Four Central Avenue storefronts, including fire-damaged site, hit the market
Four Central Avenue storefronts are on the market, including the former Red Door Brewing Company site and a fire-damaged building near 5th Street.
Peterson Properties LLC has put four commercial spaces along Central Avenue in downtown Albuquerque up for lease, including one recently damaged by fire. One of the listings is the former Red Door Brewing Company site, a sign that some of downtown’s most visible storefronts are still in transition.
The listings land at a sensitive moment for the corridor. The Albuquerque City Council passed Ordinance O-24-61, the Downtown Vacant Premises Ordinance, in January 2025, and the city says it is preparing to enforce it. That puts pressure on owners and prospective tenants alike to move quickly on empty or neglected storefronts, especially in blocks where fire damage, long vacancies and public safety concerns can make leasing more difficult.
A separate fire at a vacant commercial building on Central Avenue near 5th Street was contained by Albuquerque firefighters, adding to the attention on the stretch of downtown where the new listings sit. For any business considering one of these spaces, the obstacles are likely to be practical as much as financial: repairs to damaged interiors, higher insurance costs, permitting delays, and the challenge of opening in a place where customers may still associate empty storefronts with instability rather than reinvestment.
The broader market shows why these spaces matter beyond one landlord’s portfolio. A LoopNet search shows 44 downtown Albuquerque commercial properties for lease, with an average asking price of $20 per square foot and an average size of 10,893 square feet. That suggests there is still plenty of space available downtown, even as owners and city officials push to bring vacant buildings back into use.
What happens next on Central Avenue will affect more than the four listed properties. A successful lease-up could help revive foot traffic for neighboring businesses and make the street feel more active after years of churn. If the spaces linger on the market, downtown’s recovery will remain uneven, with some blocks moving forward while others stay stuck in the same cycle of vacancy and fire damage.
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