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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2231 Phoenix NE Ave Albuquerque, NM 87107-1729

    • Office buildings
    • 3,172 SF
    • 0.86 lot acres
    OFF-MARKET
    Value Estimations
    $370,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0191844
    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

    • Advantage Barricade & RoadMarks, LLC / Contractor
    • AWP Safety / Road Construction Company / Equipment Rental Agency
    • Advantage Barricade & RoadMarks / Contractor

    Property Details for 2231 Phoenix NE Ave

    Year built
    2008
    Lot size
    0.86 lot acres
    Property size
    3,172 SF
    Property type
    Office buildings
    APN
    1-016-059-106-351-2-02-06
    APU
    101605910635120206

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $456,000
      Market price range: $142k - $457k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $270,000
      Current use
      COMMERCIAL (GENERAL)
      $400,000
      Change: +48% Conversion: Easy
      RETAIL STORES
      $335,000
      Change: +23% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $240,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Albuquerque
    County
    Bernalillo
    State
    New Mexico
    Longitude
    -106.618
    Latitude
    35.1115
    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
    $8,784
    $73,179
    $109,916
    $183,095
    -
    $219,560
    $329,780
    $549,340

    Comparable in this City

    • Value Estimation
      $265,000
      0.16 Acres

      3014 4th NW St

      PROFESSIONAL BUILDING • 0.16 Acres
      3014 4th NW St, Albuquerque, NM 87107-1318
      View Details
    • Value Estimation
      $275,000
      0.08 Acres

      3201 4th NW St

      PROFESSIONAL BUILDING • 0.08 Acres
      3201 4th NW St, Albuquerque, NM 87107-1351
      View Details
    • Value Estimation
      $280,000
      0.19 Acres

      122 Headingly NW Ave

      PROFESSIONAL BUILDING • 0.19 Acres
      122 Headingly NW Ave, Albuquerque, NM 87107-2248
      View Details
    • Value Estimation
      $310,000
      1,860 SF

      4001 Edith NE Blvd

      PROFESSIONAL BUILDING • 1,860 SF
      4001 Edith NE Blvd, Albuquerque, NM 87107-2221
      View Details
    • Value Estimation
      $355,000
      1,976 SF

      219 Claremont NW Ave

      PROFESSIONAL BUILDING • 1,976 SF
      219 Claremont NW Ave, Albuquerque, NM 87107-1452
      View Details
    • Value Estimation
      $230,000
      816 SF

      5725 4th NW St

      PROFESSIONAL BUILDING • 816 SF
      5725 4th NW St, Albuquerque, NM 87107-5302
      View Details

    Similar Nearby for Sale

    • $4,300,000
      59,628 SF

      Professional Office Park with Visibility

      Professional office park with high visibility and access.
      2340 Menaul Blvd NE, Albuquerque, NM 87107
      View Details
    • $4,900,000
      24,400 SF

      Class A Office Building

      24,400 SF office building with great visibility and access.
      4333 Pan American Fwy NE, Albuquerque, NM 87107
      View Details
    • $1,416,555
      10,493 SF

      Warehouse/Office Space For Sale

      Two warehouse/office spaces available for purchase.
      2905-2913 Girard Blvd NE, Albuquerque, NM 87107
      View Details
    • $390,000
      2,103 SF

      Albuquerque Creative Office Space

      Vacant, 2,103 sq ft, $390,000
      5717 Edith Blvd, Albuquerque, NM 87107
      View Details
    • $380,000
      2,103 SF

      North Valley Live/Work Office

      Live/work office space in the heart of North Valley.
      5717 Edith Blvd NE, Albuquerque, NM 87107
      View Details
    • $260,000
      0.14 Acres

      Albuquerque Commercial Land - $260K

      0.14-acre lot, gated, secure storage, income.
      4004 2Nd St, Albuquerque, NM 87107
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      59,628 SF

      High-Visibility Office Park Property

      Professional office park with excellent access and visibility.
      2300 Menaul Blvd NE, Albuquerque, NM 87107
      View Details
    • $18 SF/Yr
      341 SF

      Office Space in Mossman Building

      Office space for lease in the heart of the Heights.
      Montgomery Blvd NE 7410, Albuquerque, NM 87107
      View Details
    • Contact for pricing
      1,673 SF

      Warehouse, Office, Storage Space

      Warehouse, office, and storage space with gated lot.
      3312 Stanford Dr NE, Albuquerque, NM 87107
      View Details
    • $7 SF/Yr
      1,800 SF

      Office & Warehouse Space Available

      Versatile office and warehouse space in a prime Albuquerque location.
      6204-6208 Edith Blvd NE, Albuquerque, NM 87107
      View Details
    • $12 SF/Yr
      3,156 SF

      Office Space Near I-25

      Office space with outstanding I-25 access available for lease.
      4374 Alexander Blvd NE, Albuquerque, NM 87107
      View Details
    • Contact for pricing
      5,815 SF

      Spacious Office with Secured Parking

      Open-concept office space with gated parking and natural light.
      1111 Menaul Blvd NE, Albuquerque, NM 87107
      View Details
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    Albuquerque, NM 87107-1729
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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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