Current Use by Public Records
- Retail properties & Spaces
Property Details for 1587 Nm-264
- Year built
- 2004
- Lot size
- 0.78 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a freestanding Family Dollar convenience store in Gallup, New Mexico. The property boasts 9,200 square feet on a 0.78-acre lot, built in 2004, and currently enjoys 100% occupancy under a triple-net (NNN) lease. The asking price is $1,840,491, representing a compelling $200.05 per square foot and an attractive 8.15% capitalization rate. The current lease has three years remaining, followed by three five-year renewal options, ensuring long-term income stability. The property generates a net operating income (NOI) of $150,000 annually. This single-tenant building benefits from a strong tenant in Family Dollar, a subsidiary of Dollar Tree, Inc., a company with an investment-grade credit rating (S&P: BBB-) and a vast portfolio of over 16,000 locations. The location is advantageous, situated within a one-mile radius of over 1,100 residents and conveniently located a 31-minute drive (25.5 miles) from the Gallup Municipal Airport. The property is surrounded by other successful local and national retailers, including Starbucks and McDonald's, indicating a thriving commercial area. This is a rare opportunity to acquire a stable, high-performing retail asset with significant upside potential. The property is located at 1587 NM-264, Gallup, NM 87301, in McKinley County.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tse Bonito
- County
- McKinley
- State
- New Mexico
- Longitude
- -109.043
- Latitude
- 35.6591
