1619-1625 San Pedro Drive
Fully leased 5,560 SF multi-tenant retail strip center in Albuquerque's Uptown trade area, offered at $500,000 at a 6.70% cap ($37,060 NOI). The property features a stable mix of local tenants—gym, dispensary, dog grooming salon, and tea shop—positioned along San Pedro Drive, which carries over 13,000 vehicles per day. All tenants are on modified gross leases with potential for conversion to triple-net upon renewal, providing upside for future investors.
Built in 1962, the single-story brick masonry building is equipped with TPO and tar-and-gravel roofing, swamp coolers, and radiant heating for each suite. The 0.25-acre lot includes 14 parking spaces (2.52 spaces per 1,000 SF leased) and prominent building and pylon signage for strong street visibility. Zoned MX-M (Mixed Use – Moderate Intensity), the property sits in Albuquerque's highest-traffic retail corridor, with the next lease expiration not until 2027, ensuring stable in-place income. The trade area is anchored by nearby public transportation, commuter rail access, the airport, and abundant dining and banking options.
- 100% occupied with no vacancies; next lease expiration in 2027
- 13,000+ vehicles per day on San Pedro Drive
- Modified gross leases convertible to NNN upon renewal
- Diverse tenant mix with strong co-tenancy
- Uptown location with highest daytime population in New Mexico
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About this property
1619–1625 San Pedro Dr NE presents a strong, income-producing investment opportunity situated just outside Albuquerque’s vibrant Uptown trade area, which boasts the highest daytime population in New Mexico. The fully leased 5,560-square-foot multi-tenant retail property features a diverse mix of local tenants—including a gym, dispensary, dog grooming salon, and tea shop—creating excellent co-tenancy and steady foot traffic. Positioned along San Pedro Drive, which experiences over 13,000 vehicles per day, the property offers exceptional visibility. All tenants are on modified gross leases, providing future potential for conversion to triple-net (NNN) leases upon renewal or re-tenanting. The building, constructed in 1962 of durable beige brick masonry, is equipped with TPO and tar-and-gravel roofing, swamp coolers, and radiant heating for each suite. Prominent building and pylon signage ensure strong street presence. With no current vacancies and the next lease expiration not until 2027, this property provides investors with stable in-place income and long-term upside in one of Albuquerque’s most active and established retail corridors.
