Los Alamos Office Condos

Office for Sale
Catylist Listing ID: 28287676
Property Subtypes: Mixed Use
Building Size (RSF): 10,570 SF
Gross Building Area: 12,721 SF
Gross Land Area: 0.35 Acres
Sale Price: $1,709,002 - 1,709,022
Unit Price: $161.68 - 161.69 PSF
Property Use Type: Investment
Building Name: 800 Trinity Office Condos
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 9.0%
Last Updated: 10/14/2017

Overview / Comments

Located in the epicenter of Los Alamos' vibrant commercial hub, these office condos offer a one-of-a-kind investment opportunity. The property consists of 5 remaining units in a condominiumized building. The total size of the entire building is 21,000 square feet. Parking is ample and is shared by a nearby strip shopping center, and several other commercial buildings. This property is surrounded by other prime commercial properties including the town's only super market, many resturants and several national retail chain stores. The primary tenant is Los Alamos National Labs, the region's largest employer, and one of the premier super high-technology research centers in the United States. Los Alamos is surrounded mostly by national forest, and the topography severely limits expansion of the existing commercial hub. New commercial sites nearly always come to being only through the destruction of older less viable commercial buildings. This commercial site is probably the most stable commercial rental market in the country. When available, vacant spaces command a high premium, and waiting lists are not uncommon, thus high-quality existing commercial sites tend to maintain extremely high occupancy rates. Los Alamos County is the 4th richest county in the U.S., boasts median income exceeding $97,000 per household, and an unemployment rate at an enviable 3%. The area is growing rapidly due to the high quality of jobs available as well as the richness of recreational opportunity nearby added to the cultural possibilities offered by Albuquerque, Santa Fe, and Taos all of which are within easy driving distance.

Financials

Finance Data Year 2011
Real Estate Taxes - Annual($) $14,254 (Annual)
Potential Rental Income $189,926 (Annual)
Net Operating Income $124,205 (Annual)
Actual or Proforma Year Actual
Annual Debt Service $56,110 (Annual)

Current Tenants

Tenant Business Name Los Alamos National Lab
Industry Type Professional/Scientific/Technical Services
Is Renting? Yes
SF of Space Occupied 7,785 SF
Current Rent $18 PSF (Annual)
Tenant Business Name Sigma Science
Industry Type Professional/Scientific/Technical Services
Is Renting? Yes
SF of Space Occupied 1,468 SF
Current Rent $20 PSF (Annual)
Tenant Business Name Just Hair
Industry Type Health Care and Social Assistance
Is Renting? Yes
SF of Space Occupied 445 SF
Current Rent $23 PSF (Annual)
Tenant Business Name Total Image
Industry Type Other Services
Is Renting? Yes
SF of Space Occupied 531 SF
Current Rent $21 PSF (Annual)
Tenant Business Name Amethyst Land Co.
Industry Type Management of Companies and Enterprises
SF of Space Occupied 340 SF

Additional Details

Nearest MSA: Los Alamos
County: Los Alamos
Zoning: COMMERCIAL C3
Market Type: Medium
Property Located Between: Trinity just east of Wall St.
Road Type: Paved
Property Visibility: Excellent
Transportation: Bus, Highway, Airport
Highway Access: State Highway 502 becomes Trinity Drive in the city limits.
Airports: Albuquerque, Santa Fe, Los Alamos
Site Description: Building is located in the heart of the commercial and business district of Los Alamos.
Area Description: Los Alamos is nearly surrounded by national forest and is virtually contiguous to the fabled Valles Calderas, an 89,000-acre managed wildlife area which offers year-round recreational opportunities. Nearby is Pajarito ski area, Santa Fe ski basin, Pecos Wilderness and many other legendary natural New Mexico treats. The altitude of 7000+ feet provides tolerable dry heat in summer, always cool nights, and the strong possibility of White Christmases. City life is not far away as both Santa Fe and Albuquerque are within easy driving distance offering little theater, opera, orchestral events, zoos, galleries, the internationally known annual balloon fiesta, horse activities of every stripe, hiking, boating, fishing, camping, and simply learning to enjoy one of the least populated, but most physically diverse and gorgeous states in the union.
Total Number of Buildings: 1
Number of Stories: 2
Year Renovated: 1989
Roof Type: Flat
Construction/Siding: Other
Exterior Description: Modern SW Stucco.
Parking Type: Surface
Parking Description: Parking shared with adjoining shopping center and is more than adequate.
Interior Description: Modern
Zoning Description: C2
Lot Frontage: 184
Lot Depth: 108
Easements: Ingress/Egress, Utilities
Land Ownership: condo
Legal Description: Units C, E, F, H, I, J-1 and K, of the 800 Trinity Condominuium, as created by the Declaration of Condominium Ownership and of Easements, Restrictions and Covenants, thereof filed for record on November 5, 1988, in Misc. Book 35, Page 62, as amended and as shown by Condominium Surveys attached as Exhibit "A" thereto, records of Los Alamos County, New Mexico. Said Condominium building is located on Lot 2A-2, Mari-Mac Village Subdivision, as shown on the subdivision plat thereof filed for record on May 27, 1988, in Plat Book 5, Page 84, records of Los Alamos County, New Mexico.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,216 8,476 14,171
Median Age: 42.91 42.23 43.86
Households: 1,497 3,880 6,174

Contact

Photograph of Listing Agent

Raymond H. Seagers

ReMax Western Heritage
CARNM CIE Member
© Copyright Commercial Association of REALTORS┬« - New Mexico. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Commercial Association of REALTORS┬« - New Mexico nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.