$1,600 / month
2-Bedroom House for Rent in Albuquerque, NM | 720 Woodland Ave NW
Albuquerque, New Mexico
Soft OfferCommercial Property for Sale in Las Vegas New Mexico 87701
206-250 Mills Avenue Las Vegas, Las Vegas, New Mexico 87701
$5,900,000
$101 / sq ft 6.51% cap rate Listed Dec 10, 2024
58,460 sqft
Building
160,301 sqft
Lot
1979
Built
140
Parking
About this property
Commercial Property for Sale in Las Vegas New Mexico 87701 is a retail for sale in Las Vegas, New Mexico, listed at $5,900,000. Key details: year built 1979, building size 58,460 sqft, lot size 160,301 sqft, parking spaces 140. Listed by Coralee Quintana of Exp Realty on LoopingCloud and last updated February 21, 2025.
Mills Plaza offers investors the unique opportuinty to achieve significant upside in the near term by leasing current vacancies and the newly approved drive-thru pad site. There are currently eleven vacancies, totaling 15,459 square feet, and a 9,000 square foot pad site with drive-thru, available to lease to a quick serve restaurant (QSR), bank, or car wash. Combined they equate to a physical vacancy of 36.2%. An investor will have the opportunity to increase the NOI by 27%, by leasing half vacant inline suites at $15 per square foot and the pad site at $5.56 per SF.Shopping center spans 58,460 SF on 3.68 acres and includes 9,000 SF padsite. Renovation work underway on vacant units. Vacancy Potential: The present physical vacancy rate stands at 36.2%, offering investors an opportunity to considerably enhance Net Operating Income (NOI) by 27% through competitive leasing. Current Occupancy: The building is presently occupied by eight tenants, with a 74% occupancy rate. Ongoing Renovations: Renovation efforts are underway for the vacant units, enhancing their attractiveness to prospective tenants. Existing Tenants: Mills Plaza hosts a range of long-standing tenants, including Family Dollar, Autozone, Fema, Ultra Health, El Ranchito market, Sun Loan, La Casita de Mama, and Lasting Nails. Directions: From Santa Fe,get onto I-25 N. Continue for 60 miles. Take exit 343 toward NM-283/I-25 BUS/NM-329/Las Vegas. Turn left onto I-25BL. Turn left onto New Mexico Ave. Continue onto Church St. Continue on
Key highlights
- Accessibility WheelchairAccess
Lending Opportunities
| Company | Lender type | Contact | Phone | |
|---|---|---|---|---|
| TheLoanProsTeam | Mortgage Broker | Roxanne Chung | (754) 707-5877 | |
| Money Solutions, LLC | Mortgage Broker | Jennifer A. Judice | (813) 431-5000 |
Property details
Key facts
- Year Built
- 1979
- Building Size
- 58,460 sqft
- Lot Size
- 160,301 sqft
- Parking Spaces
- 140
- Occupancy
- 74%
- Property Status
- Normal Sale
- Building Status
- Existing
Pricing details
- Financing
- Third Party Financing
- Investment Property
- Active investment property
Investment snapshot
6.51%
Cap rate
$384,300
Net operating income
$101
Price per sq ft
Actual - Cash Flow
Source: Yearly tax returns
Gross incomeNet operating income
| Year | Gross income | Effective gross | Expenses | NOI | Pre-tax cash flow | Cap rate |
|---|---|---|---|---|---|---|
| 2024 | $479,703 | - | $154,606 | $384,300 | - | - |
Acquisition options
| Option | Asking price | Cap rate | Commission | Monthly income | Ownership |
|---|---|---|---|---|---|
| Purchase Only | $5,900,000 | 6.1% | - | - | - |
Features and amenities
Property Features
- Accessibility: WheelchairAccess
- ModificationTimestamp: 2024-09-30T17:01:21.110-00:00
Highlights
- Leasing Opportunities: Mills Plaza offers investors the opportunity to lease currently vacant spaces, including eleven vacancies totaling 15,459 square feet, and a 9,000 square foot pad site with a drive-thru option.
- Investment Price: Mills Plaza is available at a price of $6,300,000 with a 5.2% capitalization rate (CAP rate).
- Property Details: The shopping center spans 58,460 square feet on 3.68 acres, and it includes a 9,000 square foot pad site.
- Pricing Value: The price of $107.76 per square foot represents 68% of the replacement cost, estimated at $9,200,000.
- Rental Rates: Rental rates are currently below the market average, with an average in-place rent of $8.74 per square foot.
- Proforma CAP Rate: The projected CAP rate upon reaching 87% occupancy is 7.1%
Utilities
- ElectricityConnected,SewerConnected,WaterConnected
Location
Address as shown by the lister.
Get directionsAbout this area - Las Vegas
- Population
- 20,375
- Housing units
- 8,756
- Land area
- 1,648.4 sq mi
- County
- San Miguel
Neighborhood
Places shown on the map come from Google Maps and are near the property. Check details with each place before you rely on them.
Documents, links and contacts
Property documents
1 file to downloadFrequently asked questions
What is the asking price of Commercial Property for Sale in Las Vegas New Mexico 87701?
Commercial Property for Sale in Las Vegas New Mexico 87701 is listed at $5,900,000. That works out to about $101 per square foot. The stated cap rate is 6.51%.
Where is Commercial Property for Sale in Las Vegas New Mexico 87701 located?
The property is in 206-250 Mills Avenue Las Vegas, Las Vegas, New Mexico 87701, San Miguel County.
What type of property is this?
This is a retail for sale in the commercial category.
How big is the property?
The building is 58,460 sqft. The lot is 160,301 sqft.
Is financing available?
The lister indicates: Third Party Financing.
Who do I contact about this listing?
Coralee Quintana of Exp Realty listed this property. Use the Request Info button to send a message or call (505) 639-1266.
When was this listing published?
It was published on December 10, 2024 and last updated on February 21, 2025.
Listing information
- Listing ID
- CL-New Mexico-13135
- Published
- Dec 10, 2024
- Last updated
- Feb 21, 2025
- Views
- 435
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