Turnkey Restaurant in Walmart
For Sale
Contact for pricing
60 NM-344, Edgewood, NM 87015
4,701 SF restaurant with full kitchen on 1.14-acre parcel.
Property Size4,701 SF
Lot Size1.14 Acres
Price / SF$275.47
Days on Market664
Property Features for 60 NM-344
General Information
Standard status
Active
Size
4,701 SF
Lot size
1.14 Acres
Property subtype
Retail
Investment Type
Core+
Net Operating Income
$3,018
Building Details
Year Built
2015
Buildings
1
Stories
1
Listing Agency:
Belco Development & Investments
Listed By:
Adam Farmer · License #CA 1370795
(951) 696-2727
Source:
Crexi
Added: Nov 7, 2024
Changed: Aug 21
Last Checked: Sep 1 at 2:41AM
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 Belco Development & Investments
Investment Insights
Based on property information with market context.
This is a 4,701 square foot turnkey former Denny’s restaurant built in 2015. The property features a full restaurant kitchen ready to go, including a hood, walk-in refrigerator, and freezer, as well as booths, tables, and chairs. Situated on a 1.14-acre parcel, the pad site is located within a Walmart Supercenter on the hard corner of Church Street and State Road, benefiting from traffic counts of 23,226 vehicles per day. The location offers excellent street visibility and is strategically positioned right off the I-40 freeway, near the freeway off/on ramp with 22,037 vehicles per day. The turnkey site includes existing furniture, fixtures, and equipment (FF&E) and has an ATM lease in place through June 30, 2025, generating an annual rent of $3,018.00. The property benefits from a busy signalized intersection on State Road 344 and serves as a primary hard corner pad to the Walmart Supercenter, drawing regional traffic.
Key Highlights
- Turnkey 4,701 SF former Denny's restaurant with full kitchen, FF&E ready to go.
- Located on a hard corner pad site within a Walmart Supercenter.
- Excellent visibility and access at a busy signalized intersection.
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
$71,435
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
5.52%
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%
$1,428,700
$1.4M
Cap Rate 7%
$1,020,500
$1.0M
Cap Rate 9%
$793,722
$793.7K
Market Conditions
NOI Build-Up for 4,701 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
$101.5K $21.60/SF
− Vacancy
−$6.3K −$1.34/SF
EGI
$95.2K $20.26/SF
− OpEx
−$23.8K −$5.07/SF
NOI
$71.4K $15.20/SF
Area
Santa Fe County, NM
Vacancy
6.20%
Lease Rate
$21.60 /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%
$1,428,700
Cap Rate 7%
$1,020,500
Cap Rate 9%
$793,722
Alternative Uses
Best Use
Specialty Retail
$1.02M
$892.9K – $1.19M
NOI $71,435 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,357 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87015, NM
12,833
Population
6,593
Households
1.9
Avg Household Size
47
Median Age
34%
College-Educated
93%
High-School Grad
131.6 sq mi
ZIP Area
98
Density / Sq Mi
$72,681
Median Household Income
$48,270
Median Earnings
$891
Median Rent
$263,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - 4,701 SF restaurant with full kitchen on 1.14-acre parcel.
Where is this conventional restaurant located?
The property is located at 60 NM-344 Edgewood, NM.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Turnkey 4,701 SF former Denny's restaurant with full kitchen, FF&E ready to go.; Located on a hard corner pad site within a Walmart Supercenter.; Excellent visibility and access at a busy signalized intersection.
