ONE PART SOLID INVESTMENT RETURN ONE PART A NEW VISION!

Office for Sale
Catylist Listing ID: 30647754
Property Subtypes: Governmental, Institutional, Mixed Use, Flex Space, Office Building, Research & Development, Other
Building Size (RSF): 27,442 SF
Gross Land Area: 124,146 SF
Sale Price: $2,850,000
Unit Price: $103.86 PSF
Property Use Type: Investment
Class of Space: Class B
Usable Size (USF): 27,442 SF
Sale Terms: Cash to Seller
Cap Rate: 9.9%
Average Occupancy Rate: 100
Last Updated: 11/23/2020

Overview / Comments

This is a unique and flexible investment opportunity if there ever was one. The facility is current anchored by a multiple area law enforcement agencies and task force operations that have been located at the site in various components for over 20 years. The tenant is funded by the City of Las Cruces but additional funding comes from other state and federal related sources. The current tenant has recently extended their lease for an additional two years effective August 1st of 2020 and has some short term extension options thereafter. Various agencies within the compound are growing and expanding and may have some unique requirements within the coming years. It may be possible to extend the existing lease with some stipulations while other agencies may have a need to relocate due to ongoing requirements. It is therefore possible to also allow a buyer or user to occupy a portion or all of the facility in the coming years if desired. The location and site dynamics are also unique in that it is comprised of highly professional office space, lab space, conference & meeting room space, open bullpen areas, and industrial related elements that can be expanded upon. The entire facility is gated with secured access to multiple areas within the compound for additional flexibility and the ability to demise off certain sections. The overall flexibility cannot be understated. It can be a significant attraction to special need tenants and users. The existing financials are solid for what is in place and the net income promises to increase as the tenant took on some expenses not previously paid for in their recent renewal. The location also offers quick interstate access and flexibility if location is a concern. Please give us a call to discuss. There can be a lot to talk about in this circumstance related to the future and existing potential.

Financials

Finance Data Year 2019
Tax Value Land $186,200
Tax Value Improvements $2,380,600
Assessed Value - Total($) $2,566,800 (Annual)
Gross Operating Income $425,000 (Annual)
Net Operating Income $283,417 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Las Cruces
County: Dona Ana
Taxing Authority: Dona Ana County
Tax ID/APN: 4005136473260
Zoning: I1 LIGHT INDUSTRIAL
Property Visibility: Good
Highway Access: Equally Between the Interstate 10 and Motel Exit Way and Interstate 10 and Avenida De Mesilla Interchange
Airports: ELP & Las Cruces International
Total Number of Buildings: 5
Number of Stories: 1
Construction/Siding: Metal Siding
Parking Type: Surface
Parking Description: The facility is fully fenced and gated with multiple access points
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Other
Zoning Description: I1 light industrial zoning per Dona Ana County Guidelines. The property is not within the city limits and is county zoned.
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Dona Ana County Account R0320078

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,558 54,767 106,414
Median Age: 36.18 34.18 35.37
Households: 1,462 21,670 42,812

Contact

Photograph of Listing Agent

Kary Bulsterbaum

Steinborn/TCN Commercial Real Estate
CARNM CIE Member
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