezeway
- MX‑L zoning
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
$65,188
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
6.81%
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%
$1,303,760
$1.3M
Cap Rate 7%
$931,257
$931.3K
Cap Rate 9%
$724,311
$724.3K
Market Conditions
NOI Build-Up for 4,535 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
$100.7K $22.20/SF
− Vacancy
−$7.6K −$1.67/SF
EGI
$93.1K $20.54/SF
− OpEx
−$27.9K −$6.16/SF
NOI
$65.2K $14.37/SF
Area
Albuquerque, NM
Vacancy
7.50%
Lease Rate
$22.20 /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%
$1,303,760
Cap Rate 7%
$931,257
Cap Rate 9%
$724,311
Alternative Uses
Best Use
Retail
$931.3K
$814.9K – $1.09M
NOI $65,188 @ 7.0% cap · market cap 6.81%
Second Best
Office B
$860.6K
$753.0K – $1.00M
NOI $60,243 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$1.10M
$960.0K – $1.28M
NOI $76,798 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,427
Businesses Nearby
Explore this area
Business Placement
Demographics for 87102, NM
20,610
Population
11,346
Households
1.8
Avg Household Size
38
Median Age
34%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,171
Density / Sq Mi
$37,276
Median Household Income
$29,184
Median Earnings
$868
Median Rent
$174,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - MX-L-zoned commercial space with offices, display areas, storage, a kitchenette, and modern bathrooms.
Where is this retail space located?
The property is located at 637 Broadway Boulevard SE Albuquerque, NM.
What is the asking price?
The asking price for this property is $957,000.
What are key features of this property?
This property features: 4,535‑square‑foot retail property; Two buildings connected by a breezeway; MX‑L zoning
