Investment Opportunity - Cuco's Kitchen in NE Heights

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30716860
Property Subtypes: Free-Standing Building, Restaurant
Status: Pending/Contingent
Building Size (RSF): 2,062 SF
Gross Land Area: 0.64 Acres
Sale Price: $425,000
Unit Price: $206.11 PSF
Is Quick-Service Restaurant? Yes
Has Drive-Thru? Yes
Property Use Type: Investment
Building Name: Cuco's Kitchen #2
Sale Terms: Cash to Seller
Cap Rate: 7.76%
Average Occupancy Rate: 100
Last Updated: 1/20/2022

Overview / Comments

Second generation restaurant building leased to a local credit mexican food restaurant - Cuco's Kitchen.
The property is located at the corner of Chelwood Park Blvd and Menaul Blvd NE in Albuquerque's Northeast Heights sub-market.
5 year lease term.
A triple net lease with some landlord responsibility.
One (1) five year option to renew.
Increases to base rent over the lease term and renewal.
Hard corner location.
Signalized intersection.

Current Tenants

Tenant Business Name Cuco's Mexican Kitchen
Is Renting? Yes
Year Founded 1992
SF of Space Occupied 2,062 SF
Current Rent $32,992 PSF (Annual)
Escalations $1.00psf every two years.
Options One 5 year option to renew.

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Northeast
Taxing Authority: Bernalillo County
Zoning: MX-L - Mixed-use: Low Intensity
Retail Clientele: General, Family
Property Visibility: Excellent
Traffic/Vehicle Count: 18,200
Airports: Albuquerque Sunport
Site Description: Hard corner location. Signalized intersection. Strong residential density. Pylon sign. Excellent ingress/egress.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 2,062 SF
Property Condition: Good
Total Parking Spaces: 32
Parking Ratio: 161 (per 1000 SF)

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,930 135,398 267,005
Median Age: 42.44 40.5 40.35
Households: 8,270 59,402 117,879
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