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    Property profile & analytics

    315 Romero NW St Albuquerque, NM 87104

    • Retail space
    • 2,040 SF
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    Dec 13, 2024
    Value Estimations
    $280,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0219364
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 315 Romero NW St

    Year built
    1944
    Lot size
    0.07 lot acres
    Property size
    2,040 SF
    Property type
    Retail space
    APN
    1-013-058-119-351-2-13-04
    APU
    101305811935121304

    Description

    This exceptional investment opportunity presents the Pazuela Sombra Shopping Center, a stabilized retail property located in the heart of Albuquerque's Old Town Plaza at 315 Romero St NW, Albuquerque, NM 87104. This 14,645 square foot shopping center boasts 17 units across three buildings, each with appealing architecture reflecting the historical charm of the area. The property features a mix of retail and office spaces ranging from 634 to 1,300 square feet, currently enjoying 95% occupancy with a remaining lease term of 4 years under a gross lease structure. The center benefits from a prime location just off the main entrance to the Old Town Plaza, directly across from the historic St. Felipe De Neri Church (a National Register of Historic Places site). With a strong net operating income (NOI) of $209,114 and an 8.24% cap rate, this multi-tenant property offers a compelling return on investment. The property sits on a 0.22-acre lot and is zoned MX-T. The asking price is $2,539,000. This is a rare chance to acquire a piece of Albuquerque's rich history and a thriving commercial center. The property's strong tenancy, desirable location, and historical context make it an attractive investment for discerning buyers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $490,000
      6.5%
      $450,000
      7%
      $420,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $185,000
      Market price range: $127k - $340k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Albuquerque
    County
    Bernalillo
    State
    New Mexico
    Longitude
    -106.671
    Latitude
    35.097
    CBSA code
    10740
    CBSA name
    ALBUQUERQUE, NM METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,094
    $11,517
    $26,339
    $37,856
    -
    $34,553
    $79,025
    $113,578

    Comparable in this City

    • Value Estimation
      $255,000
      0.05 Acres

      323 Romero NW St

      RETAIL STORES (PERSONAL SERVICES) • 0.05 Acres
      323 Romero NW St, Albuquerque, NM 87104-1419
      View Details
    • Value Estimation
      $285,000
      920 SF

      2407 Floral NW Rd

      RETAIL STORES (PERSONAL SERVICES) • 920 SF
      2407 Floral NW Rd, Albuquerque, NM 87104-1923
      View Details
    • Value Estimation
      $285,000
      1,390 SF

      1402 Central SW Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,390 SF
      1402 Central SW Ave, Albuquerque, NM 87104
      View Details
    • Value Estimation
      $280,000
      748 SF

      112 San Felipe NW St

      RETAIL STORES (PERSONAL SERVICES) • 748 SF
      112 San Felipe NW St, Albuquerque, NM 87104-1425
      View Details
    • Value Estimation
      $275,000
      616 SF

      2044 Plz NW St

      RETAIL STORES (PERSONAL SERVICES) • 616 SF
      2044 Plz NW St, Albuquerque, NM 87104-1464
      View Details
    • Value Estimation
      $295,000
      6,726 SF

      102 Romero NW St

      RETAIL STORES (PERSONAL SERVICES) • 6,726 SF
      102 Romero NW St, Albuquerque, NM 87104-1417
      View Details

    Similar Nearby for Sale

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      Albuquerque Retail Investment Opportunity

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      Old Town Albuquerque Retail Investment

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      Retail Building in Old Town

      Retail building in Albuquerque's historic Old Town district.
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      Old Town Albuquerque Investment Opportunity

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      Retail/Warehouse with Showroom Potential

      Retail/warehouse with showroom opportunity, high visibility, near UNM.
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    Similar Nearby for Lease

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      Retail Space in Old Town

      Prime retail space in the heart of Albuquerque's Old Town.
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      View Details
    • $3,070 /Mo
      38,768 SF

      Albuquerque Retail Space For Lease

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      Albuquerque Retail Space For Lease

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      North Valley Neighborhood Retail Space

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      View Details
    • $12,500 /Mo
      50,094 SF

      Albuquerque Industrial Space For Lease

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      View Details
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    315 Romero NW St
    Albuquerque, NM 87104
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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
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