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Published on: Tuesday, December 10, 2024
Updated on: Friday, February 21, 2025
About the Lister
User Profile Image
Name: Coralee Quintana
Company: Exp Realty
Office Phone: 505-639-1266 60
Cell Phone: 505-639-1266
Provide Your Service
Financing  Business  Material

  Mills Plaza

206-250 Mills Avenue Las Vegas Las Vegas New Mexico , 87701
206-250 Mills Avenue Las Vegas Las Vegas New Mexico                                                                                          , 87701  Exp Realty
Listing ID: CL-New Mexico-13135 Mixed Use/Retail

Purchase Option

Acquisition Option: Traditional Purchase
Cap Rate (%): 6.1
Net Operating Income: Contact Lister
Quick Glance
Listing ID: CL-New Mexico-13135
Status: Accepting Offers
Financing: Third Party Financing
Occupancy: 74%
Year Build: 1979
Building Size: 58,460.00 SqFt
Lot Size: 160,301.00 SqFt.
No of Stories: N/A
No of Parking: 140
Offer to Millionaire Club: No
Business Available for Sale: No
Is Net Lease Investment: No
Property On Ground Lease: No
Building Status: Existing
Attached Documents
Listing Summary
***MLS#1061334*** Investment Opportunity w/Long-standing Tenants & Vacant Units to Lease
Complete Details
Year Build: 1979
Building Size: 58,460
No of Stories: N/A
Total Lot Area: 160301 SqFt.
No of Parking: 140
No of Total Units: N/A
Property Current Status: Normal Sale
Building Status: Existing
Heating and Cooling: Not Specified
Building Class: Not Specified
Property on Ground Lease?: No
Net Lease Investment?: No
Business Price Included?: No
Roofing: Not Specified
Occupancy: 74%
Full Description

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

Additional Properties
Property 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%
Property Utilities
  • ElectricityConnected,SewerConnected,WaterConnected
Features
  • Accessibility: WheelchairAccess
  • ModificationTimestamp: 2024-09-30T17:01:21.110-00:00
Actual - Cash Flow
Cash Flow Year Gross Income Effective GrossIncome Operating Expenses Net Operating Income Pre Tax Cash Flow Cap Rate
2024
$479,703.26
$0.00
$154,605.86
$384,300.00
$0.00
0%
Cash Flow for Current Listings
Listing Location
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221 Broadway Boulevard Se , Albuquerque New Mexico                                                                                           87102
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U.S. Rt. 66 , Bosque Farms New Mexico                                                                                           87068
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6518 4th St NW Los Ranchos de Albuquerque , Albuquerque New Mexico                                                                                           87107
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5715 Central Ave NE , Albuquerque New Mexico                                                                                           87108
Address: 2308 EUBANK Boulevard NE , Albuquerque New Mexico 87112
Listing ID: CL-New Mexico-14249
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Created On: 2/21/2025
Modified On: 2/21/2025
2308 EUBANK Boulevard NE , Albuquerque New Mexico                                                                                           87112
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