2350 Lohman AveLas Cruces, NM 88001

Property Details for 2350 Lohman Ave

Year built

1989

Lot size

1.89 AC

Property size (Sq ft)

23,000 SF

Zone code

GEN-COMMERCL

Property type

Outlet malls

APN

4-009-135-068-117

APU

4009135068117

Description

This exceptional investment opportunity presents a fee-simple, 22,991 square foot Big Lots convenience and grocery store in Las Cruces, New Mexico. Located at 2350 E Lohman Ave, 88001, this property boasts a 20-year absolute NNN lease with a corporate guarantee from Big Lots, Inc. (NYSE: BIG), providing significant long-term stability and income generation. The lease features a 2% annual rent increase, ensuring consistent NOI growth. The property sits on an 82,218 square foot lot, offering potential for future development. Currently operating at 100% occupancy, the property generates a substantial NOI of $254,370, representing a 6.25% cap rate on the asking price of $4,069,915 ($177.02/sq ft). The property is offered as a 1031 exchange opportunity and is free and clear of financing. The strong demographic profile of the area, with a high average household income within a 5-mile radius, further enhances the investment's appeal. This asset presents a compelling combination of secure income, growth potential, and a prime location within a thriving retail market. The large lot size presents potential for future value-add opportunities, such as pad development, subject to tenant approval.

• CAP approach

  CAP return

  Valuation

  6%

  $3,350,030

  6.5%

  $3,092,336

  7%

  $2,871,454

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,644,544

  Geo Method

  $9,644,544

• Alternative Use

  Use

  Valuation

  Residential

  $2,608,501

  Hospitality

  $2,389,372

  Educational

  $1,987,930

  Medical

  $2,056,298

  Retail

  $3,092,336

Location Insight

City

Las Cruces

County

Dona Ana

State

New Mexico

Latitude

32.3122

Longitude

-106.749

CBSA code

29740

CBSA name

LAS CRUCES, NM METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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