206-250 Mills AveLas Vegas, NM 87701

Property Details for 206-250 Mills Ave

Year built

1979

Property size (Sq ft)

58,460 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Mills Plaza, a 58,460 square foot shopping center in Las Vegas, New Mexico, presents a compelling investment opportunity. Currently boasting 74% occupancy with eight established tenants including Family Dollar, AutoZone, and Ultra Health, the property offers significant upside potential. Eleven vacant units totaling 15,459 square feet, plus a 9,000 square foot pad site with drive-thru potential, allow for immediate NOI growth. Built in 1979 and renovated in 2018, the property sits on a 3.68-acre lot in San Miguel County (zip code 87701). The asking price is $6,300,000, representing a price per square foot of $107.77 and a current cap rate of 6.10%. The current Net Operating Income (NOI) is $384,300. Renovations are underway for vacant units to enhance their marketability, and current rental rates are below market average, presenting an opportunity to increase rental income. A pro forma cap rate of 7.1% is projected upon reaching 87% occupancy. The property's price per square foot of land value is $107.76, representing 68% of the estimated $9,200,000 replacement cost. This presents a strong value proposition for investors seeking to capitalize on the potential for increased occupancy and rental income in a stable market.

Location Insight

City

Las Vegas

County

San Miguel

State

New Mexico

Latitude

35.6004

Longitude

-105.232

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].