11001 Menaul Blvd Albuquerque, NM 87112

Property Details for 11001 Menaul Blvd

Year built

1973

Property size

93,302 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This Albuquerque, New Mexico retail property, located at 11001 Menaul Blvd NE, zip code 87112, offers a compelling investment opportunity. The 93,302 square foot shopping center features a diverse mix of 13 tenants, including a Walmart Neighborhood Market, Harbor Freight, dd's Discounts, Einstein Bagels, AT&T, GameStop, and Sally Beauty, with Hibbett Sports soon to open. Built in 1973 and renovated in 2023, the property consists of two single-story buildings and boasts a 98% occupancy rate as of June 30, 2024. The current Net Operating Income (NOI) is $926,442, with a pro-forma NOI projected at $1,296,997. The property is situated on a fee-simple ownership basis with a triple net (NNN) lease structure. Rent bumps are included in several leases. The property also includes a 0.5-acre pad site suitable for a drive-thru restaurant, presenting significant future upside potential. The strong tenant mix, predominantly national credit tenants, generates reliable cash flow and significant customer traffic, exceeding one million visits annually. This Core+ investment opportunity is situated in a high-demand area of Albuquerque, serving a substantial population with high household incomes. The property's location at the signalized intersection of Menaul Boulevard and Juan Tabo Boulevard ensures high visibility and accessibility.

Location Insight

City

Albuquerque

County

Bernalillo

State

New Mexico

Longitude

-106.518

Latitude

35.109