Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    508 New York Dr Portales, NM 88130

    • Commercial real estate
    • 10.15 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-1148888
    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

    • Commercial real estate

    Property Details for 508 New York Dr

    Lot size
    10.15 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 10.147-acre parcel of land is situated in Portales, New Mexico, at 508 New York Dr, zip code 88130. Located in Roosevelt County, this property offers a unique opportunity for various development projects. The land boasts convenient access via a paved road, eliminating the challenges often associated with unimproved properties. The generous lot size provides ample space for a wide range of uses, including residential development, potentially accommodating manufactured homes. The property's location in Portales offers proximity to local amenities and services. With its strategic location and significant acreage, this property presents a compelling investment prospect for those seeking a substantial land holding in a desirable New Mexico location. The coordinates are 34.184066 latitude and -103.401751 longitude. The asking price for this expansive property is $15,000. This represents a significant value proposition for the acreage offered and its convenient location. Serious inquiries are encouraged to explore the full potential of this remarkable land opportunity.

    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
    Portales
    County
    Roosevelt
    State
    New Mexico
    Longitude
    -103.401751
    Latitude
    34.184066

    Comparable in this City

    • $99,000
      3.50 Acres

      Prime Portales Land - 3.5 Acres

      Affordable land near city amenities. Great development potential.
      7776 Nm 206 Rd, Portales, NM 88130
      View Details
    • Contact for pricing

      Portales Land: Raven Wood Subdivision

      8,945 sq ft lot; excellent development potential.
      1819 Quail-Wood Dr, Portales, NM 88130
      View Details
    • $195,000

      Portales Commercial Land - $195K

      8,500 SF Commercial Lot, High Traffic
      1429 Avenue D, Portales, NM 88130
      View Details
    • Contact for pricing
      0.14 Acres

      Residential Land in Quiet Neighborhood

      Spacious lot for building a dream home in Portales, NM.
      1825 Quail-Wood Dr, Portales, NM 88130
      View Details
    • Contact for pricing

      Portales Land: Raven Wood Subdivision

      8,945 sq ft lot; excellent development potential.
      1825 Quail-Wood Dr, Portales, NM 88130
      View Details
    • $165,000

      Portales Commercial Property: Prime Location

      Office Building & Two Lots, $165,000
      301 St. Ave, Portales, NM 88130
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Portales Land: Raven Wood Lot

      8,945 sq ft buildable lot in Portales.
      1821 Quail-Wood Dr, Portales, NM 88130
      View Details
    • Contact for pricing
      0.23 Acres

      Residential Lot in Quiet Neighborhood

      Spacious lot to build your dream home in Portales, NM.
      1821 Quail-Wood Dr, Portales, NM 88130
      View Details
    • Contact for pricing
      0.21 Acres

      Residential Lot in Quiet Neighborhood

      Spacious lot for building a dream home in Portales, NM.
      1819 Quail-Wood Dr, Portales, NM 88130
      View Details
    • $45,000
      1.14 Acres

      Portales Land: Build Your Dream Home

      1.137-acre lot, prime Portales location.
      1408 Kilgore St, Portales, NM 88130
      View Details
    • $135,000
      10.28 Acres

      Spacious Land Within City Limits

      10.28 acres in Portales, NM, ideal for residential development.
      200 E Quince St, Portales, NM 88130
      View Details
    • Contact for pricing

      Portales Land: Raven Wood Subdivision

      8,945 sq ft lot; excellent development potential.
      1825 Quail-Wood Dr, Portales, NM 88130
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    508 New York Dr
    Portales, NM 88130
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.