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

    8011 Harper NE Dr Albuquerque, NM 87111-1054

    • Drug stores
    • 13,976 SF
    • 1.24 lot acres
    OFF-MARKET
    Last Sale
    Feb 10, 2020
    Value Estimations
    $615,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US61-0175289
    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

    • Walgreens Photo / (Bike/Boat/Book/etc) Store
    • Walgreens Pharmacy / Pharmacy
    • Walgreens / Cosmetic Store
    • COVID-19 Drive-Thru Testing at Walgreens / Medical Laboratory
    • Walgreens #3367 / Pharmacy

    Property Details for 8011 Harper NE Dr

    Year built
    1994
    Lot size
    1.24 lot acres
    Property size
    13,976 SF
    Property type
    Drug stores
    APN
    1-019-062-304-510-1-02-02
    APU
    101906230451010202

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $420,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $808,000
      Market price range: $421k - $1.08M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $680,000
      Current use
      WAREHOUSE, STORAGE
      $860,000
      Change: +26% Conversion: Difficult
      MEDICAL BUILDING
      $745,000
      Change: +9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Albuquerque
    County
    Bernalillo
    State
    New Mexico
    Longitude
    -106.559
    Latitude
    35.1593
    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
    $18,575
    $190,004
    $197,161
    $387,165
    -
    $570,070
    $591,543
    $1,161,613

    Comparable in this City

    • Value Estimation
      $640,000
      14,522 SF

      8400 Montgomery NE Blvd

      DRUG STORE, PHARMACY • 14,522 SF
      8400 Montgomery NE Blvd, Albuquerque, NM 87111-2302
      View Details
    • Value Estimation
      $620,000
      13,795 SF

      5850 Eubank NE Blvd

      DRUG STORE, PHARMACY • 13,795 SF
      5850 Eubank NE Blvd, Albuquerque, NM 87111-6132
      View Details
    • Value Estimation
      $770,000
      15,812 SF

      11200 Montgomery NE Blvd

      DRUG STORE, PHARMACY • 15,812 SF
      11200 Montgomery NE Blvd, Albuquerque, NM 87111-2677
      View Details
    • Value Estimation by Request
      27.07 Acres

      8301 Eubank NE Blvd

      GYM, HEALTH SPA • 27.07 Acres
      8301 Eubank NE Blvd, Albuquerque, NM 87111
      View Details
    • Value Estimation by Request
      9,424 SF

      10410 Comanche NE Rd

      RETAIL STORES (PERSONAL SERVICES) • 9,424 SF
      10410 Comanche NE Rd, Albuquerque, NM 87111-3802
      View Details
    • Value Estimation by Request
      3,120 SF

      11100 Montgomery NE Blvd

      RETAIL STORES (PERSONAL SERVICES) • 3,120 SF
      11100 Montgomery NE Blvd, Albuquerque, NM 87111-2661
      View Details

    Similar Nearby for Sale

    • New
      $1,500,000
      0.70 Acres

      Albuquerque Commercial Property For Sale

      Commercial property with excellent location and lease history in Albuquerque.
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    • $1,500,000

      Restaurant and Retail Investment Opportunity

      Excellent location with established lease history for restaurant and retail.
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      Land in High-Traffic Area

      Commercial land with high visibility and multiple access points.
      11301 Montgomery Blvd NE, Albuquerque, NM 87111
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    • Contact for pricing
      1.34 Acres

      Albuquerque Commercial Land - 1.3 Acres

      Prime NE Albuquerque location, ideal retail development.
      4401 Wyoming Blvd, Albuquerque, NM 87111
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    • $145,000
      0.46 Acres

      Land with City and Mountain Views

      Residential land with city lights and mountain views in Albuquerque.
      4428 Skyline Ct NE, Albuquerque, NM 87111
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      1.37 Acres

      Albuquerque Land with Panoramic Views

      1.37 acre lot in Wilderness Estates with city and mountain views.
      13604 Barranca Vista Ct NE, Albuquerque, NM 87111
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr
      1,200 SF

      Retail Space in Albuquerque, NM

      Retail space available in Walmart & Smith’s anchored shopping center.
      8060 Academy Rd NE, Albuquerque, NM 87111
      View Details
    • $14 SF/Yr
      4,000 SF

      Retail Space in Busy Center

      4,000 SF retail space in established neighborhood center.
      2740 Wyoming Blvd NE, Albuquerque, NM 87111
      View Details
    • $2,400 /Mo
      1,196 SF

      Retail & Restaurant Space Available

      Retail and restaurant spaces for lease near High Desert community.
      4700 Tramway Blvd NE, Albuquerque, NM 87111
      View Details
    • $5,500 /Mo
      2,713 SF

      Retail Space Near Major Retailers

      Retail space adjacent to Walgreens and Smith’s Supermarket.
      5809 Juan Tabo Blvd NE, Albuquerque, NM 87111
      View Details
    • $9 SF/Yr
      48,104 SF

      Los Altos Plaza: Medical Office Space

      Albuquerque medical office suites available.
      4200 Wyoming Blvd, Albuquerque, NM 87111
      View Details
    • $13 SF/Yr
      9,013 SF

      Juan Tabo Office Suite D

      Albuquerque Office Space - Immediate Occupancy
      3750 Juan Tabo Blvd, Albuquerque, NM 87111
      View Details
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    Albuquerque, NM 87111-1054
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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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