Sotheby's International Realty ®
Price just reduced to $1,150,000. This 11,416 sf multi-tenant office/retail building on an 18,690 sf lot is located on the northwest corner of Cerrillos Road and South St. Francis Drive, directly across from Starbucks (between Mercer and pedestrian underpass). The property is in good condition and the owners will be installing a new roof scheduled for 24-Oct. The building is currently fully leased to office and retail tenants. Building has enjoyed high occupancy because of its superior, high-visibility location, considerable parking and competitive rents. Most leases are relatively short term. Numerix, the largest tenant at 4,240sf has slightly less than a year remaining and does not planning on exercising its renewal option. Projected CAP rate for 2022 is anticipated to be 8.9% based on 94%% occupancy and estimated NOI of approx. $102,000/sf/year. If the 4,240sf space is vacant through entire 2023, NOI is estimated to be approximately $54,000. Full rent roll and APOD available with confidentiality non-disclosure agreement.Starbucks, immediately across St. Francis Drive is also for sale by same owner.
dRoberts Realty LLC