institutional quality office/warehouse/flex asset offering · 2019. 10. 28. · cole flanagan, cpa,...

6801 Jefferson St. NE, Suite 200 | Albuquerque, NM 87109 office 1 505 878 0001 | www.IPArealty.com

A division of NAI Maestas & Ward

OfferingMemorandum

Cole Flanagan, CPA, MBAcell 505 235 7585 [email protected]

Shelly Branscom, CCIMcell 505 414 2669

[email protected]

2703, 2715, & 2725 Broadbent Pkwy. NE | Albuquerque, NM 87107

Institutional Quality Office/Warehouse/Flex AssetPremier Location | Convenient Access | Diverse Tenant Mix

Offering Memorandum | 2A division of NAI Maestas & Ward

ConfidentialDisclaimer

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving from NAI Maestas & Ward and should not be made available to any other person or entity without the written consent of NAI Maestas & Ward. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation.

NAI Maestas & Ward has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, NAI Maestas & Ward has not verified, and will not verify, any of the information contained herein, nor has NAI Maestas & Ward conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT A NAI MAESTAS & WARD ADVISOR FOR MORE DETAILS.


InvestmentHighlights

Investment Property Advisors is pleased to offer for sale an office/warehouse/flex investment opportunity located at 2703, 2715, and 2725 Broadbent Pkwy NE in Albuquerque, New Mexico. The three buildings are located near the convenient intersection of Interstate 25 and Interstate 40 serving all of the Albuquerque MSA. Interstate 25 is the main north-south thoroughfare in Albuquerque and throughout the State of New Mexico, while Interstate 40 serves Albuquerque and New Mexico similarly going east and west. Albuquerque is the epicenter of business in the state of New Mexico and this particular location provides employers and employees with outstanding access to any part of the city. Within a three mile radius of the property, the population exceeds 99,300.

The three buildings totalling approximately 71,355 sq. ft. are situated on about 5.8 acres. The buildings offer a lot of flexibility in terms of uses by both their physical attributes and their zoning of NR-LM (Non-Residential Light Manufacturing). The property lends itself well to a large mix of Flex & R&D uses, as well as more traditional distribution, warehousing, light manufacturing, and general office.

This investment benefits from the diverse mix of tenant uses available for the property, access in all directions to and from the dominate Interstate 25 and Interstate 40 intersection, and the substantial in-place income. The low price per square foot and low lease rates minimize downside risk for an investor. Substantial in-place cash flow combined with low downside risk make this property an opportunity on which an investor can capitalize.

Broadbent Business Park

Offering Summary

Purchase Price $5,230,000

Price per Square Foot $73.30

Net Operating Income $392,232

Cap Rate 7.50%

Occupancy 88%

Lease Type Modified Gross

� Institutional quality Office/Warehouse/Flex asset

� Concrete Tilt-up Construction

� Building Size: ±71,355 SF

� Land Size: ±5.8 acres

� Priced well-below replacement cost ($73.30/SF)

� Premier location - Located at the intersection of Interstate 25 & Interstate 40 - Convenient access to all of Albuquerque and New Mexico

� Diverse mix of tenants and vast flexibility of uses

� Low, replaceable lease rates

� High barriers to entry for competition

� Recent capital improvements

� Income diversification across 12 tenants

� Well-maintained and attractive landscaping and business environment

271,800+ Population within a 5-mile radius of site

$61,400+ Average Household Income

in a 5-mile radius


Square Footage: ±71,355 SF

Amount $ / SF

Current Projected Rent $571,972 8.02

Expense Reimbursements $24,879 0.35

GROSS SCHEDULED INCOME $596,851 8.36

Vacancy Factor (As-Is 12%) - -

ADJUSTED GROSS INCOME $596,851 8.36

Estimated Operating Expenses

Real Estate Tax $38,136 0.53

Property Insurance $17,978 0.25

Contract Services $45,565 0.64

Utilities $29,110 0.41

Repairs & Maintenance $25,761 0.36

Association/Admin Expense $8,511 0.12

Owner Expense $13,804 0.19

Managament Fees (4%+NMGRT) $25,754 0.36

TOTAL OPERATING EXPENSES $204,619 2.87

NET OPERATING INCOME $392,232 5.50

Broadbent Business ParkOperating Summary

Candelaria Rd.

Menaul Blvd.

University Blvd.

25

40

40

25

Broadbent P

kwy.

S I T E

2nd St.

4th St.

CYFD

Red Door Brewing

Menaul School

CarringtonCollege

Sunset Memorial Park

Sigler

Digital Arts & Technology Academy

Milly’s Cafe Summit

Electric Supply

Diersen Charities

UnitedRentals

Carpet Source

Builders Source

CYFD

High AltitudeAerial


Broadbent Pkwy.

