RARE MESILLA RESTAURANT/BAR & DUPLEX IN THE MIDST OF IT ALL!

Retail-Commercial for Sale
Also listed as Multi-Family
Catylist Listing ID: 30662963
Property Subtypes: Free-Standing Building, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 4,035 SF
Gross Building Area: 4,043 SF
Gross Land Area: 6,765 SF
Sale Price: $700,000
Unit Price: $173.48 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/23/2020

Overview / Comments

If you are a believer in the Town of Mesilla, and frankly it is really hard to not be a fan, this is definitely something you should buy. This is a unique opportunity with a lot of flexibility pending a parties investment intent. The property consists of a 2000+ SQFT full service restaurant with a generous patio and available parking. It also has a duplex unit to the rear of the location for additional income potential. The location has great visibility and is within a comfortable walking distance to all significant Mesilla landmarks and destinations. More importantly, this site is beyond accessible to the most affluent demographics and housing base in all of Mesilla and Mesilla Park. Business establishment and retail concepts that are near this location have thrived for many years and continue to do so with numerous recent wins in terms of new establishments. The immediate area simply keeps the local residents craving more unique options. No other corridor in all of the Las Cruces MSA attracts a more unique customer base than Mesilla. It routinely has a trade range that goes well beyond residents and business that are five minutes away. Potential customers include but are not limited to travelers, tourists, and regional residents that are craving a Mesilla recreational experience that will definitely make a site like this part of rotation. This being said the site is immediately surrounded by 400+ business establishments within 5 minutes of the site that employs 5900+ individuals. You can definitely create both a local and expansive relationship with the local and regional community. Forty percent of the immediate area is college educated with an additional 30 percent of the 5 minute population having some level of advanced or college education. The immediate area incomes per household are some of the highest in the area. The typical resident by a high percentage has a substantial net worth and income supported by investments. The majority of residents are singles or professional couples who have a limited household size and good discretionary income. A more detailed analysis also indicates a $300,000+ food and beverage gap within 5 minutes of the site and a $900,000+ gap for unique small grocery concepts. The site simply screams that something unique could play very well in the neighborhood and beyond. The existing operator at the site is still in business and has been there for almost 5 years. They have recently renewed their lease for another 5 years at the site, but the existing lease allows for flexibility in termination. The existing operator runs a solid business, but the current ownership simply desires to sell and would like to keep their options open pending the buyer's potential intent. This is great opportunity to discuss and we look forward to your inquiries.

Additional Details

Nearest MSA: Las Cruces
County: Dona Ana
Taxing Authority: Dona Ana County
Tax ID/APN: 4006138196026
Retail Clientele: General, Business, Traveler, Tourist, Recreation, Convention, Other
Property Visibility: Good
Airports: ELP & Las Cruces International
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Good
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,811 37,835 89,883
Median Age: 39.9 32.85 34.84
Households: 1,203 15,284 36,098

Contact

Photograph of Listing Agent

Kary Bulsterbaum

Steinborn/TCN Commercial Real Estate
CARNM CIE Member
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