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    Property profile & analytics

    1608 Spruce St Portales, NM 88130

    • Commercial real estate
    • 20,900 SF
    • 1.90 lot acres
    For Lease
    View listing
    Value Estimations
    $970,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-1145209
    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

    • Interim HealthCare of Portales / Physical Therapist / Home Health Care Service
    • Metro by T-Mobile / Mobile Phone Store / Electronics & Wireless Store
    • Nails Spa / Nail Salon
    • Paden Insurance / Insurance Agency
    • T-Mobile / Mobile Phone Store / Electronics & Wireless Store

    Property Details for 1608 Spruce St

    Lot size
    1.90 lot acres
    Property size
    20,900 SF
    Property type
    Commercial real estate
    APN
    400000000319802
    APU
    400000000319802

    Description

    This Portales, New Mexico property, located at 1608 E Spruce St, zip code 88130, offers prime retail, office, and restaurant space within Portales Plaza. The property is a multi-tenant building with a total of 20,740 square feet currently vacant, divided into four available spaces ranging from 1,456 to 3,425 square feet. Situated on Highway 70 at the busy intersection of Spruce Street, this location boasts exceptional visibility and high traffic counts, ensuring maximum exposure for your business. The property benefits from strong co-tenancy with established businesses including Snap Fitness, T-Mobile, USA Nails, Interim HealthCare, and Paden Insurance. The surrounding area further enhances the property's appeal with the presence of major businesses such as Western Dairy Transport, Hampton Farms, Hamilton Chevrolet, New Mexico Bank and Trust, and USA Gasoline. This exceptional outparcel opportunity presents a unique chance to establish or expand your business in a thriving commercial area of Roosevelt County. The property's versatile space is ideal for a variety of retail or restaurant concepts. Contact us today to learn more about this outstanding opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $580,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,353,000
      Market price range: $1.11M - $2.99M

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

    Location Insight

    • Map
    • Local Demand
    City
    Portales
    County
    Roosevelt
    State
    New Mexico
    Longitude
    -103.32
    Latitude
    34.2003
    CBSA code
    38780
    CBSA name
    PORTALES, NM MICROPOLITAN 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
    $5,303
    $61,625
    $130,327
    $191,952
    -
    $184,874
    $390,981
    $575,855

    Comparable in this City

    • Value Estimation by Request
      0.19 Acres

      Portales, NM 88130

      COMMERCIAL (GENERAL) • 0.19 Acres
      Portales, NM 88130
      View Details
    • Value Estimation by Request
      0.74 Acres

      520 18th St

      COMMERCIAL (GENERAL) • 0.74 Acres
      520 18th St, Portales, NM 88130-7234
      View Details
    • Value Estimation by Request
      0.20 Acres

      1700 Ave D D

      COMMERCIAL (GENERAL) • 0.20 Acres
      1700 Ave D D, Portales, NM 88130-7242
      View Details
    • Value Estimation
      $595,000
      66.70 Acres

      4259 Us 70

      COMMERCIAL (GENERAL) • 66.70 Acres
      4259 Us 70, Portales, NM 88130
      View Details
    • Value Estimation by Request
      960 SF

      Portales, NM 88130

      COMMERCIAL (GENERAL) • 960 SF
      Portales, NM 88130
      View Details
    • Value Estimation by Request
      255 SF

      1244 Kilgore Ave

      COMMERCIAL (GENERAL) • 255 SF
      1244 Kilgore Ave, Portales, NM 88130-9077
      View Details

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    1608 Spruce St
    Portales, NM 88130
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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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