SE Albuquerque Retail Investment With Upside

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30055721
Property Subtypes: Street Retail, General
Status: Pending
Building Size (RSF): 48,227 SF
Gross Land Area: 2.11 Acres
Sale Price: $2,300,000
Unit Price: $47.69 PSF
Property Use Type: Investment
Building Name: 200-204 San Mateo Blvd SE
Usable Size (USF): 48,227 SF
Sale Terms: Cash to Seller
Cap Rate: 8.29%
Average Occupancy Rate: 62
Last Updated: 11/17/2017

Overview / Comments

LOCATION:
The Rainbow Business Center is located in the southeast quadrant of the City of Albuquerque,
approximately three miles from the downtown core. The area is defined as Copper Avenue to the
north, San Pedro Drive to the east, Washington Street to the west, and Kathryn Avenue to the south.

SITE AND VICINITY DESCRIPTION:
Current Zoning is C-3 (Heavy Commercial Use). The New Mexico State Fairgrounds are just
east of the area. Kirtland Air Force Base and Sandia Labs are to the south and the Albuquerque
International Airport is approximately one mile south of the area as well as the University of New
Mexico campus approximately one mile west of the area.

IMPROVEMENTS AND STRUCTURES:
The subject property is presently improved with a detached block retail/warehouse space
establishment, with a wood deck roof and metal truss system. The subject property has been
renovated and comprises a gross square footage of approximately 49,160 square feet. The rear and
central portions of the building still have the wood flooring. The north section of the building is curre
occupied by a furniture and antique mart and has vinyl title floor covering, concrete block walls, gas
space heaters and evaporative air conditioning. Other improvements to the property include an aspha
paved parking lot to 100+ vehicles, landscaping and sidewalks around the perimeter of the building.

PRIOR USES OF THE PROPERTY
The subject area has a wide range of uses, with single family residences in the interior and commercia
activity. Other uses in the area consist of two large high-rise office buildings at Central and San
Mateo motels, schools, apartments, fast food operations, service stations, a post office, and
vacant land. The area has been in transition over the past years, and has seen the development of
a large discount store from a property which used to be a large car dealership.

Financials

Finance Data Year 2017
Real Estate Taxes - Annual($) $28,835 (Annual)
Net Operating Income $190,560 (Annual)
Gross Operating Income $297,350 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Southeast
Tax ID/APN: ABQ153660
Zoning: C-3 - Heavy Commercial Zone
Retail Clientele: General
Property Visibility: Excellent
Largest Nearby Street: San Mateo, SE
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1953
Year Renovated: 2006
Construction/Siding: Brick
Total Parking Spaces: 125
Parking Ratio: 5 (per 1000 SF)
Parking Type: Surface
Parking Description: Striped Asphalt, Front & Back

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,114 118,577 296,924
Median Age: 38.87 35.78 37.08
Households: 11,028 52,980 130,177
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