2350 Lohman AveLas Cruces, NM 88001
- Retail properties
- 23,000 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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