Belen Cannabis Dispensary Investment
For Sale
Contact for pricing
804 S Main St, Belen, NM 87002
Single-tenant cannabis dispensary for sale with long-term lease.
Property Size4,820 SF
Lot Size0.50 Acres
Price / SF$134.85
Days on Market863
Property Features for 804 S Main St
General Information
Standard status
Active
Size
4,820 SF
Class
C
Total Parking Spaces
8
Lot size
0.50 Acres
Property subtype
Retail
Zoning
C3
Occupancy
100%
Lease Type
Modified Gross
Net Operating Income
$70,884
Building Details
Year Built
1990
Year Renovated
2023
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Coldwell Banker Commercial AMH
Listed By:
Anthony Briguglio · License #10491212878
(631) 903-3739
Source:
Crexi
Added: Jun 5, 2024
Changed: Oct 1
Last Checked: Oct 14 at 8:59PM
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 Coldwell Banker Commercial AMH
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Located at 804 S Main Street in Belen, NM, this property features a single-tenant building currently operating as a cannabis dispensary. The building has a total area of 5,000 square feet and is situated on a lot of approximately 21,780 square feet. The tenant is expanding their first location to include a smoke lounge, which will result in additional rent upon completion. A 5-year lease is in place until May 2028, with a 3% annual rent increase. The property generates a total income of $76,384, resulting in a net operating income (NOI) of $73,684. The tenant is responsible for all utilities, while the owner pays $2,700 in taxes. The property has a clean environmental record and features a new build-out. The current cap rate is 11.3%.
Key Highlights
- High 11.3% Cap Rate, generating a $73,684 Net Operating Income (NOI).
- Stable, income‑producing property with a 5‑year lease in place until May 2028, including 3% annual rent increases.
- Single‑tenant property with a thriving cannabis dispensary, expanding to include a smoke lounge which will increase rent.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,197
Cap Rate
6.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$823,940
$823.9K
Cap Rate 7%
$588,529
$588.5K
Cap Rate 9%
$457,744
$457.7K
Market Conditions
NOI Build-Up for 4,820 SF
Gross rent
$63.6K $13.20/SF
− Vacancy
−$4.8K −$0.99/SF
EGI
$58.9K $12.21/SF
− OpEx
−$17.7K −$3.66/SF
NOI
$41.2K $8.55/SF
Area
Valencia County, NM
Vacancy
7.50%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$823,940
Cap Rate 7%
$588,529
Cap Rate 9%
$457,744
Alternative Uses
Best Use
Retail
$588.5K
$515.0K – $686.6K
NOI $41,197 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$996.7K
$872.1K – $1.16M
NOI $69,767 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 87002, NM
21,225
Population
9,210
Households
2.3
Avg Household Size
43
Median Age
19%
College-Educated
84%
High-School Grad
598.3 sq mi
ZIP Area
35
Density / Sq Mi
$51,537
Median Household Income
$30,896
Median Earnings
$859
Median Rent
$183,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Retail space - Single-tenant cannabis dispensary for sale with long-term lease.
Where is this retail space located?
The property is located at 804 S Main St Belen, NM.
What is the asking price?
The asking price for this property is $649,999.
What are key features of this property?
This property features: High 11.3% Cap Rate, generating a $73,684 Net Operating Income (NOI).; Stable, income‑producing property with a 5‑year lease in place until May 2028, including 3% annual rent increases.; Single‑tenant property with a thriving cannabis dispensary, expanding to include a smoke lounge which will increase rent.
