2350 Lohman AveLas Cruces, NM 88001

  • Retail properties
  • 23,000 SF
For Sale
$4,069,915 View listing

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
Retail properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
2350 Lohman Ave, Las Cruces, New Mexico

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$21,545
$273,993
$357,793
$631,786
-
$821,980
$1,073,379
$1,895,359

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