206-250 Mills Ave Las Vegas, NM 87701
- Lifestyle centers
- 58,460 SF
Current Use by Public Records
- Lifestyle centers
Property Details for 206-250 Mills Ave
- Year built
- 1979
- Property size
- 58,460 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
Mills Plaza, a 58,460 square foot shopping center in Las Vegas, New Mexico, presents a compelling investment opportunity. Currently boasting 74% occupancy with eight established tenants including Family Dollar, AutoZone, and Ultra Health, the property offers significant upside potential. Eleven vacant units totaling 15,459 square feet, plus a 9,000 square foot pad site with drive-thru potential, allow for immediate NOI growth. Built in 1979 and renovated in 2018, the property sits on a 3.68-acre lot in San Miguel County (zip code 87701). The asking price is $6,300,000, representing a price per square foot of $107.77 and a current cap rate of 6.10%. The current Net Operating Income (NOI) is $384,300. Renovations are underway for vacant units to enhance their marketability, and current rental rates are below market average, presenting an opportunity to increase rental income. A pro forma cap rate of 7.1% is projected upon reaching 87% occupancy. The property's price per square foot of land value is $107.76, representing 68% of the estimated $9,200,000 replacement cost. This presents a strong value proposition for investors seeking to capitalize on the potential for increased occupancy and rental income in a stable market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Las Vegas
- County
- San Miguel
- State
- New Mexico
- Longitude
- -105.232
- Latitude
- 35.6004
