Carlsbad Pavillion
Retail | 7.12% CAP | 51,487 SqFt
Marketing description
We are pleased to present a unique opportunity to purchase a 51,487-square-foot retail center in Carlsbad, New Mexico. The property is fully stabilized and anchored by the state's highest-volume Ross Dress for Less, with a strong national tenant mix including Family Dollar, Melrose, Maurice's, and Famous Footwear.
Strategically located at the signalized intersection of Highway 285 (W. Pierce St/Main Street) and Mesa Street, the center benefits from high visibility and minimal local competition. Priced at $155/SF—well below replacement cost—this asset offers investors a stable & solid return with significant rent upside in a market where new development is very limited and cost-prohibitive. Notably, this is the only softgoods retail center in Eddy County.
Supported by the robust oil and gas industry in southeast New Mexico, this property provides a rare opportunity to acquire a proven multi-tenant center with minimal landlord responsibilities in a thriving and underserved trade area. Eddy County average household income of $112K (27% higher than State of NM).
Investment highlights
- Ross Dress for Less: This location is the top-performing Ross store in New Mexico.
- Family Dollar: Current rent is well below market at $5.78 PSF with capped NNN expenses. With only one five-year option remaining (through 12/31/33) and market rents at $15 + NNN, this represents a projected 23% increase in NOI by Year 7.
- Melrose: This tenant is currently on a gross lease with below-market rent, offering further upside potential should the space become available.
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