Rio Grande Plaza Shopping
For Sale
$11,100,000
Pending
901 Rio Grande Blvd NW, Albuquerque, NM 87109
Multi-building retail center with courtyard space, on-site parking, and SU-1 zoning supporting C-1 and O-1 uses.
Property Size57,455 SF
Lot Size4.30 Acres
Days on Market195
Property Features for 901 Rio Grande Blvd NW
General Information
Standard status
Pending
Size
57,455 SF
Total Parking Spaces
247
Lot size
4.30 Acres
Property subtype
Investment
Zoning
SU-1, Special Use for C-1 and O-1
Additional Details
Anchor Co-Tenants
DH Lescombes Winery, Two Cranes Bistro & Brew
Amenities
courtyard
Power
Water
Sewer
Natural Gas
247 Parking Spaces
Building Details
Year Built
1995
Buildings
8
Tenancy
Multi
Listing Agency:
Oberstein Properties, Inc.
(505) 470-2345
Listed By:
David Oberstein · License #15694
(505) 470-2345
Source:
Carnm.resimplifi
Added: Feb 16
Changed: Aug 29
Last Checked: Aug 29 at 7:25PM
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 Oberstein Properties, Inc.
Investment Insights
Based on property information with market context.
Rio Grande Plaza is a shopping center comprising eight freestanding buildings, each one or two stories, across 4.3 acres. The property contains 57,455 square feet and was built in 1995. A courtyard setting and on-site parking serve the center’s commercial layout, while existing tenants include DH Lescombes Winery and Two Cranes Bistro & Brew.
The property is located at 901 Rio Grande Blvd NW in Albuquerque, just south of I-40 and within the city’s historic Old Town district. Its zoning is SU-1, Special Use for C-1 and O-1. The combination of multiple buildings, restaurant and winery tenancy, parking, and courtyard space creates a varied retail-oriented property configuration.
The property is located at 901 Rio Grande Blvd NW in Albuquerque, just south of I-40 and within the city’s historic Old Town district. Its zoning is SU-1, Special Use for C-1 and O-1. The combination of multiple buildings, restaurant and winery tenancy, parking, and courtyard space creates a varied retail-oriented property configuration.
Key Highlights
- 57,455‑square‑foot shopping center on 4.3 acres
- Eight freestanding buildings with one- and two‑story structures
- Existing tenants include DH Lescombes Winery and Two Cranes Bistro & Brew
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
$825,887
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
7.44%
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%
$16,517,740
$16.5M
Cap Rate 7%
$11,798,386
$11.8M
Cap Rate 9%
$9,176,522
$9.2M
Market Conditions
NOI Build-Up for 57,455 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
$1.28M $22.20/SF
− Vacancy
−$95.7K −$1.67/SF
EGI
$1.18M $20.54/SF
− OpEx
−$354.0K −$6.16/SF
NOI
$825.9K $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%
$16,517,740
Cap Rate 7%
$11,798,386
Cap Rate 9%
$9,176,522
Alternative Uses
Best Use
Retail
$11.80M
$10.32M – $13.76M
NOI $825,887 @ 7.0% cap · market cap 7.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.90M
$12.16M – $16.22M
NOI $972,966 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
981
Businesses Nearby
81k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Shops & Services 32%
Hotels & Casinos 4%
Beauty & Spa 1%
Starbucks
Dining
29,064 visits/mo
0.1 miles
Speedway
Shops & Services
17,765 visits/mo
0.1 miles
Blake's LotaBurger
Dining
10,953 visits/mo
0.3 miles
Burger King
Dining
10,856 visits/mo
0.2 miles
Chevron
Shops & Services
8,661 visits/mo
0.2 miles
Demographics for 87109, NM
40,740
Population
20,826
Households
2
Avg Household Size
41
Median Age
42%
College-Educated
93%
High-School Grad
10.0 sq mi
ZIP Area
4,074
Density / Sq Mi
$56,295
Median Household Income
$41,798
Median Earnings
$1,112
Median Rent
$298,300
Median Home Value
Market
Vacancy Rate% for Retail in Albuquerque, NM
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Multi-building retail center with courtyard space, on-site parking, and SU-1 zoning supporting C-1 and O-1 uses.
Where is this shopping center located?
The property is located at 901 Rio Grande Blvd NW Albuquerque, NM.
What is the asking price?
The asking price for this property is $11,100,000.
What are key features of this property?
This property features: 57,455‑square‑foot shopping center on 4.3 acres; Eight freestanding buildings with one- and two‑story structures; Existing tenants include DH Lescombes Winery and Two Cranes Bistro & Brew
