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11001 Menaul BlvdAlbuquerque, NM 87112

Albuquerque Retail Center - High NOI

Overview

Added:
Dec 11, 2024
Days on market:
117
This Albuquerque, New Mexico retail property, located at 11001 Menaul Blvd NE, zip code 87112, offers a compelling investment opportunity. The 93,302 square foot shopping center features a diverse mix of 13 tenants, including a Walmart Neighborhood Market, Harbor Freight, dd's Discounts, Einstein Bagels, AT&T, GameStop, and Sally Beauty, with Hibbett Sports soon to open. Built in 1973 and renovated in 2023, the property consists of two single-story buildings and boasts a 98% occupancy rate as of June 30, 2024. The current Net Operating Income (NOI) is $926,442, with a pro-forma NOI projected at $1,296,997. The property is situated on a fee-simple ownership basis with a triple net (NNN) lease structure. Rent bumps are included in several leases. The property also includes a 0.5-acre pad site suitable for a drive-thru restaurant, presenting significant future upside potential. The strong tenant mix, predominantly national credit tenants, generates reliable cash flow and significant customer traffic, exceeding one million visits annually. This Core+ investment opportunity is situated in a high-demand area of Albuquerque, serving a substantial population with high household incomes. The property's location at the signalized intersection of Menaul Boulevard and Juan Tabo Boulevard ensures high visibility and accessibility.

Highlights

  • High-performing Walmart Neighborhood Market anchors this center, generating over $21M in annual sales and attracting over 1 million consumers annually.
  • National and regional credit tenants occupy 83% of the gross leasable area (GLA), demonstrating strong long-term performance.
  • Investment-grade tenants on triple-net leases contribute 79% of the net operating income (NOI), providing a reliable cash flow stream.
  • A separate drive-thru parcel offers a value-add opportunity with market-rate rental potential.
  • This established center serves Albuquerque's affluent Foothills neighborhood, a trade area with over 118,000 households earning over $85,000 annually and nearly 260,000 daily consumers.

Property Details for 11001 Menaul Blvd

Property type
Lifestyle centers, Power centers
Square Feet
93,302 SF
Year Built/Renovated
1973/2023
Buildings
2
Stories
1

Location Insight

City
Albuquerque
County
Bernalillo
State
New Mexico
Latitude
35.10896711
Longitude
-106.51766441
11001 Menaul Blvd, Albuquerque, New Mexico

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11001 Menaul Blvd
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