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

Retail properties

Property subtype

Lifestyle 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

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