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    Property profile & analytics

    1945 Rt. 66 Edgewood, NM 87015

    • Lifestyle centers
    • 7,304 SF
    • 1.01 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 1945 Rt. 66

    Lot size
    1.01 lot acres
    Property size
    7,304 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This 7,304 square foot shopping center presents a compelling investment opportunity for owner-occupants or value-add investors. Located in Edgewood, New Mexico, on the historic Route 66, this property boasts high visibility due to its prime location. The center comprises five units situated on a 1.014-acre lot (APN 99304844) and is zoned C-2 Commercial. Its strategic placement near Smith's Grocery, the city's economic hub, and adjacent to other retail tenants ensures consistent traffic and exposure. Further enhancing its appeal, the property benefits from its proximity to Interstate 40 (1/4 mile) and is only 30 minutes from Albuquerque. The asking price is $299,000, translating to $40.94 per square foot. This well-positioned shopping center offers significant potential for growth and return on investment. The property is currently for sale by owner. This is a rare opportunity to acquire a thriving retail center in a high-traffic area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Edgewood
    County
    Santa Fe
    State
    New Mexico
    Longitude
    -106.189
    Latitude
    35.0601

    Comparable in this City

    • Value Estimation by Request
      4,701 SF

      60 Nm-344

      Lifestyle centers • 4,701 SF
      60 Nm-344, Edgewood, NM 87015
      View Details
    • Value Estimation
      $1,020,000
      7,200 SF

      8 Plz Loop

      SHOPPING CENTER, STRIP CENTER • 7,200 SF
      8 Plz Loop, Edgewood, NM 87015-9708
      View Details
    • Value Estimation by Request
      2.50 Acres

      150 Nm 344

      SHOPPING CENTER, STRIP CENTER • 2.50 Acres
      150 Nm 344, Edgewood, NM 87015-6876
      View Details
    • Value Estimation by Request
      2,425 SF

      7 Nm-344

      Restaurants • 2,425 SF
      7 Nm-344, Edgewood, NM 87015
      View Details
    • Value Estimation by Request
      7,816 SF

      1 George Ct

      WHOLESALE OUTLET, DISCOUNT STORE • 7,816 SF
      1 George Ct, Edgewood, NM 87015-9106
      View Details
    • Value Estimation by Request
      600 SF

      1815 Old Us 66

      AUTO REPAIR, GARAGE • 600 SF
      1815 Old Us 66, Edgewood, NM 87015-6784
      View Details

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    1945 Rt. 66
    Edgewood, NM 87015
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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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