Broa

dben

t Pkw

y.

S I T E

Digital Arts & Technology Academy NM CYFD

Human Services Dept John

Shomaker & Associates

Hit or Miss Archery Center Skyline

Event Group Stryker Orthopaedics

Zia Pharmacy

Phar Merica

Zimmer Southwest

CRT Flooring Innovations

A&R Supply Co

Factory Express Inc

Cummins Allison

Share Your Care Adult

Day Service

2703 BROADBENT

Barking Dog

Maser Consulting

Devine Heritage

AIC General Contractors

InVision, LLC

SHFL Entertainment

2725 BROADBENT

MedSpeed

Casa de Adoracion Y Libertad

Entravision Communications

2715 BROADBENT

ABQ Rage Room

Dynamic Systems Research

Advantage Waypoint

ProtectedLogic

BirdseyeView


PropertyPhotos


S I T E

25550

528

Albuquerque

Los Ranchos de Albuquerque

1 Mile 3 Mile 5 Mile

Demographic and Income Profile2703 Broadbent Pkwy NE, Albuquerque, New Mexico, 87107 2

Prepared by Esri2703 Broadbent Pkwy NE, Albuquerque, New Mexico, 87107 Latitude: 35.11046Ring: 1 mile radius Longitude: -106.63209

Summary Census 2010 2019 2024Population 4,941 5,166 5,305Households 2,106 2,203 2,265Families 935 928 932Average Household Size 2.20 2.21 2.21Owner Occupied Housing Units 888 946 981Renter Occupied Housing Units 1,218 1,257 1,284Median Age 30.3 32.8 34.1

Trends: 2019 - 2024 Annual Rate Area State NationalPopulation 0.53% 0.65% 0.77%Households 0.56% 0.61% 0.75%Families 0.09% 0.38% 0.68%Owner HHs 0.73% 0.80% 0.92%Median Household Income 1.16% 1.55% 2.70%

2019 2024 Households by Income Number Percent Number Percent

<$15,000 570 25.9% 546 24.1%$15,000 - $24,999 266 12.1% 258 11.4%$25,000 - $34,999 270 12.3% 268 11.8%$35,000 - $49,999 330 15.0% 356 15.7%$50,000 - $74,999 336 15.3% 375 16.6%$75,000 - $99,999 204 9.3% 214 9.4%$100,000 - $149,999 108 4.9% 127 5.6%$150,000 - $199,999 39 1.8% 38 1.7%$200,000+ 81 3.7% 82 3.6%

Median Household Income $34,806 $36,865Average Household Income $53,317 $56,820Per Capita Income $23,820 $25,395

Census 2010 2019 2024 Population by Age Number Percent Number Percent Number Percent

0 - 4 279 5.6% 271 5.2% 280 5.3%5 - 9 229 4.6% 246 4.8% 248 4.7%10 - 14 239 4.8% 234 4.5% 246 4.6%15 - 19 489 9.9% 460 8.9% 479 9.0%20 - 24 726 14.7% 645 12.5% 625 11.8%25 - 34 802 16.2% 905 17.5% 840 15.8%35 - 44 500 10.1% 575 11.1% 666 12.6%45 - 54 595 12.0% 491 9.5% 511 9.6%55 - 64 495 10.0% 570 11.0% 524 9.9%65 - 74 296 6.0% 438 8.5% 498 9.4%75 - 84 187 3.8% 220 4.3% 273 5.1%

85+ 103 2.1% 111 2.1% 115 2.2%Census 2010 2019 2024

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 3,313 67.0% 3,342 64.7% 3,377 63.6%Black Alone 133 2.7% 136 2.6% 140 2.6%American Indian Alone 297 6.0% 342 6.6% 7.0%Asian Alone 83 1.7% 2.0%Pacific Islander Alone 4 0.1% 4 0.1% 4 0.1%Some Other Race Alone 878 17.8% 981 19.0% 1,031 19.4%Two or More Races 234 4.7% 264 5.1% 280 5.3%

Hispanic Origin (Any Race) 2,837 57.4% 3,126 60.5% 3,309 62.4%Data Note: Income is expressed in current dollars.

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024.

