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5801 Osuna Rd. NE

Albuquerque, NM 87109 | 2.8 Acres / 53,414 SF | Investment Property For Sale

See Broker


Seagull Office Plaza | Significant In-Place Income | Well Below Replacement Cost | Stable Tenancy

Array

Investment Property For Sale

Price See Broker
Size 2.8 Acres / 53,414 SF

Additional Information

Seagull Office Plaza
5801 Osuna Rd. NE
Albuquerque, NM 87109

 

Offering Summary

Purchase Price: See Broker
Net Operating Income (As Is)*: $253,353
Net Operating Income (Stabilized)**: $308,422
Building Size: ±53,414 SF
Land Size: ±2.84 Acres

*77% Occupancy

**Lease-up of 8% to 85% occupancy at $15.00/SF

 

Investment Highlights

  • 77% occupied multi-tenant office buildings
  • Significant in-place cash flow with value-add component through additional lease-up
  • Opportunity to purchase an asset well below replacement cost
  • Stabilized property with recent lease extensions
    – Stable tenancy
    – Comagine Health (largest tenant at the property) recently extended for an additional five years showing commitment to the property
    – Long tenured tenants
  • Premier location
    – Located in the coveted Northeast Heights/North I-25 Corridor
    – Convenient access to Interstate 25
  • Affordable, replaceable rents
    – Rents at Seagull Office Plaza are well below many competitive properties in the North I-25 Corridor and Journal Center
  • Strong mix of tenants with staggered lease rollovers
  • Many of the leases feature annual rental increases
  • Institutionally managed asset
    – Well maintained buildings
    – Recent large capital expenditure items performed
    – Owner has spent over $90,000 in restroom upgrades in the last few years

Location

Cole Flanagan, CPA, MBA

Partner
505.338.4107

Jake Mechenbier

Director
505.338.4186

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