Gateway Shopping Center for Sale
Shopping Center
for Sale
| Catylist Listing ID: |
30717933 |
| Property Subtypes: |
Neighborhood Center, Strip Center
|
| Building Size (RSF): |
162,902 SF
|
| Gross Building Area: |
See Agent |
| Sale Price: |
$11,250,000 |
| Unit Price: |
$69.06 PSF |
| Property Use Type: |
Net Leased Investment (NNN), Investment |
| Building Name: |
Gateway Shopping Center |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
10.8% |
| Last Updated: |
4/14/2021 |
Overview / Comments
Investment Highlights:
NAI SunVista is pleased to offer for sale a ground lease that will terminate on December 31, 2023. The owner of the ground lease will obtain possession of the improvements on January 1, 2024. This shopping center is minutes away from the interchange of I-25 and I-40. It is positioned on the Northeast corner of Menaul & Carlisle Blvds. with over 57,100 cars per day. The approximately 162,902 square foot shopping center is situated on about 13.61 acres. The Gateway Shopping Center has seven access points, four prominent monument signs, with approximately 1,200’ frontage on Menaul Blvd. and 600’ frontage on Carlisle Blvd. Zoned MX-M allowing for a wide variety of uses. The property has a diverse mix of tenants with long tenures at the property. The tenants at the property are operating under NNN leases except Furniture City and Sergio’s Hair Salon. There is a 2,394 square foot pad available, a 10,070 square foot stand-alone building available, and 3,285 square feet of inline space available, which corelates to a vacancy of 9.13%. These vacancies create a nice upside to the owner of the ground lease. This investment benefits from the strong, stable tenancy with most of the current tenants being in the shopping center for ten plus years. In addition, the investment is priced below replacement costs and below market value. The attributes listed above combined with the location and current tenant mix, make this property an opportunity in which an investor can buy the ground lease today and take control of the shopping center on January 1, 2024 with tremendous upside potential.
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Additional Details
| Nearest MSA: |
Albuquerque |
| County: |
Bernalillo |
| Submarket/Township: |
Northeast |
| Tax ID/APN: |
101705906729620110 |
| Zoning: |
MX-M - Mixed-use: Moderate Intensity |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
16,169 |
143,991 |
331,570 |
| Median Age: |
36.38 |
36.47 |
37.84 |
| Households: |
7,512 |
64,369 |
144,222 |
|
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