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    805-919 N Highway 491 Avenue, Gallup, NM 87301

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    SINGLE_FAMILY - Gallup, NM

    Type:Retail
    Property size:
    45,792 SF
    Price / SF:
    $0.04/SF
    Added:
    Feb 28, 2023
    Days on Market:
    1171
    Last Refresh:
    May 14 at 6:06 pm

    Property Features for 805-919 N Highway 491 Avenue

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Standard status
    Active
    APN
    R209394
    Size
    45,792 SF

    Taxes and HOA fees

    Tax Year
    2022
    Tax Description
    Lot 1A, BLK2 El Mercado Subdivision
    Tax Annual Amount
    2000

    We can help!

    Listing Contact
    Lee Langen
    Lee Langen

    Listing agent Lee Langen

    Listing office Re/Max Combined Investments 1638 S 2nd St, Gallup, NM

    Listing date Feb 28, 2023

    MLS# 20230892

    Copyright © 2026 New Mexico MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Located in a major retail area on North Highway 491.
    • Variety of spaces available, ranging from 1,775 to 3,553 sq. ft.
    • Spaces 905, 813, and 809 available.
    • Spaces 915, 909, and 905 priced at $12.00 PSF with NNN=$4.50 PSF.
    • Space 903B is currently occupied by Little Caesars and Wing Stop.
    • Spaces 813 and 809 have rent increases of $1.00 Sq. Ft. Per Year.

    Overview

    Located in a major retail area on North Highway 491 in Gallup, New Mexico, this property offers several spaces for rent. Space 903B provides 3,553 square feet and is currently occupied by Little Caesars and Wing Stop, offered at $35.00 per square foot NNN. Additional spaces include: Space 915 with 2,192 square feet at $12.00 per square foot NNN plus $4.50 per square foot; Space 909 offering 2,800 square feet at $12.00 per square foot NNN plus $4.50 per square foot; and Space 905 featuring 2,044 square feet at $12.00 per square foot NNN plus $4.50 per square foot, currently occupied by a month-to-month tenant. Spaces 813 and 809 are available at $8.00 per square foot NNN plus $4.50 per square foot, with a rent increase of $1.00 per square foot per year. Space 813 offers 1,775 square feet, while Space 809 provides 2,259 square feet. Space 809 is expected to be available mid-December 2024. The property's total size is 45,792 square feet.
    Location Intelligence

    Current Use by Public Records

    Strip malls

    Map

    City
    Gallup
    County
    McKinley
    State
    New Mexico
    Longitude
    -108.7601387
    Latitude
    35.5346889

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    FAQs

    What type of property is this?
    Strip mall - Multiple retail spaces available for lease in Gallup, New Mexico.
    Where is this strip mall located?
    The property is located at 805-919 N Highway 491 Avenue Gallup, NM.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Located in a major retail area on North Highway 491.; Variety of spaces available, ranging from 1,775 to 3,553 sq. ft.; Spaces 905, 813, and 809 available.
    (505) 722-7811
    We can help!
    Listing Contact
    Lee Langen
    Lee Langen
    Learn More
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    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
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