423 San Mateo BlvdAlbuquerque, NM 87108

Property Details for 423 San Mateo Blvd

Year built

1951

Lot size

0.15 AC

Property size (Sq ft)

3,100 SF

Property type

Retail space

APN

1-017-057-528-299-1-08-04

APU

101705752829910804

Description

This exceptional investment opportunity presents a 3,100 square foot Class C shopping center located at 423-425 San Mateo Blvd NE in Albuquerque, New Mexico, 87108. The property, built in 1951, sits on a 0.15-acre lot and offers 3,000 square feet of net rentable space, currently at 50% occupancy. Priced at $299,000 ($96.45/sq ft), this owner-user property is zoned MX-L and features two units, each with its own unique layout. The flexible space is ideal for a variety of retail or office uses. Each unit boasts private offices, work or retail areas, break rooms, kitchenettes, storage areas, and two bathrooms. A significant advantage is the ample parking, with six spaces available. Further enhancing the value proposition, both units have recently undergone upgrades, including the installation of new HVAC systems. One unit has a tenant with an expiring lease, presenting a potential for increased rental income. This property offers a compelling value-add opportunity in a desirable Albuquerque location, just minutes from Nob Hill. The property's features, combined with its strategic location and potential for increased occupancy, make it an attractive investment for discerning buyers.

• CAP approach

  CAP return

  Valuation

  6%

  $499,702

  6.5%

  $461,263

  7%

  $428,316

• Comparable approach

  Method

  Valuation

  Relative Method

  $277,802

  Geo Method

  $266,367

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $885,191

  Mixed-Use / Specialty

  $465,404

  Hospitality / Lodging

  $348,985

  Office

  $468,665

  Institutional / Educational

  $485,901

  Residential Income

  $568,504

  Multifamily

  $649,760

  Automotive / Energy

  $416,486

  Parking / Income-Based Land

  $138,008

  Restaurant / Food Service

  $254,408

  Healthcare / Senior Housing

  $471,331

Location Insight

City

Albuquerque

County

Bernalillo

State

New Mexico

Latitude

35.0811

Longitude

-106.587

CBSA code

10740

CBSA name

ALBUQUERQUE, NM METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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