7451 Paseo Del Norte El Paso, TX 79911

Property Details for 7451 Paseo Del Norte

Year built

2024

Lot size

3.64 lot acres

Property size

38,800 SF

Property type

Specialty properties

Property subtype

Lifestyle centers

Description

This exceptional 38,800 square foot Class A mixed-use center in El Paso, Texas, presents a compelling investment opportunity. Located at 7451 Paseo del Norte, within the thriving Cimarron development, this property boasts a strong tenant mix including medical, retail, and restaurant spaces. The five single-story buildings feature 15 units with a 92% occupancy rate, and a weighted average lease term (WALT) of 112 months. Leases include annual increases and personal guarantees, providing strong financial stability. Three national franchise tenants—BUNDA, Basecamp Fitness, and Gyu-Kaku—anchor the center, alongside local businesses such as a dentist, medspa, and veterinary clinic. Significant tenant improvements enhance the property's value. The 3.64-acre lot offers a 14-foot ceiling height and ample patio space. The property is zoned commercial, with a fee simple ownership and an absolute NNN lease type. The current cap rate is 6.00%, with a pro-forma cap rate of 7.00%. The property's prime location, near major retailers like Walmart and Cabelas, and within a half-mile of the freeway, ensures high visibility and accessibility. The surrounding Cimarron community offers a high quality of life, with extensive amenities including parks, trails, and new schools. The property's Spanish Revival architecture and meticulous landscaping create a visually appealing and inviting atmosphere. Occupancy date is October 1, 2024. This is a stabilized investment with a remaining lease term of 10 years. The land value is $20 per square foot. The property is for sale by owner.

Location Insight

City

El Paso

County

El Paso

State

Texas

Longitude

-106.569

Latitude

31.8863