Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$5,495,000
Manufacturing properties
2400 Airport Rd Santa Teresa, NM 88008-9704
Entity Owned
10-yr Hold
Free & Clear
Property ID
US61-0199956
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1988
Construction
CONCRETE
Total area
114,755 SF
Lot
5.42 ac (236,095 SF)
Zoning code
REMOTE-MESA
APN
4-012-166-365-150
UPID
US61-0199956
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.73M
Blend (final)
Blend
$5.50M
Owner & transaction history
Griffith Jv LLC · 10 yrs held
Griffith Jv LLC
since 2015
4 recorded transactions
Zoning & alternative use
REMOTE-MESA · Santa Teresa, NM
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$9.2M
+119.5%
Neighborhood: shopping center
$5.6M
+33.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Santa Teresa submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Santa Teresa submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$4,170,000
Current use
COMMERCIAL (GENERAL)
$9,150,000
Change: +119% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$5,560,000
Change: +33% · Conversion: Difficult
Blend value · Realmo final
$5.50M
Range $4.95M – $6.04M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$48 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$52,160
Tax year 2023
Assessed value
$1,562,058
Assessed 2023
Previous assessed
$1,197,371
+30.5% YoY
Effective rate
3.34%
On assessed value
Assessed land
$117,975
Assessed improvement
$1,444,083
Land market value
$353,926
Improvement market value
$4,332,249
Total market value
$4,686,175
Applied tax rate
16.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1988
Construction
CONCRETE
Heating
NONE
Total area
114,755 SF
Lot
5.42 ac (236,095 SF)
Zoning code
REMOTE-MESA
APN
4-012-166-365-150
UPID
US61-0199956
Jurisdiction
DONA ANA
Zoning & alternative use
REMOTE-MESA · Santa Teresa, NMZoning REMOTE-MESA · permitted uses
REMOTE-MESA · Santa Teresa, NM
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$4.2M
COMMERCIAL (GENERAL)
Est. value
$9.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$5.6M
INDUSTRIAL (GENERAL) Current
COMMERCIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1988
Construction
CONCRETE
Heating
NONE
Lot
5.42 ac
Current owner
From public records · entity-resolved
Griffith Jv LLC
Entity
Free & Clear · 10 yrs held
Mailing address
PO BOX 92129, SOUTHLAKE, TX 76092-0102
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 21, 2015
—
Griffith Jv LLC
A Lacey Property LLC
Warranty Deed
—
Jul 24, 2015
—
A Lacey Property LLC
Griffith Jv LLC
Warranty Deed
$2,931,126 · Arizona St Cu
Jul 26, 2011
—
Griffith Jv LLC
Griffith Jv
Quit Claim Deed
$2,250,000 · American Equity Inv Life Ins
—
—
Griffith Jv LLC
—
Loan Modification
related
$2,910,432 · Arizona St Cu
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 2400 Airport Rd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
