$1,150,000

About This Property

Available first time in 50 years, NE Heights office/retail, 7.41% cap rate, potential seller financing.On behalf of the owners, Maestas Real Estate Services and NM Apartment Advisors are excited to bring to market this amazing, once in a generational opportunity to redevelop a site that is A+ location.A Northeast Heights Landmark Since the 1950s, built in 1956, Chaparral Center has been part of Albuquerque's Northeast Heights for nearly 70 years, dating back to a pivotal period when the city was rapidly expanding eastward and many of the surrounding neighborhoods were first taking shape. The property sits immediately adjacent to Sombra del Monte Elementary School, established in 1954, creating a longstanding connection between the center and the residential community that has grown around it. The property also has deep roots in Albuquerque's real estate history as a many decade long hub of real estate and beauty salon spaces.Today, Chaparral Center remains ideally positioned within a mature and established Northeast Heights trade area. Located along Candelaria Road just west of Eubank Boulevard, the center benefits from prominent street visibility, ample parking, daily activity associated with the neighboring elementary school, and a substantial surrounding residential population. Approximately 144,000 residents and 65,000 households are located within three miles of the property, providing an established customer base for neighborhood-serving businesses.Unlike newer commercial developments that rely on future rooftops and projected population growth, Chaparral Center is already embedded within generations of established neighborhoods, schools and community infrastructure. Its combination of history, local ownership, accessibility and neighborhood connectivity creates an exceptional opportunity for salon and beauty concepts, wellness and medical providers, professional services, educational uses and other businesses that benefit from repeat neighborhood customers.Seller financing: With a credible business plan and approach from a qualified buyer, the Seller is open to offering Seller financing with better than market rate terms.Flexible zoning and historic uses as indication of future tenants: The mixed use (MX-L) zoning and abundance (45) of parking spaces make this an ideal property for an owner occupant like a real estate office, title company office, mortgage brokerage office, church, day care or beauty/hair salon.The start price on this property is $1,150,000 or $105.40/sf which is a 7.41% cap rate based on a 95% occupancy and average rents of $12/sf.Lots of runway to upside: If the new owner programs in renovations and tenant improvement allowances for new leases, comparable competing for lease properties indicates lease rates closer to $22.58/sf.Owner occupancy potential: The property has 10 spaces plus a large storage yard/garage. Spaces 9301 and 9307 are contiguous, vacant and available for an owner occupant, they total 4,000 sf are located in a prominent street facing location. A virtual tour of those spaces can be viewed at www.nmapartment.com/3dcandelaria930122-page flyer and marketing info available at http://www.nmapartment.com/apt/NMAA-Candelaria9311NE.pdf. Register for the confidential info at www.nmapartment.com/cand9301neThe Seller is offering a buyer concession, that the buyer can use to pay their buyer's broker. Buyer's and Buyer's brokers can obtain a copy of said addendum by emailing compensation@nmapartment.com with the subject line of Listing #2667311.Do not miss out, this same geography has rental and for sale comps at twice the price!

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