2823 Richmond Dr NE

Office for Sale
Catylist Listing ID: 30266509
Property Subtypes: Mixed Use, Flex Space, Office Building, General
Building Size (RSF): 6,195 SF
Gross Land Area: 0.46 Acres
Sale Price: $669,723
Unit Price: $108.11 PSF
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Building Name: 2823 Richmond Dr NE
Class of Space: Class B
Usable Size (USF): 6,195 SF
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Average Occupancy Rate: 100
Last Updated: 7/2/2019

Overview / Comments

My owner and I have brainstormed and come up with four ways for your buyer/tenant to occupy this amazing building:

1. Buy with a new financing for $669,723
2. Seller is opening to short term seller financing w/15% down, if we have a fast closing that allows him to complete an in contract 1031 exchange
3. My owner leases to your client for $15.20/sf full service for a term of 1-5 years
OR
4. Lease purchase with savings option - my owner leases to your tenant for $15.20/sf full service for a four year lease, and my owner sets aside $3.70sf a year in an special down payment account for your client. This gives your client an effective lease rate of $11.50/sf and they would accrue $91,440 (or 14$) of the sales price as a down payment.

Flyer, property info, floorplans, photos, APOD, IRR analysis can be found at the 27 page flyer at http://www.nmapartment.com/apt/NMAA-rich2823.pdf

A friend of mine owns the office building at 2823 Richmond NE - north of Menaul, west of Carlisle, backs up to the big AMAFCA ditch (in the apartment world, we would call it a water front property) and is adjacent to the Blake's Lotaburger empire, I mean campus.

The building is 6,195 sf on 0.46 acres of NR-C (formerly C-3) zoned land.

Built in 1987, demisable into two spaces (easily), but currently used as 21 office, three conference room, two kitchen large space with 32 onsite parking spaces, with potential for more off site and in adjoining properties.

Its is located in an Opportunity Zone (for investors) and HUB zone (for users). If it would help your buyer, my seller is open to some short term seller financing for an immediate occupancy.

I have analyzed the new opportunity zone legislation and it looks like it could improve the after tax IRR on this property by 0.5%.

APOD shows 8.0% cap rate, 10% cash on case (page 3), floorplan is on page 12, virtual tour at www.nmapartment.com/richmond3d

Offering price is $669,723 or $108/sf or lease at $15.20/sf FS.

Did I mention new roof and I have a check for you for a new HVAC unit?

Zoning is former C-3, so office, retail, or low intensity industrial uses are possible. If it helps with your brew pub client (who wants to be blocks away from the brewery district), I would consider the building to have water frontage...

Additional Details

Nearest MSA: Albuquerque
County: Bernalillo
Submarket/Township: North I-25
Taxing Authority: Bernalillo
Tax ID/APN: 101605930943810819
Zoning: C-3 - Heavy Commercial Zone
Property Located Between: Menaul and Candelaria
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 6,195 SF
Year Built: 1987
Roof Type: Flat
Construction/Siding: Stucco
Parking Ratio: 5.1 (per 1000 SF)
Parking Type: Surface
Total Parking Spaces: 32
Heat Type: Natural Gas
Air Conditioning: Package Unit
Zoning Description: Zoning moving from C-3 today to NR-C under new IDO effective 5/17/2018
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress
Legal Description: Lt 4-B-1-B Land Div Plat Lts 4-B-1-A & 4-B-1-B Blk B Duke City Industrial Area

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,486 133,100 337,943
Median Age: 33.16 37.11 37.87
Households: 4,944 60,966 145,656

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