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    Property profile & analytics

    1602 Central SE Ave Albuquerque, NM 87106

    • Office buildings
    • 14,519 SF
    • 0.65 lot acres
    OFF-MARKET
    Value Estimations
    $445,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0286417
    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

    • Office buildings

    Property Details for 1602 Central SE Ave

    Year built
    1963
    Lot size
    0.65 lot acres
    Property size
    14,519 SF
    Property type
    Office buildings
    APN
    1-015-057-333-302-1-03-10
    APU
    101505733330210310

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $430,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $663,000
      Market price range: $459k - $1.47M

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

    Location Insight

    • Map
    • Local Demand
    City
    Albuquerque
    County
    Bernalillo
    State
    New Mexico
    Longitude
    -106.629
    Latitude
    35.0813
    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
    $9,695
    $57,231
    $144,840
    $202,071
    -
    $171,710
    $434,562
    $606,272

    Comparable in this City

    • Value Estimation
      $270,000
      0.10 Acres

      3423 Central NE Ave

      PROFESSIONAL BUILDING • 0.10 Acres
      3423 Central NE Ave, Albuquerque, NM 87106-1431
      View Details
    • Value Estimation
      $270,000
      2,178 SF

      3108 Monte Vis NE Blvd

      PROFESSIONAL BUILDING • 2,178 SF
      3108 Monte Vis NE Blvd, Albuquerque, NM 87106-2118
      View Details
    • Value Estimation
      $475,000
      10,960 SF

      1009 Bradbury SE Dr

      PROFESSIONAL BUILDING • 10,960 SF
      1009 Bradbury SE Dr, Albuquerque, NM 87106-4316
      View Details
    • Value Estimation
      $1,045,000
      182,152 SF

      2301 Buena Vis SE Dr

      PROFESSIONAL BUILDING • 182,152 SF
      2301 Buena Vis SE Dr, Albuquerque, NM 87106-4270
      View Details
    • Value Estimation
      $275,000
      600 SF

      3416 Lomas NE Blvd

      PROFESSIONAL BUILDING • 600 SF
      3416 Lomas NE Blvd, Albuquerque, NM 87106-1334
      View Details
    • Value Estimation by Request

      Albuquerque, NM 87106

      PROFESSIONAL BUILDING
      Albuquerque, NM 87106
      View Details

    Similar Nearby for Sale

    • $2,500,000
      24,480 SF

      Albuquerque Office Building For Sale

      Two-story, 24,480 SF office building near Sunport/I-25 interchange.
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      View Details
    • $2,700,000
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      Albuquerque Office Building For Sale

      Two-story, 30,124 SF office building near Sunport/I-25 interchange.
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    • $1,800,000
      25,082 SF

      Albuquerque Office Building For Sale

      Two-story, 25,082 SF office building near Sunport/I-25 interchange.
      2650 Yale Blvd SE, Albuquerque, NM 87106
      View Details
    • $1,750,000
      30,528 SF

      Albuquerque Office Building Opportunity

      Two identical buildings totaling 30,528 SF on 1.967 acres.
      2021 Girard Blvd SE, Albuquerque, NM 87106
      View Details
    • $1,300,000
      10,462 SF

      Office Complex Near UNM

      Three-building office complex with redevelopment potential near UNM.
      2508 Garfield Ave SE, Albuquerque, NM 87106
      View Details
    • $350,000
      Pending

      Nob Hill Office For Sale

      Office property in Nob Hill area with off-street parking.
      204 Carlisle Blvd NE, Albuquerque, NM 87106
      View Details

    Similar Nearby for Lease

    • $4,257,025
      2,383 SF

      Renovated Office Building For Lease

      Two-story office building with multiple units available for lease.
      1601 Randolph Rd SE, Albuquerque, NM 87106
      View Details
    • Contact for pricing
      5,400 SF

      Stand Alone Property Near UNM

      Stand alone property suitable for offices, churches, event centers.
      1511 University Blvd NE, Albuquerque, NM 87106
      View Details
    • $16 SF/Yr
      28,556 SF

      Albuquerque Executive Office Suites

      Prime Albuquerque Office Space Available
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    • $11 SF/Yr
      4,135 SF

      Office Space For Lease

      Office spaces available for lease in the Airport Market.
      2501 Yale Blvd SE, Albuquerque, NM 87106
      View Details
    • $11 SF/Yr
      22,976 SF

      Albuquerque Airport Office Space

      Prime Airport Office/Lab Space Available Now
      2700 Yale Blvd, Albuquerque, NM 87106
      View Details
    • Contact for pricing
      1,401 SF

      Nob Hill Retail Space - Albuquerque

      Prime Nob Hill location, multiple tenants possible.
      3339 Central Ave, Albuquerque, NM 87106
      View Details
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    1602 Central SE Ave
    Albuquerque, NM 87106
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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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