Redevelopment Opportunity-Former K-Mart

For Sale

 

Location Map
  • Brokers:
    Name
    Alfredo Barrenechea
    Email
    alfredo@go-absolute.net
    Phone
    505-401-0135
  • Address: 1235 2nd Street, Raton, NM 87740
  • Property Status: Active
  • Sale Pricing: $895,000 ($22.19/SF)
  • Property Information:
    Size
    40,327 SF
    4.15 acres
    Property Description:

    Absolute Investment Realty has been selected as the exclusive representative of the owner of this reposition opportunity in Raton, New Mexico. The property was originally built in 1978 for Kmart, who leased and operated the property since. Prior to filing bankruptcy, Kmart (Sears Holding Co.) had renewed its lease through 05/31/2021, a testimony to the longevity of the property as a retail location. If the property were to be re-let to a new tenant at Kmart’s below-market former rent rate of $3.11/SF/Yr ($125,500 per year), the capitalization rate would be 14.02%. Raton, NM is located on the border of Colorado and New Mexico and is equidistant (+/- 215 mi, 3 hrs) from Albuquerque NM, Denver CO, and Amarillo TX, making it an ideal location for a regional retailer, or warehouse and distribution. Raton is also the heart of a number of surrounding outdoor recreation destinations including Sugarite Canyon State Park and Capulin Volcano National Monument, which would make the property ideal for a sporting goods retailer. The vacation of Kmart in Raton leaves a huge market gap for a soft goods retailer, resulting in a potential fantastic opportunity for the future owner and user of this property. At $22.19/SF, this property also is priced well below replacement value helping to reduce the buyer’s risk and allow for a multitude of future tenant’s and uses.

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