804 Main St Belen, NM 87002

Property Details for 804 Main St

Lot size

0.50 lot acres

Property size

4,820 SF

Property type

Retail properties

Description

This exceptional retail property, located at 804 S Main St in Belen, New Mexico, presents a compelling investment opportunity. The 4,820 square foot building sits on a half-acre lot and is currently leased to a successful cannabis retailer under a six-year lease commencing June 1st, 2023. The lease agreement includes a favorable structure with a monthly rent of $6,000, escalating annually by 3%, resulting in a projected monthly rent just under $7,000 by the lease's conclusion in 2028. This translates to a price per square foot of $145. The property's operational expenses are minimal, with the owner solely responsible for property taxes and insurance, estimated at approximately $450 per month. Strategically positioned on Main Street in the heart of Belen, this property benefits from high visibility and proximity to a vibrant mix of restaurants, retail establishments, hospitality businesses, and residential areas. Its convenient location, minutes from I-25, ensures excellent accessibility and strong potential for continued growth and profitability. The single-story building offers a solid foundation for a long-term investment strategy, providing a stable income stream and significant appreciation potential. This is a rare opportunity to acquire a high-performing retail property in a thriving New Mexico market. The property's history includes a previous use as a high-income producing convenience store and gas station.