Belen, New Mexico

🌿 Single-Tenant Cannabis Dispensary | 5-Year Lease | 11.3% Cap Rate | $649,999

📊 Investment Highlights

• Asking Price: $649,999

• Property Type: Retail

• Sub Type: Dispensary / Convenience Retail

• Building Size: ±4,820 SF

• Lot Size: ±20,782 SF (0.48 Acres)

• Price per SF: $134.85

• Cap Rate: 10.13% (Actual) | 11.3% with Expansion Rent

• Net Operating Income (NOI): $70,884 (Current)

• Lease Type: Modified Gross

• Tenant: Single Cannabis Operator (Expanding Brand)

• Lease Term: 5 Years (May 2023 – May 2028)

• Rent Increases: 3% Annually

• Occupancy: 100%

• Zoning: C3 – Commercial

• Taxes: $2,700 Annually (Owner Responsibility)

• Year Built: 1990 | Fully Renovated 2023

🧾 Executive Summary

Welcome to 804 S Main Street, Belen, NM — a stabilized, income-producing retail investment featuring a fully built-out, state-licensed cannabis dispensary on a new 5-year lease.

This turnkey single-tenant asset offers investors strong cash flow, minimal landlord responsibilities, and a rapidly expanding tenant with proven operational success. The tenant is opening a second location and expanding this site to include a new smoke lounge, which will increase rental income upon completion — adding further upside to an already attractive 11.3% cap rate.

The property consists of a 4,820 SF freestanding retail building on a 0.48-acre lot, located on South Main Street, one of Belen’s primary commercial corridors with strong local and commuter traffic. The site includes 8 on-site parking spaces, a clean environmental record, and modern renovations completed in 2023, ensuring a contemporary, compliant, and low-maintenance facility.

With the tenant paying all utilities and the landlord responsible only for taxes, this is a hassle-free, passive investment opportunity in one of New Mexico’s most operator-friendly cannabis markets.

🏢 Property Overview

• Building Size: ±4,820 SF

• Lot Size: ±20,782 SF (0.48 Acres)

• Year Built / Renovated: 1990 / 2023

• Zoning: C3 – Commercial

• Parking: 8 On-Site Spaces

• Environmental: Clean Record (No Known Contamination)

• Structure: Single-Story Freestanding Retail Building

• Construction: Masonry/Stucco Exterior | Fully Renovated Interior

💼 Tenant & Lease Summary

• Tenant: Established Cannabis Dispensary Operator

• Status: Fully Operational, Expanding Brand

• Lease Term: 5 Years (May 2023 – May 2028)

• Remaining Term: ±2.6 Years (as of early 2025)

• Lease Type: Modified Gross (Tenant pays utilities; Landlord pays taxes)

• Rent Increases: 3% Annually

• Current Income: $76,384 Gross | $73,684 NOI

• Projected Income (Post-Expansion): NOI ↑ with smoke lounge addition

• Landlord Obligations: Limited (Tax Only)

📍 Location Overview

Positioned on South Main Street, the property benefits from excellent visibility in the heart of Belen’s commercial corridor, surrounded by neighborhood retail, auto services, and local businesses. Belen is part of the Albuquerque metropolitan region, experiencing steady population and economic growth, fueled by New Mexico’s expanding cannabis industry and local redevelopment initiatives.

• Nearby Anchors: Walmart, Tractor Supply, AutoZone, Allsup’s, Local Retail

• Traffic Exposure: High daily counts along Main Street

• Accessibility: Quick access to I-25 and downtown Belen

• Market: Stable local economy with growing cannabis retail demand

🌿 Investment Summary

• ✅ Fully Leased, Income-Producing Cannabis Property

• 🌱 Tenant Expanding Operations + New Smoke Lounge = Upside Income

• 💵 11.3% Cap Rate | 3% Annual Rent Growth

• 🏗️ Fully Renovated 2023 | Clean Environmental Report

• 🔒 Low Maintenance / Limited Landlord Responsibility

• 📍 High-Visibility Commercial Corridor | Main Street Frontage

• 🚀 Ideal Passive Investment in New Mexico’s Growing Cannabis Market