Office Investment For Sale in Downtown Las Cruces

Office for Sale
Catylist Listing ID: 30086826
Property Subtypes: Office Building
Building Size (RSF): 101,263 SF
Gross Land Area: 3.50 Acres
Sale Price: $4,912,500
Unit Price: $48.51 PSF
Property Use Type: Investment
Class of Space: Class B
Usable Size (USF): 86,713 SF
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Last Updated: 8/16/2017

Overview / Comments

Property Overview:
The property consists of a ten-story building totaling 101,263 square feet. The building is currently 79% leased to fourteen tenants many of whom have historically renewed and extended their leases in the building. There is ample surface parking for the property, with 292 parking stalls. Expenses for the
property are based upon a full service structure. With beautiful, spacious suites, and the prestige of being Las Cruces’ tallest building, this is it “the best address in town.”

Investment Highlights:
• Purchase Price: $4,912,500
• Cap Rate 8%
• 79% Current Occupancy
• Price PSF: $48.51
• Total Sq. Ft.: 101,263
• Rentable Square Footage: 86,713 S.F
• Acreage: Approx. 3.5 Acres
• Number of Stories: 10
• Zoning: Commercial
• 292 dedicated parking stalls
• Main and Main, heart of downtown location
• Great views of the city & mountains
• New roof
• New boiler
• Year Built: 1962

Location Overview:
Las Cruces
Population (2010) 101,643
Median Resident Age: 31

Estimated Median Household Income: $30,375
Compared to NM at $41,963
Cost of Living index 92 (US Average 100)

Unemployment:
Las Cruces (Feb 2017) 7.4%
New Mexico (Feb 2017) 6.8%
National (Feb 2017) 4.7%

Attachments & Media

Additional Details

Nearest MSA: Las Cruces
County: Dona Ana
Zoning: COMMERCIAL

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,789 77,148 109,352
Median Age: 37.72 32.87 35.1
Households: 6,862 30,853 43,799
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