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

    502 Lake St Tucumcari, NM 88401

    • Retail space
    • 1.16 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0968492
    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

    • Watson's BBQ / Barbecue Restaurant
    • Tucumcari Ranch & Farm Supply home of Watson's BBQ / General Store

    Property Details for 502 Lake St

    Year built
    1980
    Lot size
    1.16 lot acres
    Property type
    Retail space
    Property subtype
    Storefront properties

    Description

    This exceptional 1.16-acre commercial property at 502 S Lake Street, Tucumcari, New Mexico, 88401, presents a unique investment opportunity. Built in 1980, this versatile property encompasses land, office, retail, and industrial space, currently housing a thriving farm and ranch supply store, a highly-rated barbeque restaurant (Watson's Barbeque, ranked 13th in a 2018 Travel + Leisure article), and a gift shop. The existing business, operating for over 36 years, boasts a diverse inventory including farm and ranch supplies, clothing, footwear, home décor, western goods, and a selection of meats and other food items. The business also benefits from a strong online presence and 5-star TripAdvisor reviews. The property's location in Quay County offers excellent visibility and access, making it ideal for continued operation of the existing business or redevelopment to suit a variety of commercial ventures. The asking price is $600,000. This is a rare chance to acquire a well-established, multi-faceted business with significant potential for growth and return on investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Tucumcari
    County
    Quay
    State
    New Mexico
    Longitude
    -103.7117609
    Latitude
    35.1745845

    Comparable in this City

    • $142,800
      1.40 Acres

      Tucumcari Grain Facility: Prime Industrial Land

      1.4-acre flex warehouse; 476,000-bushel capacity.
      3433 Quay County Rd 58, Tucumcari, NM 88401
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    • $195,000

      Commercial Building in Tucumcari, NM

      Commercial building for sale in Tucumcari, New Mexico.
      1804 E Route 66 Blvd, Tucumcari, NM 88401
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      Tucumcari Retail Space - Route 66

      Prime Route 66 convenience store location.
      202 Tucumcari Blvd, Tucumcari, NM 88401
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    • $150,000

      Tucumcari Commercial Land - $150K

      Prime Route 66 location; ideal for redevelopment.
      115 Smith Ave, Tucumcari, NM 88401
      View Details
    • $693,000
      115.50 Acres

      Prime 115-Acre New Mexico Land

      Vast acreage, stunning views, endless potential.
      4226 Qr 67, Tucumcari, NM 88401
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    • New
      Contact for pricing
      0.81 Acres

      Tucumcari Land For Sale

      Land package available near Youth Recreation Centre in Tucumcari, NM.
      924 E Laughlin Ave, Tucumcari, NM 88401
      View Details

    Similar Nearby for Sale

    • $142,800
      1.40 Acres

      Tucumcari Grain Facility: Prime Industrial Land

      1.4-acre flex warehouse; 476,000-bushel capacity.
      3433 Quay County Rd 58, Tucumcari, NM 88401
      View Details
    • $195,000

      Commercial Building in Tucumcari, NM

      Commercial building for sale in Tucumcari, New Mexico.
      1804 E Route 66 Blvd, Tucumcari, NM 88401
      View Details
    • Contact for pricing

      Tucumcari Retail Space - Route 66

      Prime Route 66 convenience store location.
      202 Tucumcari Blvd, Tucumcari, NM 88401
      View Details
    • $150,000

      Tucumcari Commercial Land - $150K

      Prime Route 66 location; ideal for redevelopment.
      115 Smith Ave, Tucumcari, NM 88401
      View Details
    • $693,000
      115.50 Acres

      Prime 115-Acre New Mexico Land

      Vast acreage, stunning views, endless potential.
      4226 Qr 67, Tucumcari, NM 88401
      View Details
    • New
      Contact for pricing
      0.81 Acres

      Tucumcari Land For Sale

      Land package available near Youth Recreation Centre in Tucumcari, NM.
      924 E Laughlin Ave, Tucumcari, NM 88401
      View Details
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    502 Lake St
    Tucumcari, NM 88401
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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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