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    502 Slate Ave Albuquerque, NM 87102

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    For Lease
    Contact for pricing

    Historic Charm, 1422 SF Medical Office

    Lot size:
    1,422 SF

    Property Features for 502 Slate Ave

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    1,422 SF
    Total Rate
    18000

    Building Details

    Stories
    1

    Spaces For Lease

    at 502 Slate Ave, Albuquerque, NM 87102 Contact us
    Unit

    $18,000 /Mo

    Size
    1,422 SF
    Contact us

    We can help!

    Listing Contact
    Ken Romero
    Ken Romero

    Listing Agency: New Vision Real Estate Group LLC Listing Agent: Ken Romero

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

    Learn more

    Property Insight Report

    Overview

    This exceptional 1,422 square foot medical office building, located at 502 Slate Ave NW in Albuquerque, New Mexico's Downtown submarket, presents a unique investment opportunity. Built in 1896, the single-story property sits on a 0.144-acre lot and offers a completely vacant space, ready for immediate occupancy. The building's historical character is undeniable, featuring beautifully preserved original hardwood floors and rich wooden trim, creating a sophisticated and welcoming atmosphere. Abundant natural light floods the interior, enhancing the professional ambiance ideal for a variety of medical practices. The property's single-tenant occupancy provides flexibility and control for the new owner. Its prime Downtown Albuquerque location offers excellent visibility and accessibility, ensuring convenient access for patients and staff. The zip code is 87102. This is a rare chance to acquire a historically significant property with significant potential in a thriving urban setting. The property's size and location make it an attractive option for a variety of medical professionals seeking a unique and established presence in the heart of Albuquerque. The building's historical features offer a distinct advantage in attracting clients and establishing a strong brand identity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dr. Robert Giannini Dental Office

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Albuquerque
    County
    Bernalillo
    State
    New Mexico
    Longitude
    -106.6516737
    Latitude
    35.0920852

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    FAQs

    What type of property is this?
    Medical office - Historic Charm, 1422 SF Medical Office
    Where is this medical office located?
    The property is located at 502 Slate Ave Albuquerque, NM.
    What is the lease rate?
    The lease rate is $18,000 /Mo.
    What are key features of this property?
    This property features: Elegant hardwood floors and wood-trimmed windows.; Multiple private offices for consultations.; Abundant natural light from large windows.
    (505) 610-5616 Call to check price and availability
    Request Owner's contact information
    502 Slate Ave 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
    502 Slate Ave Albuquerque, NM 87102
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    Contact for Pricing
    Please call us for current price
    and status of this listing Ken Romero
    Ken Romero
    (505) 610-5616 (505) 615-6859
    Learn more
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