206-250 Mills Avenue, Las Vegas, NM 87701
$6,300,000
Property Type:
Commercial Sale
Lot Size (sq. ft.):
160,301
Status:
Active
Current Price:
$6,300,000
List Date:
4/25/2024
Last Modified:
5/01/2024
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.
More Information MLS# 1061334
Contract Information
Listing Price: 6300000
Current Price: $6,300,000
Status: Active
Location
Street #: 206-250
Street Name: Mills
St Suffix: Avenue
County: San Miguel
City/Town Code: Las Vegas
State/Province: NM
Zip Code: 87701
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 onto Mills Ave. Turn left into the parking lot.
Geo Lat: 35.600829
Geo Lon: -105.233404
Area: 600 - San Miguel
Zone Atlas: NOZA
General Property Description
Property Sub-Type: Retail Building(s)
Acres: 3.68
Lot SqFt: 160301
Apx Lot Dim Front: 360
Apx Lot Dim Side: 415
Lot Size Source: On-Line
Flood Zone: No Flood Map
Total # Stories: 1
# Parking Spaces: 140
Docks: No
Door Height: N/A
Disability Access: Yes
% Occupied: 74
Transaction Type: Sale
Tax & Legal Info
UPC Code: 1-094-093-179-250
Short Legal Desc: Subd: Porter-Mills Block: 74 Tract: B S: 22 T: 16 R: 16 PLAT BK 67 PG 98
GRT Code: 12-122
Tax Exemption: Unknown
Income & Expenses
Annual Oper Expenses: 154605.86
Annual Gross Income: 479703.26
Lease Term/Months: N/A
Miscellaneous
Land Ownership: Land Owned
Cooling
Centrally Ducted: No
Sales Info
Trade/Xch Considered: No
Property Features
Location: Shopping Center; Shopping Center
Construction: See Plans
Exterior Material: Stucco
Utilities: Electricity Connected; Sewer Connected; Water Connected
Heating: Electric
Cooling: Other
Lease Information: None
Parking: Onsite
Docs/Data Available: Aerial Map; Traffic Flow
Finance Considered: Cash; Conventional
Zoning: NR
Documents
Brochure ›Listing Office: EXP Realty LLC
Last Updated: May - 01 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.