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| $1,050,000 |
| Listing Number: |
| Status: *FOR SALE* |
| Listing Provided By : Larry W. Brow |
| Type: Office |
| Bed • Bath • 15,769 Sq. Ft. |
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| First Federal Office Complex, Las Vegas, New Mexico, 87701 |
Forward Disclaimer and Notice
This offer to sell is subject to withdrawal without notice, in whole or in part, changes in price or terms at the sole discretion of Seller.
The information contained herein is from sources believed to be reliable, but no warranty is made as to the correctness of any data or descriptions, and all information submitted is subject to errors, change in price, terms or other conditions without notice. Readers are urged to form their own independent conclusions and evaluations in consultation with legal counsel, accountants, and/or investment advisors concerning any and all material contained herein.
Lead Warning Statement
Portions of this property were built prior to 1978 and therefore could potentially contain lead based paint. Lead from paint, paint chips and dust can pose health hazards if not managed properly. Lead exposure is especially harmful to young children and pregnant women. Seller has no knowledge of lead-based paint and/or lead-based paint hazards with respect to the subject property. Buyer may request the federally approved pamphlet, “Protect Your Family from Lead in Your Home” to learn more about lead based paint hazards.
No Warranty
No warranty is made by seller or Azure Enterprises, Inc. regarding the condition the subject property or the actual or projected income of the subject property. The property is being sold in its existing condition, as is, where is, without warranty of condition, expressed or implied and buyer shall conduct his own inspections and assumes all risks as to the condition of the property including environmental hazards, if any.
Location: This office complex is located at 624 University Avenue being the northeast corner of Seventh Street (also NM highway 518) and University in Las Vegas, New Mexico.
Size: The property consists of approximately 15,769 sq ft (10,797+/- on main floor, 2,232+/- on second floor, and 2,740+/- on basement level) of office complex situated on 34,062.4 +/- sq ft. of land.
Description: The building is thought to be three combined units with the first believed to be built around the late 40’s as a two story facility then purchased by First Federal Savings and Loan (remodeled in 70’s) who built the bank addition in 1960 and adding the attached office complex including basement space to the east side of the then bank building around 1981 as rental office space. The building is now entirely office complex for rental and lease with adjacent asphalt paved parking lot to the east and north and on- street parking on university and seventh streets. Construction is concrete block with red brick veneer with flat roof (renovated 2005) and cannale system draining to concrete sidewalks or paved parking areas. The east side includes a 5.5ft x full length covered sidewalk and the north side of the northwest corner includes a drive up window with pneumatic teller system that has not been used in years. Seven separate meters service the building to allow individual electric billing and cost sharing is arranged if offices share separately serviced space. Portions of the building allow the relocation of walls for individual office needs or new office lease space arrangements. The Seller indicates that the large heating Boiler was replaced about two years ago and that several HVAC units were also replaced within the last two years. The parking lot was resurfaced about three years ago. See attached photos and plat.
Leases: Until recently the office complex was 100% occupied except for the drive up window. The income for 2003 was $136,234.90 which included a settlement from a prior tenant in the amount of $33,000. The Seller estimates the net for the year 2004 to be approximately $85,286. The local hospital leases the largest space being 3,450 sq. ft. The proforma cap rate is estimated at 10.03%
Legal: Lots 6,7,8,9,10,11,12,13,and 14 (except the northerly 6 feet of lot 14) Block 22 San Miguel Townsite Company, City of Las Vegas, County of San Miguel
Price: This property is for sale or exchange at $1,050,000
While the above information was provided by sources believed to be reliable it is in no way guaranteed by Azure Enterprises, Inc. its employees or agents. Prospective purchasers should verify all facts to their satisfaction.
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