Net-Leased Sports Retail
For Sale
$6,699,999
2230 N Telshor Blvd, Las Cruces, NM 88011
Freestanding, single-tenant Sportsman’s Warehouse is net-leased in a 26,763 SF retail building off I-25 and N. Telshor Boulevard.
Property Size26,763 SF
Price / SF$250.35
Days on Market51
Property Features for 2230 N Telshor Blvd
General Information
Standard status
Active
Size
26,763 SF
Property subtype
Retail
Site & Location
Traffic Count
63,137 vehicles/day
Highway Access
Yes
Building Details
Tenancy
Single
Listing Agency:
Las Vegas
Listed By:
Adam Malan · License #63542
(702) 727-3778
Source:
Colliers
Added: Jul 26
Changed: Sep 13
Last Checked: Sep 13 at 3:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Las Vegas
Investment Insights
Based on property information with market context.
Colliers exclusively presents a single-tenant, net-leased Sportsman’s Warehouse located at 2230 N Telshor Blvd in Las Cruces, NM. The property is a freestanding retail building totaling 26,763 SF, currently occupied under a net lease.
The site is positioned off of I-25 and N. Telshor Boulevard, with combined traffic counts of 63,137 VPD. The tenant is Sportsman’s Warehouse (NASDAQ: SPWH), an outdoor specialty retailer offering outdoor sporting gear and supplies, along with gunsmithing services.
This offering provides a straightforward, owner-occupied-structure retail investment format with one operating tenant in a dedicated freestanding building.
The site is positioned off of I-25 and N. Telshor Boulevard, with combined traffic counts of 63,137 VPD. The tenant is Sportsman’s Warehouse (NASDAQ: SPWH), an outdoor specialty retailer offering outdoor sporting gear and supplies, along with gunsmithing services.
This offering provides a straightforward, owner-occupied-structure retail investment format with one operating tenant in a dedicated freestanding building.
Key Highlights
- Single‑tenant, net‑leased Sportsman’s Warehouse in a freestanding 26,763 SF retail building
- Located off I‑25 and N. Telshor Boulevard with combined traffic counts of 63,137 VPD
- Sportsman’s Warehouse (NASDAQ: SPWH) outdoor specialty retailer carrying sporting gear and supplies
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$217,166
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,343,320
$4.3M
Cap Rate 7%
$3,102,371
$3.1M
Cap Rate 9%
$2,412,956
$2.4M
Market Conditions
NOI Build-Up for 26,763 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$337.2K $12.60/SF
− Vacancy
−$27.0K −$1.01/SF
EGI
$310.2K $11.59/SF
− OpEx
−$93.1K −$3.48/SF
NOI
$217.2K $8.11/SF
Area
Las Cruces, NM
Vacancy
8.00%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,343,320
Cap Rate 7%
$3,102,371
Cap Rate 9%
$2,412,956
Alternative Uses
Best Use
Retail
$3.10M
$2.71M – $3.62M
NOI $217,166 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.68M
$4.10M – $5.46M
NOI $327,836 @ 7.0% cap · market cap 4.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
63,137 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
Explore this area
Business Placement
Demographics for 88011, NM
32,885
Population
15,160
Households
2.2
Avg Household Size
43
Median Age
55%
College-Educated
95%
High-School Grad
251.7 sq mi
ZIP Area
131
Density / Sq Mi
$75,139
Median Household Income
$43,093
Median Earnings
$1,053
Median Rent
$315,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Retail space - Freestanding, single-tenant Sportsman’s Warehouse is net-leased in a 26,763 SF retail building off I-25 and N. Telshor Boulevard.
Where is this retail space located?
The property is located at 2230 N Telshor Blvd Las Cruces, NM.
What is the asking price?
The asking price for this property is $6,699,999.
What are key features of this property?
This property features: Single‑tenant, net‑leased Sportsman’s Warehouse in a freestanding 26,763 SF retail building; Located off I‑25 and N. Telshor Boulevard with combined traffic counts of 63,137 VPD; Sportsman’s Warehouse (NASDAQ: SPWH) outdoor specialty retailer carrying sporting gear and supplies
