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    1600 Hwy 66 Gallup, NM 87301

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    For Lease
    Contact for pricing

    Albertson's-anchored retail center in Gallup, NM

    Lot size:
    110,593 SF

    Property Features for 1600 Hwy 66

    General Information

    Property type
    Lifestyle centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    110,593 SF
    Total Rate
    129025.17

    Spaces For Lease

    at 1600 Hwy 66, Gallup, NM 87301 Contact us
    Unit 1606

    $14 /Mo

    Size
    1,200 SF
    Contact us
    Unit 1608

    $14 /Mo

    Size
    1,571 SF
    Contact us
    Unit 1610

    $14 /Mo

    Size
    1,185 SF
    Contact us
    Unit 1616/18

    $14 /Mo

    Size
    1,695 SF
    Contact us
    Unit 1622/24

    $14 /Mo

    Size
    1,320 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Chase Ruffin
    Chase Ruffin

    Listing Agency: Colliers - Albuquerque, New Mexico Listing Agent: Chase Ruffin

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

    Learn more

    Overview

    This exceptional 110,593 square foot shopping center presents a compelling investment opportunity. Strategically located on Highway 66 in the heart of Gallup, New Mexico, this multi-tenant property boasts an Albertson's grocery store as its anchor tenant, ensuring consistent foot traffic and strong visibility. The center features ample parking for convenient customer access and highly visible shop spaces ideal for a variety of retail businesses. The property's zoning designation is HC - Heavy Commercial, allowing for a wide range of commercial uses. The location on Highway 66 provides excellent exposure to a high volume of daily traffic, maximizing the potential for business growth. Further enhancing its appeal, pylon signage opportunities are available, providing exceptional branding potential for tenants. The presence of strong national co-tenancy in the surrounding corridor adds to the overall desirability and stability of this investment. This property offers a unique blend of established tenancy, prime location, and excellent visibility, making it an attractive prospect for investors seeking a stable and high-traffic retail investment in a thriving New Mexico market. The property is situated in McKinley County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lifestyle centers

    Map

    City
    Gallup
    County
    McKinley
    State
    New Mexico
    Longitude
    -108.71676019461
    Latitude
    35.529427457027

    Nearby Similar for Lease

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    • $10 SF/Yr
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      Retail Space in Gallup Center

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    FAQs

    What type of property is this?
    Lifestyle center - Albertson's-anchored retail center in Gallup, NM
    Where is this lifestyle center located?
    The property is located at 1600 Hwy 66 Gallup, NM.
    What is the lease rate?
    The lease rate is $14 SF/Yr.
    What are key features of this property?
    This property features: Albertson's-anchored shopping center.; Located on heavily trafficked Hwy 66 in Gallup, NM.; High visibility, convenient access, ample parking.
    (505) 883-7676 Call to check price and availability
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    1600 Hwy 66 Gallup, NM 87301
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    Gallup, NM 87301
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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
    1600 Hwy 66 Gallup, NM 87301
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Chase Ruffin
    Chase Ruffin
    Real Estate License ID: 52041
    (505) 883-7676 (505) 880-7087
    Learn more
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