1127 Santa Clara Peak Rd, Espanola

$4,399,000

0 Beds
0 Baths
12,512 Sqft
0 Acres
0 Garages

The Courthouse is leased to the State of New Mexico with approximately 12 years remaining on the lease. The lease is full service with annual fixed escalations. The investment is offered at a 6.5% capitalization rate based on the 2019 NOI of $287,275 with gross income of $359,341 and expenses of $72,066. Built in 2007, the 13,512sf building is in class-A condition both inside and out. The expenses for 2019 include actual contracts which can be renewed at the buyers discretion. Each county in New Mexico is mandated to have a Magistrate Courthouse. The Rio Arriba County Courthouse was relocated to its present location when the original building could not be expanded. Because of the unique and stringent requirements for a courthouse, there is over 98% lease renewal rate for a state judicial building. To accommodate future growth if required, the lot provides for at least 40% expansion for improvement and parking.

Listing Details
AgentDouglas Roberts
OfficedRoberts Realty LLC
Essential Information
MLS® #201905481
Price$4,399,000
Square Footage12,512
Acres0.00
TypeCommercial Building
Sub-TypeInvestment
StatusActive
Community Information
Address1127 Santa Clara Peak Rd
Area31-Espanola
CityEspanola
CountyRio Arriba
StateNew Mexico
Zip Code87532
Amenities
ParkingParking Lot, Paved
Exterior
RoofOther - See Remarks
Additional Information
Date ListedDecember 1st, 2018
Days on Market413
Listing Broker:Douglas Roberts
Listing Office: dRoberts Realty LLC
LISTING MAP

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