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    508 3Rd St Tucumcari, NM 88401
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    Property profile & analytics

    508 3Rd St, Tucumcari, NM 88401

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    • Commercial real estate
    Off-Market
    Property ID
    US61-0952068
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 508 3Rd St

    Year built
    1970
    Property type
    Commercial real estate
    APN
    117906404909700

    Description

    This exceptional investment opportunity presents a substantial multifamily property located at 508 S 3rd St, Tucumcari, NM 88401, in Quay County. The property, built in 1970, is a single-story Class D apartment building situated on a spacious 14,500 square foot lot. The main structure boasts 3,800 square feet of living space, encompassing eight bedrooms and four bathrooms, along with two distinct living areas. Adding to its appeal is a separate, attached guest house containing two bedrooms, one bathroom, and its own kitchen. This unique configuration offers significant rental income potential. The asking price for this one-unit apartment building is $850,000, representing a compelling price per unit. The property's APN is 117906404909700. This property is ideal for investors seeking a strong return on investment in a desirable location. The substantial size and versatile layout provide ample opportunity for maximizing rental income and creating a profitable venture. The property's location in Tucumcari, New Mexico, offers a stable market for rental properties. This is a rare opportunity to acquire a substantial multifamily property with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Tucumcari
    County
    Quay
    State
    New Mexico
    Longitude
    -103.8216261
    Latitude
    35.0327866

    Comparable in this City

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      Tucumcari Vacant Land Opportunity

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      Tucumcari Land Near I-40

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      Commercial Land Near Historic Route

      Commercial land less than half mile from Historic Route 66.
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      Tucumcari Assisted Living Property

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      Tucumcari Commercial Space - $150k

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    Similar Nearby for Sale

    • Contact for pricing
      15,964 SF

      Tucumcari Multifamily Property For Sale

      Multifamily property available for purchase in Tucumcari, New Mexico.
      415 E Washington Ave, Tucumcari, NM 88401
      View Details
    • $35,000
      0.62 Acres

      Tucumcari Vacant Land Opportunity

      0.62 acre corner lot with utilities in Tucumcari, NM.
      1602 S 8Th St, Tucumcari, NM 88401
      View Details
    • $33,900
      1.30 Acres

      Tucumcari Land Near I-40

      Eight residential lots near I-40 in Tucumcari, New Mexico.
      W Rdg Hts, Tucumcari, NM 88401
      View Details
    • Contact for pricing

      Commercial Land Near Historic Route

      Commercial land less than half mile from Historic Route 66.
      115 E Smith Ave, Tucumcari, NM 88401
      View Details
    • $649,000

      Tucumcari Assisted Living Property

      Well-maintained assisted living property with 15 private rooms in Tucumcari.
      2600 S 9Th St, Tucumcari, NM 88401
      View Details
    • $150,000
      1,100 SF

      Tucumcari Commercial Space - $150k

      Historic Route 66 proximity, versatile layout.
      115 Smith Ave, Tucumcari, NM 88401
      View Details
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    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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