1580 Main St Los Lunas, NM 87031

Property Details for 1580 Main St

Year built

2014

Property size

4,010 SF

Property type

Commercial real estate

APN

1-008-039-349-101-000000

Description

This exceptional investment opportunity presents a fee-simple, single-tenant IHOP restaurant located at 1580 Main St NW, Los Lunas, New Mexico, 87031. The 4,010-square-foot building, constructed in 2014, sits on approximately 42,732 square feet of land and boasts a strong 9.02% cap rate with a current NOI of $137,500. The property is strategically positioned in a high-traffic area, benefiting from its location on Main Street/Highway 6 (21,760 vehicles per day), offering excellent visibility and accessibility. The IHOP restaurant is part of a larger power center anchored by Home Depot and Lowe's, and enjoys close proximity to numerous national retailers including McDonald's, Wendy's, and Starbucks, creating a synergistic retail environment. The current lease agreement features 14 years remaining, with two five-year options to renew, providing long-term stability and predictable income. The property is offered at $1,525,000 ($380.30 per square foot), representing a compelling investment for those seeking a core, credit-rated, NNN-leased asset. The property is currently 100% occupied by a multi-unit franchisee, further enhancing its investment appeal. This location is one of five IHOP properties available for purchase