October 22, 2019

©2019 Esri Page 1 of 6



Summary Census 2010 2019 2024Population 266,460 271,860 276,502Households 114,866 116,783 118,656Families 61,131 59,235 58,910Average Household Size 2.26 2.27 2.27Owner Occupied Housing Units 59,747 59,727 61,005Renter Occupied Housing Units 55,119 57,056 57,652Median Age 35.7 37.1 37.9

Trends: 2019 - 2024 Annual Rate Area State NationalPopulation 0.34% 0.65% 0.77%Households 0.32% 0.61% 0.75%Families -0.11% 0.38% 0.68%Owner HHs 0.42% 0.80% 0.92%Median Household Income 1.94% 1.55% 2.70%


<$15,000 20,786 17.8% 18,832 15.9%$15,000 - $24,999 14,750 12.6% 13,677 11.5%$25,000 - $34,999 14,890 12.8% 14,478 12.2%$35,000 - $49,999 16,844 14.4% 16,826 14.2%$50,000 - $74,999 18,478 15.8% 19,680 16.6%$75,000 - $99,999 11,225 9.6% 11,724 9.9%$100,000 - $149,999 11,820 10.1% 14,160 11.9%$150,000 - $199,999 4,371 3.7% 5,130 4.3%$200,000+ 3,617 3.1% 4,147 3.5%



0 - 4 17,350 6.5% 16,215 6.0% 16,598 6.0%5 - 9 15,939 6.0% 15,558 5.7% 15,548 5.6%10 - 14 14,486 5.4% 15,011 5.5% 15,051 5.4%15 - 19 18,039 6.8% 16,630 6.1% 16,924 6.1%20 - 24 24,212 9.1% 20,491 7.5% 20,614 7.5%25 - 34 40,890 15.3% 44,382 16.3% 42,339 15.3%35 - 44 32,367 12.1% 33,713 12.4% 36,828 13.3%45 - 54 36,147 13.6% 30,730 11.3% 30,143 10.9%55 - 64 31,958 12.0% 34,127 12.6% 31,972 11.6%65 - 74 17,892 6.7% 25,961 9.5% 28,566 10.3%75 - 84 11,658 4.4% 12,880 4.7% 15,743 5.7%

85+ 5,520 2.1% 6,162 2.3% 6,176 2.2%Census 2010 2019 2024

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 179,321 67.3% 177,228 65.2% 177,478 64.2%Black Alone 8,303 3.1% 8,195 3.0% 8,253 3.0%American Indian Alone 14,001 5.3% 15,850 5.8% 17,091 6.2%Asian Alone 5,368 2.0% 6,155 2.3% 6,670 2.4%Pacific Islander Alone 278 0.1% 271 0.1% 269 0.1%Some Other Race Alone 46,765 17.6% 50,505 18.6% 52,398 19.0%Two or More Races 12,425 4.7% 13,656 5.0% 14,341 5.2%



October 22, 2019







<$15,000 8,281 18.6% 7,583 16.8%$15,000 - $24,999 5,243 11.8% 4,861 10.8%$25,000 - $34,999 5,633 12.7% 5,447 12.1%$35,000 - $49,999 6,405 14.4% 6,451 14.3%$50,000 - $74,999 6,934 15.6% 7,406 16.4%$75,000 - $99,999 4,368 9.8% 4,554 10.1%$100,000 - $149,999 4,318 9.7% 5,141 11.4%$150,000 - $199,999 1,670 3.8% 1,939 4.3%$200,000+ 1,599 3.6% 1,814 4.0%



0 - 4 5,393 5.5% 4,988 5.0% 5,122 5.1%5 - 9 4,830 5.0% 4,731 4.8% 4,753 4.7%10 - 14 4,469 4.6% 4,541 4.6% 4,552 4.5%15 - 19 7,339 7.5% 6,710 6.8% 6,809 6.7%20 - 24 10,579 10.9% 9,097 9.2% 8,979 8.9%25 - 34 15,836 16.3% 17,246 17.4% 16,619 16.5%35 - 44 11,618 11.9% 11,981 12.1% 13,154 13.0%45 - 54 12,917 13.3% 10,999 11.1% 10,786 10.7%55 - 64 11,893 12.2% 12,720 12.8% 11,826 11.7%65 - 74 6,454 6.6% 9,496 9.6% 10,511 10.4%75 - 84 4,117 4.2% 4,608 4.6% 5,659 5.6%

85+ 2,004 2.1% 2,199 2.2% 2,206 2.2%Census 2010 2019 2024

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 68,020 69.8% 67,126 67.6% 67,180 66.5%Black Alone 2,449 2.5% 2,424 2.4% 2,444 2.4%American Indian Alone 5,256 5.4% 5,946 6.0% 6,410Asian Alone 1,773 1.8% 2,038 2.1% 2,205 2.Pacific Islander Alone 82 0.1% 85 0.1% 85Some Other Race Alone 15,285 15.7% 16,633 16.7% 17,322 17.2%Two or More Races 4,585 4.7% 5,066 5.1% 5,330 5.3%



