10 Year Family Dollar NNN Lease - Rare Urban Location

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30171289
Property Subtypes: Free-Standing Building, Street Retail
Status: Pending
Building Size (RSF): 12,563 SF
Gross Building Area: See Agent
Gross Land Area: 0.73 Acres
Sale Price: $1,846,000
Unit Price: $146.94 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: Family Dollar
Sale Terms: Cash to Seller
Cap Rate: 6.5%
Last Updated: 3/13/2018

Overview / Comments

Absolute Investment Realty has been selected as the exclusive representative of this opportunity to own a rare metro area Family Dollar leased property located in one of the most underserved trade areas in Albuquerque, New Mexico. The site sits just blocks away from Albuquerque's Central Business District in the heart of Downtown. Family Dollar has sought a location in this trade area for over 10 years and has just signed a 10 year modified NNN lease for this property. The higher than average rental rate is a testament to the desirability of this location and the tenant’s commitment to the property.

Real Estate:
Fundamental down-town infill location
Corner property
Freestanding building
.7284 Acres
+/- 12,563 SF building 100% leased to tenant
+/- 8,603 SF retail area.
The building includes an additional 3,960 Square feet of storage space.
Masonry & Steel Construction
Complete remodel of existing building
Brand new 20 year TPO roof
32 on site parking stalls on brand new parking lot

Lease Summary:
Modified NNN Lease
Landlord maintains roof and structure (Brand-new TPO roof with 15 year warranty, masonry & steel structure).
Tenant: Family Dollar Corporation
10 Year Initial Term
Six (6) Five year options
Five percent (5%) Rent increase in year 11
5% increases every 5 years.
Anticipated delivery date 10/31/2017
Rent commencement: 30 days following delivery

Attachments & Media

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: Downtown
Tax ID/APN: ABQ149198
Retail Clientele: General, Family
Property Visibility: Excellent
Site Description: Corporate Guaranteed Lease Minimal Landlord Responsibilities Fee-simple Ownership Complete Remodel Low Rent ($9.55/SF) Very Rare Metropolitan Location Corner Property Excellent Access, Visibility, & Signage Rent Commencement: Jan 12, 2018
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Renovated: 2017
Construction/Siding: Block
Parking Type: Surface

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,138 106,661 286,184
Median Age: 34.61 35.21 35.02
Households: 7,122 45,011 117,106


Photograph of Listing Agent

Alfredo Barrenechea

Absolute Investment Realty CARNM CIE Member
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