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    Downtown Retail & Restaurant Spaces Title is generated by Realmo AI

    1 Central Ave NW, Albuquerque, NM 87102

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    Prime retail and restaurant spaces available in downtown Albuquerque.

    Type:Retail
    Property size:
    17,873 SF
    Added:
    Jan 19, 2022
    Days on Market:
    1592
    Last Refresh:
    May 13 at 12:10 am

    Property Features for 1 Central Ave NW

    General Information

    Standard status
    Active
    Size
    17,873 SF
    Property subtype
    Retail

    Spaces For Lease

    at 1 Central Ave NW Contact us

    We can help!

    Listing Contact
    Terrie Hertweck

    Listing agent Terrie Hertweck License #NM 13730

    Listing office Colliers - Albuquerque, New Mexico

    Listing date Jan 19, 2022

    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 Colliers - Albuquerque, New Mexico

    HighLights

    • High foot traffic location with direct access to 78 fully leased apartments and an ART stop directly outside.
    • Abundant parking available in adjacent 3‑story garage with direct retail access.
    • Excellent signage opportunities for maximum visibility.
    • Walkability to numerous theaters, restaurants, galleries, and entertainment venues.
    • Tenant Improvement allowance available to customize the space.
    • Available spaces include a 1,500 SF 2nd Gen Restaurant space and a 1,650 SF space, or a single tenant opportunity of 17,873 SF across the first and second floors.

    Overview

    Located in downtown Albuquerque, this property offers several retail and restaurant space opportunities. There are two in-line retail spaces available, one is a 1,500 square foot second-generation restaurant space and the other is 1,650 square feet. A single tenant opportunity is available encompassing 17,873 square feet across the first and second floors. The building includes an elevator shared with a third-floor tenant. Tenant improvement allowance is available. Excellent signage opportunities are present. The location benefits from walkability to theaters, restaurants (several on site), galleries, and entertainment venues. A dedicated patio space of 733 square feet is available. The first floor features open-air windows. The building also houses 78 fully leased apartments. An Albuquerque Rapid Transit (ART) stop is located directly outside of the building. Current retail tenants include Canvas Artistry Restaurant and Entertainment, Natural Fitness Training, and Yummy’s Mini-Donuts & Ice Creme. Abundant parking is available in an adjacent three-story garage with direct retail access.
    Location Intelligence

    Current Use by Public Records

    Urban taqueria Restaurant Nuevo Vego Restaurant One Central Apartment Apartment Building SP+ Parking Parking Lot & Garage 1st & Central Parking Lot & Garage

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Law Firm Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Albuquerque
    County
    Sandoval
    State
    New Mexico
    Longitude
    -106.6486096
    Latitude
    35.0846501

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    FAQs

    What type of property is this?
    Retail space - Prime retail and restaurant spaces available in downtown Albuquerque.
    Where is this retail space located?
    The property is located at 1 Central Ave NW Albuquerque, NM.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: High foot traffic location with direct access to 78 fully leased apartments and an ART stop directly outside.; Abundant parking available in adjacent 3‑story garage with direct retail access.; Excellent signage opportunities for maximum visibility.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Terrie Hertweck
    Real Estate License ID: NM 13730
    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.

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