804 Main St Belen, NM 87002
- Retail properties
- 4,820 SF
Current Use by Public Records
- Retail properties
Property Details for 804 Main St
- Year built
- 1990
- Property size
- 4,820 SF
- Property type
- Retail properties
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a single-tenant, 4,820 square foot convenience store and dispensary located at 804 S Main St, Belen, NM 87002. The property sits on a 20,782 square foot lot and includes 8 parking spaces. Built in 1990 and completely renovated in 2023, this Class C retail building boasts 100% occupancy with a 5.1-year lease commencing May 1, 2023, and expiring May 31, 2028. The lease features a modified structure with a remaining term of 3.5 years and includes a 3% annual rent bump. The property generates a substantial Net Operating Income (NOI) of $70,884, resulting in a compelling 10.13% cap rate. The asking price is $649,999, translating to $134.85 per square foot. The property is zoned C3 and offers a stable income stream with a thriving tenant. Low owner expenses, including only $2,700 in annual taxes, further enhance the investment's attractiveness. This turnkey operation presents a rare opportunity for investors seeking a strong return in a desirable New Mexico market. The property's recent renovation ensures a modern and appealing aesthetic, contributing to its long-term value and potential for appreciation.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Belen
- County
- Valencia
- State
- New Mexico
- Longitude
- -106.779
- Latitude
- 34.6528
