The David Cordova Group
The Courthouse is leased to the State of New Mexico with approximately 12 years remaining on the lease. The lease is full service with annual fixed escalations. The investment is offered at a 6.5% capitalization rate based on the 2019 NOI of $287,275 with gross income of $359,341 and expenses of $72,066. Built in 2007, the 13,512sf building is in class-A condition both inside and out. The expenses for 2019 include actual contracts which can be renewed at the buyers discretion. Each county in New Mexico is mandated to have a Magistrate Courthouse. The Rio Arriba County Courthouse was relocated to its present location when the original building could not be expanded. Because of the unique and stringent requirements for a courthouse, there is over 98% lease renewal rate for a state judicial building. To accommodate future growth if required, the lot provides for at least 40% expansion for improvement and parking.
dRoberts Realty LLC