2341 Main St Los Lunas, NM 87031

Property Details for 2341 Main St

Year built

1990

Property size

13,500 SF

Property type

Retail space

Property subtype

Storefront properties

Description

This exceptional investment opportunity presents a 13,500-square-foot Dollar Tree store located at 2341 Main St NE, Los Lunas, NM 87031. The property, built in 1990 and renovated in 2020, sits on a 67,954-square-foot lot and boasts 50 parking spaces. Currently operating under a Net Lease (NN) agreement with a corporate guarantee, the tenant enjoys a strong presence in a thriving retail corridor. The lease, expiring March 24, 2030, offers a remaining term of 5.3 years with two 5-year options. Rent increases by $0.50 per square foot every five years, providing a built-in hedge against inflation. The property's strategic location within an Albertsons-anchored shopping center, coupled with excellent visibility from Highway 47 and Main Street (traffic exceeding 40,000 cars daily), ensures high foot traffic. The surrounding area features a robust mix of national retailers, including Ross, Big 5, Smith's, and more. Los Lunas itself is a rapidly growing community, with over 42,700 residents within a five-mile radius and an average household income of $74,248. The property's strong financials include a current NOI of $111,375 and a pro-forma NOI of $118,125, resulting in a 6.5% cap rate and a pro-forma cap rate of 6.89%. The asking price is $1,713,462, translating to $126.92 per square foot. The property is zoned C and benefits from a prime location adjacent to a top-performing Albertsons supermarket. This is a rare opportunity to acquire a stable, high-performing retail investment with significant upside potential.