1300 El Paseo Rd Las Cruces, NM 88001

Property Details for 1300 El Paseo Rd

Year built

1990

Lot size

5.50 lot acres

Property size

61,232 SF

Property type

Lifestyle centers

Property subtype

Power centers

APN

4007136430168

Description

This exceptional value-add opportunity presents a 61,232 square foot shopping center situated on a 5.5-acre lot in Las Cruces, New Mexico. The property, built in 1990 and renovated in 2020, consists of three single-story buildings housing fifteen tenants, including Planet Fitness, Flowerama, H&R Block, Metro PCS, and UPS Store. Currently boasting 86% occupancy, the center offers a compelling NOI of $354,219 with a 5.62% cap rate. A significant upside potential is evident in the pro-forma NOI of $640,449 and a pro-forma cap rate of 10.17%, reflecting a substantial increase in profitability. The majority of leases are gross, with rent bumps in place, and most expiring by 2026. The property's strong tenant mix, including national and local brands, provides a stable income stream. The asking price is $6,300,000, translating to $102.89 per square foot. The land value alone, at $8 per square foot, is estimated at $1,916,640. This presents a unique opportunity for investors seeking a strong return on investment in a growing market. The property's location at 1300 El Paseo Rd, Las Cruces, NM 88001, offers excellent visibility and accessibility. The property features 18 units and is classified as a Class B retail shopping center. The sale is offered as-is.