October 22, 2019







<$15,000 20,786 17.8% 18,832 15.9%$15,000 - $24,999 14,750 12.6% 13,677 11.5%$25,000 - $34,999 14,890 12.8% 14,478 12.2%$35,000 - $49,999 16,844 14.4% 16,826 14.2%$50,000 - $74,999 18,478 15.8% 19,680 16.6%$75,000 - $99,999 11,225 9.6% 11,724 9.9%$100,000 - $149,999 11,820 10.1% 14,160 11.9%$150,000 - $199,999 4,371 3.7% 5,130 4.3%$200,000+ 3,617 3.1% 4,147 3.5%



0 - 4 17,350 6.5% 16,215 6.0% 16,598 6.0%5 - 9 15,939 6.0% 15,558 5.7% 15,548 5.6%10 - 14 14,486 5.4% 15,011 5.5% 15,051 5.4%15 - 19 18,039 6.8% 16,630 6.1% 16,924 6.1%20 - 24 24,212 9.1% 20,491 7.5% 20,614 7.5%25 - 34 40,890 15.3% 44,382 16.3% 42,339 15.3%35 - 44 32,367 12.1% 33,713 12.4% 36,828 13.3%45 - 54 36,147 13.6% 30,730 11.3% 30,143 10.9%55 - 64 31,958 12.0% 34,127 12.6% 31,972 11.6%65 - 74 17,892 6.7% 25,961 9.5% 28,566 10.3%75 - 84 11,658 4.4% 12,880 4.7% 15,743 5.7%

85+ 5,520 2.1% 6,162 2.3% 6,176 2.2%Census 2010 2019 2024

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 179,321 67.3% 177,228 65.2% 177,478 64.2%Black Alone 8,303 3.1% 8,195 3.0% 8,253 3.0%American Indian Alone 14,001 5.3% 15,850 17,091 6.2%Asian Alone 5,368 2.0% 6,155 2.3% 6,670 2.4%Pacific Islander Alone 278 0.1% 271 269 0.1%Some Other Race Alone 46,765 17.6% 50,505 18.6% 52,398 19.0%Two or More Races 12,425 4.7% 13,656 5.0% 14,341 5.2%



October 22, 2019



Demographics1, 3 & 5 Miles


AlbuquerqueMETRO AREATrade Area Analysis

Albuquerque | Why Here? Why Now?Located near the geographic center of New Mexico at the intersection of I-25 and I-40 and resting at the foot of the Sandia Mountains, Albuquerque is the state’s most populous city and one of the most livable in the U.S. The city serves as a major transportation and shipping hub for the Southwest, with BNSF Railway, air cargo from Albuquerque International Sunport airport, and a commuter train running from Belen to Santa Fe. Albuquerque is home to the International Balloon Fiesta, the world’s largest gathering of hot-air balloons. A talented workforce, a business-friendly environment, a community rooted in history and a high quality of life make Albuquerque hard to beat.

ALBUQUERQUE HEALTHCARE. Is the center of health care excellence in NM. University of NM is a nationally recognized Class 1 research institution. There are 1,943 licenced hospital beds in metro area

Top 8 Reasons to choose Albuqueque

Invest in Albuquerque� Low-Risk Location

� Skilled Workforce

� Business Incentives

� The Metro Area Communities

� Quality of Life

� Cost of Living

� Innovation Central

� On the cutting edge of Technology

UTAH

TEXAS

OKLAHOMA

COLORADO

ARIZONA40

25

Santa FeAlbuquerque

Las Cruces Albuquerque

Bernalillo

Albuquerque Metro

Rio Rancho

Los Lunas

Belen

40

40

25

Albuquerque City

Albuquerque

25

New Mexico

Albuquerque City by the numbers (ESRI 2017 Demographics)

653,761 City Population

$67,029 Average Household Income

261,158 Households

$40,404 Median Disposable Income

27,083 Total Businesses

368,764 Total Employees

922,914 Albuquerque

Meto Population

The Largest

City in the State

ALBUQUERQUE EDUCATION | SKILLED WORKFORCE Ranks top in nation for cities with the most college graduates, 69,000 college students reside in metro area, has one of the largest # of PhDs per capita in the nation

COMPETITIVE BUSINESS CLIMATE Low energy costs, low property taxes, affordable real estate and cost of living, a qualified/productive workforce, aggressive incentives, efficient market access

Ranked 6th in America’s favorite cities list - Travel + Leisure

Ranks among America’s best cities for global trade - Global Trade Magazine

The 5th most cost-friendly city to do business in the U.S. - KPMGIn the news

institutional quality office/warehouse/flex asset offering · 2019. 10. 28. · cole flanagan, cpa,...

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