2350 E Lohman Ave Las Cruces, NM 88001
Property profile & analytics
2350 E Lohman Ave Las Cruces, NM 88001
- Outlet malls
- 23,000 SF
- 1.89 lot acres
Property ID
US61-0331119
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Hobby Lobby / (Bike/Boat/Book/etc) Store
- Las Cruces Rapid Dental Care / Dental Office
- Big Lots / Discount Store
Property Details for 2350 E Lohman Ave
- Year built
- 1989
- Lot size
- 1.89 lot acres
- Property size
- 23,000 SF
- Zone code
- GEN-COMMERCL
- Property type
- Outlet malls
- Property subtype
- Shopping centers
- APN
- 4-009-135-068-117
- APU
- 4009135068117
Description
This exceptional investment opportunity presents a fee-simple, 22,991 square foot Big Lots convenience and grocery store in Las Cruces, New Mexico. Located at 2350 E Lohman Ave, 88001, this property boasts a 20-year absolute NNN lease with a corporate guarantee from Big Lots, Inc. (NYSE: BIG), providing significant long-term stability and income generation. The lease features a 2% annual rent increase, ensuring consistent NOI growth. The property sits on an 82,218 square foot lot, offering potential for future development. Currently operating at 100% occupancy, the property generates a substantial NOI of $254,370, representing a 6.25% cap rate on the asking price of $4,069,915 ($177.02/sq ft). The property is offered as a 1031 exchange opportunity and is free and clear of financing. The strong demographic profile of the area, with a high average household income within a 5-mile radius, further enhances the investment's appeal. This asset presents a compelling combination of secure income, growth potential, and a prime location within a thriving retail market. The large lot size presents potential for future value-add opportunities, such as pad development, subject to tenant approval.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,110,000
- 6.5%
- $2,870,000
- 7%
- $2,665,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $2,316,000
Market price range: $960k - $3.34M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $2,065,000 Current use
- RESTAURANT
- $3,165,000 Change: +54% Conversion: Easy
- OFFICE BUILDING
- $2,990,000 Change: +45% Conversion: Easy
- AUTO REPAIR, GARAGE
- $2,715,000 Change: +32% Conversion: Difficult
- INDUSTRIAL (GENERAL)
- $2,650,000 Change: +28% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $2,000,000 Change: -3% Conversion: Easy
- APARTMENT HOUSE (5+ UNITS)
- $1,920,000 Change: -7% Conversion: Difficult
- WAREHOUSE, STORAGE
- $1,695,000 Change: -18% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Las Cruces
- County
- Dona Ana
- State
- New Mexico
- Longitude
- -106.749
- Latitude
- 32.3122
- CBSA code
- 29740
- CBSA name
- LAS CRUCES, NM METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$21,545
$273,993
$357,793
$631,786
-
$821,980
$1,073,379
$1,895,359
