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    517 1St St Albuquerque, NM 87102

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    For Sale
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    High-density, mixed-use land; 100-unit potential.

    Property Features for 517 1St St

    General Information

    Property type
    Land

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    Listing Contact
    Todd D Clarke
    Todd D Clarke

    Listing Agency: NM Apartment Advisors Inc. Listing Agent: Todd D Clarke

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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    Overview

    This exceptional 0.488-acre commercial land parcel in Albuquerque's Central Business District (CBD) presents a unique investment opportunity. Located at 517 1st St SW, 87102, this property boasts a Mixed Use High Intensity zoning designation, allowing for the development of up to 100 multi-family units. Preliminary plans include first-floor parking and a rooftop deck amenity. The site's strategic location offers unparalleled access to key amenities and infrastructure. It sits directly west of the planned $70 million Rail Trail, south of the Alvarado Transportation Hub, southwest of the ABQ Innovation District, and northwest of the under-development NM Media Academy. The asking price is $1,750,000, translating to an estimated price per unit of $17,500 and a price per square foot of $82.33. Comparable sales suggest a potential value closer to $2,150,983. This property may qualify for financing through the NMFA Opportunity Enterprise Housing Development Fund, with applications open from September 4th to October 16th. The current housing shortage in Albuquerque, with a need for over 23,000 new rental units, makes this a compelling investment with significant potential for strong returns. The property's prime location and development potential make it an ideal opportunity for investors seeking to capitalize on Albuquerque's thriving real estate market. Latitude and longitude coordinates are 35.07920856252252, -106.64933060844989 respectively.
    Property Profile Location Intelligence

    Current Use by Public Records

    Aramark Uniform Services ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Law Firm Building Supply 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
    Bernalillo
    State
    New Mexico
    Longitude
    -106.64933060845
    Latitude
    35.079208562523

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    FAQs

    What type of property is this?
    Land - High-density, mixed-use land; 100-unit potential.
    Where is this land located?
    The property is located at 517 1St St Albuquerque, NM.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: $1,750,000 asking price for 0.488-acre land parcel.; Located in Albuquerque, NM, at 517 1st St SW, in the Central Business District.; Mixed-Use High-Intensity zoning allows for approximately 100 multi-family units.
    (505) 440-8633 Call to check price and availability
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    517 1St St Albuquerque, NM 87102
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    Albuquerque, NM 87102
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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
    517 1St St Albuquerque, NM 87102
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    Contact for Pricing
    Please call us for current price
    and status of this listing Todd D Clarke
    Todd D Clarke
    Real Estate License ID: 13711
    (505) 440-8633
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