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

    3601 Old Airport Rd NW Albuquerque, NM 87114

    • Strip malls
    • 84,922 SF
    • 8.14 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Last Sale
    Apr 01, 2025
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0250738
    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

    • CedarFIT Body Transformation Center / Gym & Fitness Center
    • Cottonwood Commons / Shopping Center & Mall
    • fi.d.o / (Bike/Boat/Book/etc) Store / Pet Store & Service
    • Bed Bath & Beyond / Kitchen & Bath Showroom / Furniture & Home Goods
    • The Lash Lounge / Hair Salon

    Property Details for 3601 Old Airport Rd NW

    Year built
    2007
    Lot size
    8.14 lot acres
    Property size
    84,922 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    1-014-066-120-025-3-01-18
    APU
    101406612002530118

    Description

    Cottonwood Commons, located at 3601 Old Airport Rd NW in Albuquerque, New Mexico, 87114, offers exceptional retail space within a thriving commercial hub. This premier development boasts a total of 214,934 square feet and is situated in the high-traffic Cottonwood trade area of northwest Albuquerque. The property benefits from a strong regional draw, serving a population base exceeding 250,000 residents from areas including Rio Rancho, Corrales, and the North Valley. Cottonwood Commons is anchored by a significant mix of national and local tenants within its 195,000 square feet of retail space, creating a vibrant and successful shopping destination. Currently, there is space available ranging from a minimum of 3,000 square feet to a maximum contiguous space of 28,000 square feet, providing flexibility for various business needs. The property is located in Bernalillo County and presents a unique opportunity to establish or expand a retail presence in a high-demand area with substantial foot traffic and consumer spending. This is an ideal location for businesses seeking exposure within a well-established and successful retail center. The property's strategic location and strong tenant mix make it an attractive investment opportunity in a rapidly growing market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,510,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Albuquerque
    County
    Bernalillo
    State
    New Mexico
    Longitude
    -106.653
    Latitude
    35.2039
    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
    $139,314
    $1,110,599
    $1,793,234
    $2,903,833
    -
    $3,332,130
    $5,380,240
    $8,712,370

    Comparable in this City

    • Value Estimation
      $2,070,000
      98,600 SF

      3731 Ellison NW Rd

      SHOPPING CENTER, STRIP CENTER • 98,600 SF
      3731 Ellison NW Rd, Albuquerque, NM 87114-7016
      View Details
    • Value Estimation by Request
      10,500 SF

      3705 Ellison NW Rd

      SHOPPING CENTER, STRIP CENTER • 10,500 SF
      3705 Ellison NW Rd, Albuquerque, NM 87114-7012
      View Details
    • Value Estimation
      $1,300,000
      46,183 SF

      10701 Corrales NW Rd

      SHOPPING CENTER, STRIP CENTER • 46,183 SF
      10701 Corrales NW Rd, Albuquerque, NM 87114-1087
      View Details
    • Value Estimation
      $780,000
      20,854 SF

      10131 Coors NW Blvd

      SHOPPING CENTER, STRIP CENTER • 20,854 SF
      10131 Coors NW Blvd, Albuquerque, NM 87114-4045
      View Details
    • Value Estimation
      $1,005,000
      30,412 SF

      6521 Paradise NW Blvd

      SHOPPING CENTER, STRIP CENTER • 30,412 SF
      6521 Paradise NW Blvd, Albuquerque, NM 87114-6198
      View Details
    • Value Estimation
      $585,000
      15,552 SF

      5740 Night Whisper NW Rd

      SHOPPING CENTER, STRIP CENTER • 15,552 SF
      5740 Night Whisper NW Rd, Albuquerque, NM 87114-1575
      View Details

    Similar Nearby for Sale

    • $3,000,000
      2.04 Acres

      Historic Restaurant in Los Ranchos

      Long-standing New Mexican restaurant with full bar and spacious patios.
      8032 4Th St NW, Los Ranchos, NM 87114
      View Details
    • $3,292,800
      16,464 SF

      Albuquerque Retail NNN Investment Opportunity

      NNN property with long-term lease and no landlord responsibilities.
      4665 Irving Blvd NW, Albuquerque, NM 87114
      View Details
    • $1,876,500
      3,700 SF

      New Albuquerque Circle K For Sale

      New Circle K on 1.57 acre site for sale.
      9620 Eagle Ranch Rd NW, Albuquerque, NM 87114
      View Details
    • Contact for pricing
      0.98 Acres

      Unser & McMahon Mixed-Use Land

      Prime Albuquerque Commercial Land, Build-to-Suit Options
      0 Swc Of Unser And Mcmahon, Albuquerque, NM 87114
      View Details
    • $3,292,800
      16,464 SF

      Albuquerque Planet Fitness Retail

      High-traffic, NNN-leased gym investment
      4665 Irving Blvd, Albuquerque, NM 87114
      View Details
    • Contact for pricing
      252.00 Acres

      Volcano Heights: Prime Development Land

      252 Acres, Mixed-Use Zoning, Albuquerque
      & Paseo Del Norte Neq Unser Blvd, Albuquerque, NM 87114
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      183,000 SF

      Plaza Paseo del Norte Retail Space

      Albuquerque Power Center: High-traffic location, multiple spaces available.
      9311 Coors Blvd, Albuquerque, NM 87114
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space in Power Center

      Retail spaces available in high-traffic Albuquerque power center.
      9211-9311 Coors Blvd NW, Albuquerque, NM 87114
      View Details
    • $25 SF/Yr
      7,936 SF

      Retail Space in Albuquerque, NM

      Retail space available in regional trade area.
      3741 Ellison Rd NW, Albuquerque, NM 87114
      View Details
    • Contact for pricing
      2,700 SF

      Retail Space in High-Traffic Area

      Retail space in a major shopping destination with high visibility.
      9261 Coors Blvd NW, Albuquerque, NM 87114
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Anchored Center

      Retail space available in a busy, well-located shopping center.
      10250 Cottonwood Park NW, Albuquerque, NM 87114
      View Details
    • $27 SF/Yr
      1,282 SF

      Retail Space in Regional Trade Area

      Retail space in a high-traffic regional trade area.
      3703 Ellison Rd NW, Albuquerque, NM 87114
      View Details
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    3601 Old Airport Rd NW
    Albuquerque, NM 87114
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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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