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

    417 Tramway Blvd NE Albuquerque, NM 87123

    • Strip malls
    • 20,178 SF
    • 2.05 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Value Estimations
    $615,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0231651
    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

    • Sushi Xuan Asian Grill / Asian Restaurant
    • Papa John's Pizza / Pizza Restaurant
    • Canteen Taproom / Brewery
    • Whisk N Sip / Bubble Tea Store
    • PurLife Dispensary Tramway / Cannabis Store / Alternative Medicine Practitioner

    Property Details for 417 Tramway Blvd NE

    Year built
    1987
    Lot size
    2.05 lot acres
    Property size
    20,178 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    1-023-057-011-050-3-01-12
    APU
    102305701105030112

    Description

    Canyon Plaza, located at 417 Tramway Blvd NE, Albuquerque, NM 87123, offers exceptional executive office space in a thriving neighborhood retail center. This 20,000 square foot property, situated on a 2.05-acre lot in Bernalillo County's NE Heights submarket, boasts high visibility with exposure to 30,000 vehicles daily on Tramway Blvd. The center features a prominent monument sign showcasing all tenants. Currently, 6,538 square feet of space is available, divisible into units ranging from 1,200 to 3,600 contiguous square feet, perfect for businesses seeking flexible options. Ample parking is provided with 97 spaces conveniently located around the building. The property is zoned MX-L and benefits from its established tenant base, including a popular local brewery, attracting significant foot traffic. Rates begin at $18 per square foot. Local ownership is committed to enhancing the property and fostering a collaborative environment for tenants. This prime location just north of I-40 offers unparalleled access and visibility for businesses seeking to establish a strong presence in Albuquerque's vibrant NE Heights.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $735,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $500,000
      Market price range: $447k - $828k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $595,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Albuquerque
    County
    Bernalillo
    State
    New Mexico
    Longitude
    -106.497
    Latitude
    35.0732
    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
    $20,159
    $213,946
    $206,244
    $420,190
    -
    $641,901
    $618,793
    $1,260,694

    Comparable in this City

    • Value Estimation by Request
      2,965 SF

      8920 Central SE Ave

      SHOPPING CENTER, STRIP CENTER • 2,965 SF
      8920 Central SE Ave, Albuquerque, NM 87123-2506
      View Details
    • Value Estimation by Request
      12,000 SF

      12925 Central NE Ave

      SHOPPING CENTER, STRIP CENTER • 12,000 SF
      12925 Central NE Ave, Albuquerque, NM 87123-5532
      View Details
    • Value Estimation
      $1,405,000
      83,333 SF

      108 Juan Tabo NE Blvd

      SHOPPING CENTER, STRIP CENTER • 83,333 SF
      108 Juan Tabo NE Blvd, Albuquerque, NM 87123-3067
      View Details
    • Value Estimation
      $735,000
      26,895 SF

      13140 Central Ave Se Ste A

      SHOPPING CENTER, STRIP CENTER • 26,895 SF
      13140 Central Ave Se Ste A, Albuquerque, NM 87123-5547
      View Details
    • Value Estimation
      $530,000
      11,334 SF

      13150 Central SE Ave

      SHOPPING CENTER, STRIP CENTER • 11,334 SF
      13150 Central SE Ave, Albuquerque, NM 87123-3032
      View Details
    • Value Estimation by Request
      16,030 SF

      13110 Central SE Ave

      SHOPPING CENTER, STRIP CENTER • 16,030 SF
      13110 Central SE Ave, Albuquerque, NM 87123-5544
      View Details

    Similar Nearby for Sale

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      20,500 SF

      Occupied Retail Center For Sale

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      Retail or Restaurant Space Available

      Retail or restaurant space for sale or lease.
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      Auto Mechanic Shop For Sale

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      Versatile Land with Income Potential

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      Northeast Albuquerque Office Building For Sale

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    Similar Nearby for Lease

    • Contact for pricing
      23,497 SF

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      Retail space available in a high-traffic Albuquerque location.
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      View Details
    • $35 SF/Yr
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      Retail Space in North Towne

      Retail space available in Whole Foods anchored North Towne Plaza.
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      View Details
    • $2,000 /Mo
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      Albuquerque Commercial Property For Rent

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      High-traffic retail center, 5 spaces available.
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    • $18 SF/Yr
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      Tramway Blvd Retail Space Available

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      417 Tramway Blvd NE, Albuquerque, NM 87123
      View Details
    • $12 SF/Yr
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      Retail Space on Eubank Boulevard

      Retail space in high-traffic area with national co-tenants.
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      View Details
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    Albuquerque, NM 87123
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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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