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Single-Tenant Office

Bank of America

4330 Picabo St NE, Rio Rancho, NM 87144

Listing Price: $15,615,000

Cap Rate
6.00%
Gross SF
76,768
Rentable SF
76,768
Price/Gross SF
$203.41
Lot Size
14.02 acres
Year Built
1998

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire 4330 Picabo Street, Rio Rancho (Albuquerque MSA), New Mexico (the “Property” or “Asset”), a +/- 76,768 square foot single story office building located on an expansive parcel consisting of +/- 14 acres, in a desirable high growth area. The Property is subject to a net lease to Bank of America (the “Tenant” or “BofA”), who has operated at the location since it was developed in 1998 and recently executed a 5-year extension, extending the lease through October 2028. As part of the extension, the Tenant is investing over $2 million of their own capital into the project.

Investment Highlights

  • Unique investment opportunity with variety of business plan options and anchored by an investment grade tenant
  • Extremely strong investment grade tenant
  • Highly desirable lease fundamentals with over six years of lease term remaining
  • Additional development opportunity with vacant land space of +/- 14 acres that BofA currently pays all expenses on. Pending Rio Rancho's approval, it could accommodate industrial, multi-family, medical off ice, off ice, or hospitality uses
  • Tenant is investing $2 million in interior improvements at their own expense
  • Asset is offered below replacement cost with significant value creation potential

Exclusively Listed By

  • Peter Bauman

    Senior Vice President Investments

    (602) 687-6685

    Email Peter

    License(s): AZ: SA647389000, NV: S.0186153

    Phoenix

  • Tivon Moffitt

    Senior Vice President Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, NV: S.0186027, UT: 11178542-AB00, NE: 20170674

    Phoenix

Broker of Record

  • Ryan Sarbinoff

    First Vice President/Regional Manager

    (505) 445-6333

    License(s) NM: 20675

    New Mexico

Financing By

  • Jordan Ray

    Senior Managing Director Capital Markets

    Direct:

    Email Jordan

    License(s): CA: 02135495

    West Los Angeles, CA

Single-Tenant Office

Bank of America

Listing Price: $15,615,000

Cap Rate
6.00%
Gross SF
76,768
Rentable SF
76,768
Price/Gross SF
$203.41
Lot Size
14.02 acres
Year Built
1998

Investment Highlights

  • Unique investment opportunity with variety of business plan options and anchored by an investment grade tenant
  • Extremely strong investment grade tenant
  • Highly desirable lease fundamentals with over six years of lease term remaining
  • Additional development opportunity with vacant land space of +/- 14 acres that BofA currently pays all expenses on. Pending Rio Rancho's approval, it could accommodate industrial, multi-family, medical off ice, off ice, or hospitality uses
  • Tenant is investing $2 million in interior improvements at their own expense
  • Asset is offered below replacement cost with significant value creation potential

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire 4330 Picabo Street, Rio Rancho (Albuquerque MSA), New Mexico (the “Property” or “Asset”), a +/- 76,768 square foot single story office building located on an expansive parcel consisting of +/- 14 acres, in a desirable high growth area. The Property is subject to a net lease to Bank of America (the “Tenant” or “BofA”), who has operated at the location since it was developed in 1998 and recently executed a 5-year extension, extending the lease through October 2028. As part of the extension, the Tenant is investing over $2 million of their own capital into the project.

Exclusively Listed By

  • Peter Bauman

    Senior Vice President Investments

    (602) 687-6685

    Email Peter

    License(s): AZ: SA647389000, NV: S.0186153

    Phoenix

  • Tivon Moffitt

    Senior Vice President Investments

    (602) 687-6688

    Email Tivon

    License(s): AZ: BR639369000, NV: S.0186027, UT: 11178542-AB00, NE: 20170674

    Phoenix

Broker of Record

  • Ryan Sarbinoff

    First Vice President/Regional Manager

    (505) 445-6333

    License(s): NM: 20675

    New Mexico

Financing By

  • Jordan Ray

    Senior Managing Director Capital Markets

    Direct:

    Email Jordan

    License(s): CA: 02135495

    West Los Angeles, CA

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