Listing Summary
***MLS#1061334*** Investment Opportunity w/Long-standing Tenants & Vacant Units to Lease
Full Description
Mills Plaza offers investors the unique opportuinty to achieve significant upside in the near term by leasing current vacancies and the newly approved drive-thru pad site. There are currently eleven vacancies, totaling 15,459 square feet, and a 9,000 square foot pad site with drive-thru, available to lease to a quick serve restaurant (QSR), bank, or car wash. Combined they equate to a physical vacancy of 36.2%. An investor will have the opportunity to increase the NOI by 27%, by leasing half vacant inline suites at $15 per square foot and the pad site at $5.56 per SF.Shopping center spans 58,460 SF on 3.68 acres and includes 9,000 SF padsite. Renovation work underway on vacant units. Vacancy Potential: The present physical vacancy rate stands at 36.2%, offering investors an opportunity to considerably enhance Net Operating Income (NOI) by 27% through competitive leasing. Current Occupancy: The building is presently occupied by eight tenants, with a 74% occupancy rate. Ongoing Renovations: Renovation efforts are underway for the vacant units, enhancing their attractiveness to prospective tenants. Existing Tenants: Mills Plaza hosts a range of long-standing tenants, including Family Dollar, Autozone, Fema, Ultra Health, El Ranchito market, Sun Loan, La Casita de Mama, and Lasting Nails. Directions: From Santa Fe,get onto I-25 N. Continue for 60 miles. Take exit 343 toward NM-283/I-25 BUS/NM-329/Las Vegas. Turn left onto I-25BL. Turn left onto New Mexico Ave. Continue onto Church St. Continue on
Quick Glance
- Listing ID:
CL-New Mexico-13135
- Status:
Active
- Year Build:
1979
- Building Size:
58,460 SqFt
- Lot Size:
160,301.00 Acre