Government-Leased Office
For Sale
$1,095,000
723 N New York Ave, Alamogordo, NM 88310
Renovated in September 2024 and occupied by a single State of New Mexico tenant.
Property Size2,940 SF
Price / SF$372.45
Days on Market122
Property Features for 723 N New York Ave
General Information
Standard status
Active
Size
2,940 SF
Property subtype
Investment
Zoning
C-3
Occupancy
100%
Net Operating Income
$119,040
Property Condition
Severity
Repairs Needed
Evidence
minimal deferred maintenance
Financials
Cap Rate
10.87%
Gross Income
$141,040
Building Details
Year Renovated
2024
Tenancy
Single Tenant
Listing Agency:
Berkshire Hathaway NM Commercial Real Estate
(505) 235-8518
Listed By:
Christian File
(505) 235-8518
Source:
Carnm.resimplifi
Added: May 1
Changed: Aug 30
Last Checked: Aug 30 at 3:00PM
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 Berkshire Hathaway NM Commercial Real Estate
Investment Insights
Based on property information with market context.
This 2,940-square-foot office building in Alamogordo is fully leased to the New Mexico Corrections Adult Probation and Parole Division. The property received a complete renovation in September 2024 and is configured for single-tenant government use. It carries C-3 zoning and operates under a modified gross lease with landlord responsibility for maintaining the property.
The current lease commenced October 1, 2024, and runs through September 30, 2034, with two five-year extension options. The State of New Mexico provides the lease guaranty, while operating expenses and tenant-improvement costs are reimbursed under the lease. The property is positioned near Holloman Air Force Base and White Sands Missile Range, two identified military and federal employment centers. The offering reflects a 10.87% cap rate.
The current lease commenced October 1, 2024, and runs through September 30, 2034, with two five-year extension options. The State of New Mexico provides the lease guaranty, while operating expenses and tenant-improvement costs are reimbursed under the lease. The property is positioned near Holloman Air Force Base and White Sands Missile Range, two identified military and federal employment centers. The offering reflects a 10.87% cap rate.
Key Highlights
- 2,940 SF office building with C‑3 zoning
- Complete renovation completed in September 2024
- Single tenant: New Mexico Corrections Adult Probation and Parole Division
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
939
Businesses Nearby
Explore this area
Business Placement
Demographics for 88310, NM
35,935
Population
18,112
Households
2
Avg Household Size
40
Median Age
25%
College-Educated
92%
High-School Grad
618.9 sq mi
ZIP Area
58
Density / Sq Mi
$53,833
Median Household Income
$35,616
Median Earnings
$877
Median Rent
$164,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated in September 2024 and occupied by a single State of New Mexico tenant.
Where is this office building located?
The property is located at 723 N New York Ave Alamogordo, NM.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: 2,940 SF office building with C‑3 zoning; Complete renovation completed in September 2024; Single tenant: New Mexico Corrections Adult Probation and Parole Division
