2350 Lohman Ave Las Cruces, NM 88001
- Outlet malls
- 23,000 SF
- 1.89 lot acres
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 Lohman Ave
- Year built
- 1989
- Lot size
- 1.89 lot acres
- Property size
- 23,000 SF
- Zone code
- GEN-COMMERCL
- Property type
- Outlet malls
- 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
-
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
