Current Use by Public Records
- Retail properties & Spaces
Property Details for 242 Us-550 Hwy
- Year built
- 1993
- Lot size
- 0.44 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Cannabis Properties
Description
This exceptional investment opportunity presents a 4,548 square foot, multi-tenant retail property located in Bernalillo, New Mexico, at 242 US-550 Hwy N, 87004. The property features two free-standing buildings on a 0.44-acre lot, currently occupied by a Subway and an R. Greenleaf cannabis dispensary, both under corporate NNN leases. The Subway tenant, established in 1993, occupies 1,280 square feet and has a lease with 19 years remaining, including three 5-year renewal options with annual rent increases. The R. Greenleaf tenant occupies 3,268 square feet under a new 10-year lease with two 5-year renewal options, featuring 10% rent increases every five years. The property boasts 100% occupancy, generating a strong net operating income (NOI) of $211,173, resulting in an 8.75% cap rate. The asking price is $2,413,000. Built in 1993 and renovated in 2024, the property is zoned for special use and includes a recently repaired and restriped parking lot. The property benefits from a prime location on a major retail thoroughfare with high visibility and significant daily traffic, situated near I-25 and surrounded by other national retailers. This fee-simple ownership (land and building) offers a compelling investment opportunity with long-term lease security and built-in rent growth. The property's strong tenant mix, favorable lease terms, and strategic location make it an ideal acquisition for investors seeking a stable, high-yield asset.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Bernalillo
- County
- Sandoval
- State
- New Mexico
- Longitude
- -106.548
- Latitude
- 35.3197
