Lamberton Office Building

Office for Sale
Catylist Listing ID: 29933663
Property Subtypes: Governmental
Building Size (RSF): 40,498 SF
Gross Building Area: 42,000 SF
Gross Land Area: 3.49 Acres
Sale Price: $4,350,000
Unit Price: $107.41 PSF
Property Use Type: Investment
Building Name: CYFD Building
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 15.3%
Average Occupancy Rate: 100
Last Updated: 5/23/2017

Overview / Comments

Nice Class B two- story office building leased to the State of New Mexico since May 2001. Lease has been extended thru 4/30/21. This is an opportunity for an office building investor to purchase a quality building at a discounted price that will generate significant net operating income over the next 4.5 years that can be used to pay for future new tenanting costs. The building's out-of-state owners also own another NM State leased building that has 6.5 years remaining which could be added as a "portfolio sale" which can be purchased for the additional price of $3.85M and will create a first year NOI in the range of $492,000 (12.8% CAP)increasing annually- as an incentive to acquire the CYFD shorter term lease building. The total portfolio price is $8,200,000 with an estimated 2016 NOI of $1,158,737 (CAP of 14.1%). If you would like more information about this unusually high cash flow opportunity, please contact us for more details or have your investor fill out the attached Confidentiality Agreement and send to us via email.

Attractive two-level office building with 152 private offices, all with exterior windows; 5 atrium light-well/patio areas. Conveniently located in the Metro Area midtown business district . Future uses: Suitable for Office, Medical, Education or Lab/Light Manufacturing uses. Steel-frame construction with synthetic stucco finish. 5/1,000 parking ratio. Adaptable for Multi- tenant use.

Financials

Finance Data Year 2017
Actual or Proforma Year Proforma
Finance Data Year 2016
Net Operating Income $665,970 (Annual)
Actual or Proforma Year Proforma
Lender Name no loans on property

Current Tenants

Tenant Business Name State of New Mexico Childrens Youth & Family
Is Renting? Yes
SF of Space Occupied 40,498 SF

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: North I-25
Taxing Authority: Bernalillo County
Tax ID/APN: 101505923238010301
Zoning: M-1 - Light Manufacturing Zone
Property Located Between: I-25 and Edith
Property Visibility: Good
Highway Access: Intersection of I-25 & I-40
Site Description: Improvements situated on property to allow for an additional 7,500 sq.ft. floor plate.
Area Description: Located in the Metro Area Midtown market, just west of Broadbent Business Park and surrounded by T-Mobile, Carrington College, NM Human Services Division, Digital Arts and Technology Academy (DATA), Life Roots and the "COOP".
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 20,072 SF
Year Built: 2001
Roof Type: Flat
Construction/Siding: Steel Frame, Stucco
Exterior Description: Attractive Synthetic Stucco; nicely landscaped.
Parking Ratio: 5 (per 1000 SF)
Parking Type: Surface
Sprinklers: None
Heat Type: Natural Gas, Hot Water
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable, DSL, T1/T3
Interior Description: 152 private office (75 on first level; 77 on 2nd level. 11 conference rooms. Additional storage areas. Centralized File Storage with rolling racks
Zoning Description: M-1 (City)
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: Fee Simple
Legal Description: TR F-2A1-D-1 PLAT FOR TRS F-2A1-D-2, F-2A1-D-3, F-2A1-D-4 & F-2A1-D-5 OF BROADBENT BUSINESS PARK containing approx. 3.4936 acres and located in Bernalillo County and otherwise known as 1031 LAMBERTON PLACE NE Albuquerque, NM 87107

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,323 119,607 334,503
Median Age: 33.72 37.05 36.65
Households: 4,670 54,373 140,676
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